Myth Busting Part II: Should You Spend or Save to Stay Afloat?

by | Mar 10, 2023 | News

In Part I of Busting Myths: The Reality of Hiring in 2023, we established that despite many common misconceptions about the state of the job market, companies simply can’t afford to blindly slow hiring efforts if they want to stay afloat. In this second installment we continue busting myths around how companies approach their hiring technology and planning. To stay afloat.

As an avid diver and scuba instructor, staying afloat can mean many things (the picture above is a surface marker buoy divers use to let a boat on the surface know their location or as an assent line to the surface after a dive). Afloat can be achieving neutral buoyancy to maintain a steady level underwater, floating towards the surface along the buoy line, “floating” that surface marker from underwater by adding air to the marker abd flag your dive boat, or floating on the surface can be on the surface at the end of a dive. This relativity is similar in companies hiring to stay afloat and remain competitive can mean different things; e.g. spend on hiring to maintain your buoyancy and keep the “dive” going, or cut back on spending and head to the surface to float and wait? To not just survive, but also thrive in these challenging circumstances (a post-pandemic economy, flexible work arrangements, a possible recession, etc.), employers must re-evaluate the way they are searching for and identifying talent that can grow with and support their business’s changing needs. And we’ve all seen this play out before. New market challenges require new ways of doing things. Fresh ideas. New approaches. Sticking with the status quo will surely set up your business to fall behind.

Now, many talent leaders we talk to tell us they’re in cash-conservation mode. And we get it. It’s often the initial reaction when market conditions get unpredictable. Organizations should be smart about where they’re investing budget dollars and where they’ll have the most impact.

But that doesn’t mean they should try to save money by solely relying on existing and potentially outdated HR technology. The worst thing companies can do right now is carry on using antiquated systems to drive their hiring processes because new market challenges require a new way of approaching recruiting. Relying on legacy systems and continuing to recruit as “business as usual” won’t give organizations a competitive advantage.  Instead, businesses should look for new approaches and cost-effective ways to level up their recruiting process.

In speaking with talent leaders on the front lines of today’s market, we hear a lot about the challenges they’re facing. And oftentimes there are many misperceptions among leaders that they’ll need to invest hundreds of thousands of dollars in order to create new ways of finding and hiring talent in order to adjust to today’s market. And that couldn’t be further from the truth when it comes to MojoHire. When we talk to TA teams, we often hear the following misperceptions:

  • Myth #1: “We’re not sure where the economy and talent market are going. A wait and see is the best approach before we bring on new technology” 

The status quo approach of “when in doubt, do nothing” can be one of the biggest killers to staying competitive, both in the war for talent and just as a business. With these uncertain times, maximizing hiring productivity and streamlining processes is critical, especially if your recruitment team is expecting to do more with less people.

Often, technology that improves productivity and hiring outcomes leads to cost savings. For example, we’ve created this time-to-hire cost calculator which shows the true cost of slow hiring efforts. Plug in your numbers and see how even a 20% reduction in the time it takes you to hire translates to $$$ and business outcomes.

It all comes down to finding the right balance between working harder and working smarter. MojoHire can help here, with our clients seeing productivity skyrocket and time to fill roles cut in half, in turn leading to cost savings and stronger outcomes around business objectives.

  • Myth #2: “I’ll need to spend my entire budget on new systems to boost my recruiting efforts.”

This is simply not true. One of the reasons we created MojoHire was to give an alternative to major implementation and cost heavy hiring solutions, such as bringing on a new ATS, HRIS or CRM platform. MojoHire is a cost-effective option for companies that are looking for opportunities to save both time and money without sacrificing quality or experience. In addition to being a fraction of the cost of some of these full-scale systems, we only require a short amount of time for implementation. Be up and running in weeks, not months, and see an impact right away.

With MojoHire, your talent acquisition teams will benefit from no longer needing to toggle between different systems to access internal and external candidate information. Instead, they’ll use one platform (MojoHire) to easily access the treasure trove of candidate data that was previously lost within their existing, clunky and hard-to-use systems. We’re a fraction of the cost of what many talent leaders are used to spending on large technology deployments.

  • Myth #3: “Proving the ROI will be difficult.”

One of the biggest questions that companies have when implementing new technology is, “will we get a return on our investment?” The answer to this question is particularly important in today’s economic climate, as many organizations are being tasked to achieve more with fewer resources.

At MojoHire, we understand just how complex hiring has become in the face of new business needs and priorities. We are committed to remaining an affordable, yet effective solution that yields immediate results, and a quick return on your investment, including:

  • Stronger hires, faster, as 50% of users have reported quicker recruiting time.
  • Streamlined processes, as 92% of users have reported that they’re faster at surfacing best-fit candidates and have saved up to 30 hours per week by using MojoHire in their day-to-day.
  • Saved resources, as 65% of users have recovered valuable time from no longer having to review unqualified candidates.

Today’s economic climate has undoubtedly introduced new business needs, challenges and priorities. Having dedicated technology in place to help facilitate and streamline the hiring process is what will enable certain companies to stay afloat over those who do not.

If you want to learn more about how MojoHire can help you source qualified and diverse candidates without breaking the bank or existing workflows, contact our team today. Happy to help you with your diving, too, so I’ll leave you with the photo of my son on a recent trip to Monterey.

Adam Dive

Sign Up and Stay in Touch

Stay in touch, and track the latest development and trends of innovations in the talent acquisition industry by subscribing to our newsletters.