3 Ways Fully Vetted Talent Saves Your Team Money

Finding fully vetted talent is an expensive and time-consuming process. And the higher the position you are hiring for, the longer it takes. For the highest-level positions, it's rare to be able to promote from within. Furthermore, you may feel the need for outside expertise and viewpoints.

Hiring a full-time person is often viewed as the only choice in the long term. However, interim talent can be a perfect solution for many companies. It saves you and your team time and money. Here are three ways in which hiring interim talent is easier, faster, and above all, less costly.

Fully Vetted Talent Saves Executive Time

A trained HR person can screen resumes quickly. However, a typical high-level position attracts over 200 resumes (most of them unqualified). Therefore, it takes a lot of time to go through them. Extensively studying resumes for qualified candidates takes even more time. Some companies use AI to screen out unqualified candidates, but AI screening systems show bias and often look for the wrong things.

Interviewing qualified candidates takes even longer. This part of the hiring process can't be automated or delegated. When recruiting for the C-suite, executives must know that the person is a good fit for the existing mix of personalities.

Using fully vetted interim talent instead saves all of that time. Additionally, since the person is an interim hire, if they don't work out, there are no hard feelings and both sides can move on.

Time With a Skill Gap is Money Wasted

If you have a skill gap, you are losing money. Skill gaps can slow production times, increase operational costs and generate performance issues. Sometimes a small skill gap can be filled with training, but your existing team may be unable to cover all the bases. For example, when you were a startup, the owner might have handled most of the financial management tasks with the help of a CPA. But as you grow, you realize you need some serious in-house financial expertise, and it's time to hire a CFO.

The longer you take to hire that person, the more time and money are wasted. Significant time is wasted when somebody is trying to cover a position they are not qualified for and do not enjoy. If your team struggles to fulfill all needed functions, you need fully vetted talent in place quickly. Interim talent can fill that gap. Whether you need specialist knowledge to manage a specific contract or just a stopgap until you find the right permanent hire, interim talent is the answer.

Bad Hires Are Expensive

According to the U.S. Department of Labor, a bad hire can cost as much as 30% of the employee's annual salary. Many consider this a lowball, especially with leadership roles. The higher the position, the more likely it is that an unsuitable hire will affect the morale and engagement of others in the company.

A bad hire is not necessarily an unqualified person. It could also be somebody with a leadership style at odds with the rest of the company or who does not truly believe in your goals. As a result, the company loses money because they are not inspiring those under them. They might be unpopular and unlikable, leading to others being unhappy and unproductive.

With interim talent, you can switch out somebody who is not working out. Simply get a new MetaExpert with no questions asked, and you don't have to feel bad because they will move on to an assignment where they are happier. This allows you to save 79% of the costs of a bad hire.

Does your team have a skills gap? You can fill it easier and cheaper with a MetaExpert. Interim talent is the solution to many businesses' executive-level woes.