Understanding The Time Value of Money

According to the Bureau of Labor Statistics, the unemployment rate in January 2020 was 3.6%, as low as it was in 1984. Identifying the right talent that is not underqualified or overqualified is becoming increasingly more challenging for businesses in this economy.

The concept that ‘time is money’ has never applied more to the technology staffing industry. Internal Human Resource teams are stretched more than ever before to keep employees engaged and happy, so they stay loyal. Similar to consumer brand options, finding a new job with more pay and comparable benefits is not so difficult in today’s environment.

"The C-suite for companies have to ask what the highest and best use of their talents’ time and budget dollars is given this dynamic playing field for ‘talent.’ Let’s do the math."

Although the statistics may vary, the cost to set up the necessary tools to recruit effectively in this market—the ever-changing technology and talent—is roughly $150,000-$250,000 per year if not more. Add to this the time it takes to find the correct person for the role with the spot-on skill set that you need. Plus, each day that a position stays vacant is a financial drain on the Company and on the humans—the same ones that you are trying to retain—who are doing their best to fill the gap in workload until the new hire is confirmed. It adds up quickly.

This reality is causing a shift in the way companies and HR teams view external staffing firms. Just a few years ago, staffing firms were given a chance to perform once the internal teams had exhausted their runway. Today, the smartest thing that internal HR teams can do is to leverage the technology and talent that external staffing teams bring to the table, particularly those in technology staffing. The math makes simple sense.

Griffin Global Systems stands ready to support companies who share this mindset. We become and extension of the internal recruitment and HR teams so that their time can be put to its best use. And, with concierge level service to those team matched with full goal alignment, the ROI is easily achieved. Your time is money. Let us deliver concierge level service to you with your technology staffing needs so that you can focus on your business.