Dave: 67% of hiring managers with I.T.
titles say that they're looking to
expand their teams and then 90% of
those people are also saying that
they are struggling to find talent.
What is going on?
M&Ms the blue one.
Who's going to say that Anytime you're
bringing someone on it's about ROI.
YES!
So the it talent gap is continuing to get
worse and worse because we talk to CTOs
and CIOs all the time that talk about
how now with AI and data science, every
company is really becoming an it company.
And I've said this before, if
you're not thinking about these
things, these are the companies
that are gonna exist in the future.
So every company, doesn't just
need to think about these things.
They have to think about these things.
Any gets even worse, if we start to
get into some of the niche, the really
high demand technologies like data
science, AI that I mentioned earlier.
If you look into some of these tools
like Salesforce, some of the cloud
tools, there's just so much disparity
between the supply and demand
Musa: Even more now the fact that matters
that it's harder to actually find talent.
Why?
Dave: And if you were struggling
before now with a higher unemployment
rate, there's more people on
the market, you would figure.
Musa: There's so many more people well
in the market, which means that if you
don't have eight plus hours a day to
be searching and focusing directly on
this and it's going to be that much
harder to find those actual candidates.
Dave: At the end of the day, anytime you
bring someone on it's about ROI, you want
to have a good return on investment, and
we want to talk about one of the most
important ROI that you can get when hire.
Musa: So basically you're not able
to manage what you don't measure.
So right now, I just want to talk about
time to hire, you know, within this
this is really speaking about the
time when you're initially engaging
in a candidate to the point where the
candidate is actually accepting the offer.
Dave: And what's really, really important
about this is the shorter time to hire
you can have, obviously it's going to
give you a competitive advantage over
all the other companies you deal with.
We have companies that we've
dealt with that have months, 60
day long hiring processes.
And then we have other ones that
have compressed it down to two weeks.
And what I will say is the ones with
the longer process, are the ones
that end up losing the better talent?
Because people can't just sit
on the market without a job.
They need income.
The metric that you want to be tracking
in your company is not only time
to hire, but average time higher.
So that's going to be all of the jobs
in your it department divided by the
total days outstanding figure out
what is your average time to hire now?
What's interesting is the average
amount of time that the candidate
is on the market is only 10 days.
So this is the key benchmark
that you should be looking at.
How can I get my average time to hire
down to 10 days, because that is going
to maximize your chance of getting
the best candidates in the market
Musa: So with that being said, I think
it's important to point out the fact
that every candidate that's brought on
board is, you know, a real ROI, you
know, and every candidate that's on
board is going to lighten the load of
the rest of the team, you know, which
allows them to do focused on the end goal.
So there's more people we have on
the team, the right people we have in
place, and they're able to hit there
sooner, which will ultimately result
in the company saving money because
the project is ending ahead of time.
Dave: I think what we need to do is
we need to look at people really for
the return on investment they are.
It's the only reason that you're
hiring people in the first place.
And if you think about it, if you
buy a stock, we've all been in this
situation where we're watching the
stock going up and then we get FOMO.
We buy in and then it
ends up losing us money.
That's kind of what is happening if you
have such a long hiring process, because
you need this person in to be able to
bring that return on investment for you.
And you're just dragging it up.
They could be bringing you 50% ROI on your
money that you're spending on that person.
And you're just waiting longer
and longer and longer to spend
that money and you're losing it.
And that ROI diminishes, so don't do that.
Then you should be asking
as a leader of an I.T.
Department, is "How can I get my
average time to hire down to at or
below the average amount of time that
great candidates are on the market?
What would that mean for your
company and your division?"
