A recent survey from Brilliant reports that nearly 50% of CFOs, controllers, finance directors, human resource professionals and other hiring managers said they have unfilled accounting, finance and IT staff positions for Q4, compared with 33% that indicated the same thing heading into Q2.
The jobs are there. And optimism in the market is up. So why is hiring moving at such a cautious pace?
Temp Workers as a Quick Fix
According to an article at CFO.com, managers are bringing in temporary help until a fulltime person can be found. Staff augmentation (a.k.a. temp help) is generally perceived as the quick and easy route. But in reality, it comes with its own set of speed bumps.
When you go the temp route, you should remember that attrition rates are high and you may not be getting the best person for the job. It’s important to consider factors like training costs and management costs. Of course, there are deliverables – a temp has no contracted obligation to finish X amount of work, unlike an outsourcing company that has SLAs.
Lack of Skilled Applicants
Back to the survey: Nearly 25% of respondents who had unfilled positions cited a lack of skills or experience in the available pool of applications as a reason the job opening remained.
That finding doesn’t come as a surprise. For organizations, finding the right finance and accounting people is always difficult. That’s why best-in-class companies look to outsourcing providers to meet their staffing needs.
Outsourcing gives you access to a pool of highly trained talent with a wide variety of skill sets, reducing some of the recruitment headache. This is a key component: BPO brings to the table the ability to do have on-demand finance expertise. It’s not to be overlooked.
The X Factor
There’s another factor to consider: When it comes to employee attrition, 28% of respondents acknowledged that there could be a potential loss of key employees over the next 12 months.
Hiring full-time employees brings a certain amount of risk. With outsourcing, though, you can avoid potentially risky long-term investments by paying for talent and services as you go.
Benefits of Outsourcing
Outsourcing allows you to dial-up or dial-down as needed, relieving staffing issues with no risk to your business. By outsourcing, you will:
- Gain access to world-class IT, HR and other facilities
- Remain agile in uncertain economic times
- Acquire specialized skills and knowledge
- Facilitate faster growth
- Contract out non-strategic operations
- Fill a temporary skill shortage
- Reduce over-staffing
The Trusted Solution
When you trust your services to an outsourcing provider, you gain instant access to world-class talent, and the ability to easily expand or contract to meet your business needs. You’ll see better returns and offer improved customer service. Best of all, with your staffing needs addressed, you’ll be free to focus on core business competencies.
To learn more about how outsourcing may be a solution for you, and to arrange a free assessment of your current practices with one of our finance experts, schedule an appointment today.