The Price of Inaction: The Real Cost of Not Using Interim

The Price of Inaction: The Real Cost of Not Using Interim

Specialist organisations can ill-afford to hold vacancies. Not only do they cost money and create an additional burden on the rest of the team, but they can prevent the organisation from pursuing growth strategies and technological innovations.

The recruitment process is becoming ever-more arduous, and jobseekers are, in the current economic climate, less inclined to risk their accrued benefits package for a move which may not fulfil their aspirations. This means that organisations wishing to not only survive but thrive in a competitive marketplace need to implement a new strategy for success.

Unveiling Hidden Expenses: The True Price of Not Leveraging Interim Talent

Onboarding interim talent is the perfect solution for these ambitious businesses. Contractors have a higher risk appetite than their employed counterparts and are readily employable, with an extensive skill set and critical thinking skills. These can benefit the hiring organisation by providing a fresh perspective, coupled with an ability to integrate into the organisation easily.

Many life sciences businesses feel that contractors do not represent value for money, as their day rate is greater than that of an employee. But this perception is outdated and must change. Hiring a contractor can accelerate your Life Science breakthrough. They can immediately relieve the pressure on your existing workforce and contribute to a positive culture. They can also start work within a very short timeframe and only remain on the books for a defined period. And these qualities are invaluable.

When companies seek permanent solutions, they often encounter various challenges such as notice periods, a highly competitive job market, lengthy interview processes, and the constant uncertainty of candidates changing their minds late in the hiring process, leading to restarts. Leveraging interim talent to cover notice periods or interview processes enables companies to really maximise their perm hiring process to make sure they are getting the right talent, and not rushing the process all whilst having someone in place.

In addition, recruitment campaigns are costly, both in terms of time and lost productivity. They do not have a guaranteed successful outcome, and making the wrong hire can adversely affect morale. If your business needs a guaranteed successful hire to pursue its ambitions, you need to hire interim talent.

Missed Opportunities: The Impact of Overlooking Interim Solutions in Today's Business Landscape

Perhaps you haven't hired interim staff before, and you don't know why you need to change your strategy. If the information above hasn't convinced you, perhaps understanding the impact of overlooking interim solutions will.

A contractor is responsible for maintaining their qualifications, keeping themselves abreast of sector developments and possess a professional background which will equip them with skills and experience that cannot be matched by the average employee. In an environment where the demand for Qualified Persons (QPs) exceeds the available supply, the services of a contractor QP can prove to be exceedingly valuable by providing effective short-term solutions. By leveraging the expertise of a contractor QP, organisations can bridge the (skill) gap and address immediate needs without compromising on quality or regulatory requirements. This strategic approach allows for flexibility and agility in managing workforce demands, ensuring smooth operations and compliance in the face of a limited supply of QPs.

Far from replacing your workforce, hiring a contractor represents a cost-effective solution for upskilling them. The right contractor nurtures a pipeline of professional talent, helping those already embedded in the organisation to develop their skills and experience to the benefit of your firm.

An interim employee can alleviate the pressure on the current workforce, allowing them to manage their tasks more effectively, while recruitment efforts are being pursued to find a permanent replacement. In many cases, the interim talent may be perfect for the role, in which case you could pursue a contract-to-hire solution.

Harvard Business Review found that interim managers can help manufacturers to improve their productivity by up to 15%. (1)

Calculating the Bottom Line: Understanding the Financial Consequences of Ignoring Interim Resources

To understand the financial effect of ignoring interim resources, you must understand the following costs that you are bearing whilst the vacancy remains open. These costs typically fall into two categories.

1. Lost productivity. What work is not getting done, what projects are not being pursued, what clients have been turned away, and what is the long-term impact of this lost productivity? You should also consider the work that the recruiting team cannot do whilst fully engaged in recruitment activity.

2. Increased stress on the existing workforce. Are the current team needing to shoulder greater responsibilities or perform overtime (at higher rates?) Are you seeing an increase in absenteeism due to stress or burnout?

With recruitment campaigns often taking several months to yield a positive result, these costs will soon add up.

At Circle Life Sciences, we offer a streamlined solution for quickly filling your vacant positions with pre-screened interim talent. As your strategic partner, specialising in optimising (interim) talent solutions for life sciences, we are dedicated to accelerating your breakthroughs. Leveraging our expertise in recruitment, we swiftly and effectively address your hiring challenges by cultivating a pipeline of professional talent. Count on us to deliver the solution you need today.

If you’re still wondering whether hiring interim staff is the right choice for your business, please contact us to find out how we can provide you with the experienced, top-class contractors.

01733798302 | [email protected]

(1)???Harvard Business Review - Ideas and Advice for Leaders (hbr.org)