Your company culture gets high employee satisfaction ratings, your employer branding is on point, and your customer experience even gets accolades from your competitors. There's only one problem: Your business growth is stunted because you have talent gaps you can't fill, or the cost of a specialized in-house team is too much for your hiring budget. Even the most attractive employers have difficulties filling specialized positions, with Career Building reporting 54 percent of companies have at least one position they can't fill due to a lack of available talent.
If you spend three months putting together an in-house team critical for your business growth, you cannot expand at the rate you want. Instead of overpaying for the necessary in-house talent or losing revenue and productivity while you search for talent, consider strategic outsourcing to bridge your company's talent gaps.
The Problems With In-House Teams
Your costs go far beyond the base employee salary when you recruit in-house talent. Specialized roles, particularly in high-demand areas, require spending more money in the recruiting process, offering higher salaries, and increasing your benefits. If you're hiring for a specialized position but you don't always need an employee with that specialty around, you lose out on a part of your investment during downtime when that employee is performing unrelated tasks.
In-house teams are also distracted from specialty tasks when other pressing job duties occur. If the department is falling behind on a project deadline and everyone needs to pitch in to try to mitigate the problem, your top-tier talent isn't being utilized to their best potential.
The Benefits of Outsourcing Niche Talent Groups
You don't need to keep niche talent groups, such as development or payment processing, on an in-house team. In fact, there are several significant advantages to outsourcing these skill sets. Instead of investing significant resources into talent management and recruitment, you gain access to the expertise you need without a lengthy hiring cycle.
Outsourced talent groups work with multiple businesses within their field of expertise, giving them a broader range of real-life experiences than similar talent that stayed at a single company over the same time span. They also stay on top of industry developments, have working knowledge of many business processes and solutions, and provide connections to additional skilled talent.
You aren't responsible for benefits for the outsourced team, which cuts down your costs dramatically. You may spend more time onboarding talent if you have higher turnover rates within the outsourced team, but you balance this with the cost savings. Your outsourced niche talent team can focus on the job duties related to their expertise, instead of getting pulled into related projects throughout your organization. In turn, your company can focus on your core competencies because you don't have a skill gap to worry about. As you grow, you can bring in additional talent seamlessly.
Finding well-qualified talent in specialized fields is a struggle for many businesses. You put yourself at a strategic advantage by outsourcing niche talent groups, which gives you access to the talent you need at a lower cost than bringing in full-time employees. You can also scale your talent needs as your business grows, allowing you to increase your expansion pace since you aren't hung up on filling empty positions.