Published On 11/23/2021
As the old saying goes, time is money. Every day that your organization spends looking for new talent to hire is both time and money lost in service of growth for your company. In such a competitive and evolving marketplace, it’s hard to stay ahead of the competition when your limited resources have less bandwidth for the big picture.
That’s not to say there’s no shortage of available talent to hire. According to the Bureau of Labor Statistics, nearly 14 million Americans, largely in the 20 to 34 age demographic, were neither working nor looking for work in September 2021.
The question is: are any of those potential candidates the right fit for your organization? Would hiring anyone who embarks on the COVID-19 exit from full time employment contribute to your overarching goals of growth, success, and profitability?
Every potential hire is a gamble for your company but, given the state of the market, can you really afford to make the wrong hire? This is why many companies are utilizing talent clouds to find more qualified candidates and get the right people with the best skills in optimal positions.
So why are talent clouds the key to successful companies continuing their growth? The talent cloud meaning is simple, and encapsulates facilitating opportunities to connect with the best and brightest professional talent on the market.
Using platforms like High5, you create a community of diverse candidates with specific skill sets that can bolster the capabilities of your existing teams. The talent cloud meaning also includes eliminating the need for traditional hiring agencies and long-drawn out hiring processes. Using the platform’s filtering capabilities, you can sort through thousands of potential hires within minutes and connect with a small handful of very qualified professionals who best fit the needs of your open position.
In a nutshell, the talent cloud meaning involves helping your company:
Let’s look at raw numbers and facts for a moment. The average cost to hire a new worker is approximately $4,000. In most professional settings, you can expect to spend closer to $5,000 on every new hire.
Now, consider the current size of your organization and the number of people you’ll need to help scale your company to the growth you want to achieve. Multiply those hiring costs by that additional number of people. Let’s assume that you need to hire around 20 new employees. At $5,000 per hire, you’re spending at least $100k on hiring costs to achieve your goals.
The big question that hangs over this entire scenario is this: does your operating budget still work for the fiscal year with $100k tied up in hiring costs? Even more critically, can you really afford to get one or more of those hires wrong and have to start all over again?
All of these facts and figures explain why more companies are using talent clouds to expand their teams and grow their brands.
If you can’t afford to make mistakes, you need to make sure that you find the right people for your company right off the bat. At the same time, you need to move fast and bring those people into your brand’s orbit before they join one of your competitors.
The talent clouds meaning infers that you have pre-built communities of qualified professionals who can bolster the capabilities of your team when and how you need them. The purpose of a talent community is to curate and maintain that network of capable workers so that you always have people who can join your team whenever the need arises. It saves a massive amount of time, energy, and resources than relying on traditional hiring methods that are cumbersome, tedious, and risky.
When thinking about costs, look beyond just the financial costs of hiring new talent. You want to think about the time to fill rate, speed to hire rate, access to global networks, options for diversity hires, and so forth.
Across the board, talent clouds stand head and shoulders above traditional hiring firms. From the very beginning of the hiring process, a hiring agency will require a minimum of one to two weeks to submit a job opening and start qualifying candidates. Using a talent cloud, you can complete this entire process in less than three days.
If you’ve used hiring agencies in the past, you’re likely well aware of their propensity to charge employer-paid fees. These fees can cost you anywhere between 20 to 30 percent of the new hire’s first year salary. On top of the salary you pay to your new employee, you’re paying nearly an additional third of that cost to the agency that brought that employee to your doorstep.
On the other hand, the talent cloud meaning includes eliminating those employer-paid fees and keep that money in your company’s budget. From that move alone, you demonstrate indisputable ROI and prove that the meaning of a talent cloud is to ultimately benefit the growth of your business.
If you’ve made it this far, it’s safe to assume that you’re interested in learning more about the talent cloud meaning. At High5, we have an abundance of trusted talent hiring resources to help you learn more about the benefits and the meaning of talent clouds. Use these resources to help make the right decisions for your business.
What you want is to utilize the technology of these platforms to achieve your desired goals. That means:
If you make the right decisions and bring the best technology into your hiring process, you can take your organization to the next level. And that is how you achieve your dreams for growth!
High5 provides recruiters with a large pool of global talent, including full-time, part-time, and remote workers. Each candidate is individually vetted by experts within the field so that you can easily identify the best candidates for your business.
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