The Great IT Resignation: Companies across the US are now witnessing an unprecedented number of resignations from employees coming from different business sectors. Aptly termed as “The Great Resignation”, businesses are scrambling to mitigate the impact that this will have, not only on local businesses but on the economy of the nation in general.
IT and cybersecurity have not been spared from this event. What can be done to mitigate the effect of this unusual phenomenon that is hitting us at this very moment?
What is the great resignation all about?
In August 2021 alone, there already have been an estimated 4.3 million Americans who have decided to resign from their jobs. 72% of this number will be coming from regulated industries. If left unfilled within 70 to 90 days, a company can expect losses of up to $180,000 coming from one single employee.
Adding to the financial losses that a company may incur from mass resignations, companies may have to deal with lessened productivity, a decrease in the company’s morale, as well a decrease in customer satisfaction.
Additionally, this trend seems to be on an incline in the coming months.
The reasons behind this phenomenon are varied. The pandemic has seen many employees change their lifestyles, as well as their priorities seeing remote work as a viable option to everyday commute.
Given this scenario, many businesses are foreseeing future problems, especially in the finance industry.
Can you and should you hold on to talented individuals?
Understandably, not all businesses can meet all the demands of their employees. Many employers are seeing requests for up to 30% raises from current employees.
While organizations are scrambling to hire IT and cybersecurity professionals, those resources do exist elsewhere. This untapped resource can be accessed by partnering with an outsourcing company that can supply you with the talented individuals you need, and fill crucial gaps in your organization.
Whether it’s finance, the healthcare sector, insurance, or banking, the internet technology and information security functions of these businesses can be done remotely from a given workspace. In other words, if your business cannot hold onto local talent, you can always look into another option – outsourcing.
Using an outsourcing firm, like Accume Partners, can provide you the resources that your company needs faster than what it would take for you to look for an employee. This will result in greater savings for you and your company, especially now with all of the resignations taking place around the US. Consider this:
- Outsourcing companies have a pool of talent that regular companies may not easily have access to. Not only do outsourcing companies have a pool of talent but they have talent that can deliver results. Outsourcing companies want to make sure that they are held up to standard so they maintain a high reputation. Putting their reputation on the line by offering hires that are mediocre at best is a risk that top outsourcing companies will not take.
- Outsourcing offers more flexibility since the company can hire a particular talent or employee only when they are needed. Outsourcing companies have access to talented individuals across the country and even across the globe. Getting hires through these companies gives you the flexibility you need without having to rely on hires within a given location, not to mention time.
- Outsourcing frees the company of time spent on looking for needed talent. Instead, you can shift your focus on other more important matters that will need your time and energy. Concentrate on more important matters that concern production and major operations, rather than dividing your time on more minor matters such as manpower.
- Outsourcing results in lower costs since salaries don’t have to be paid on a full-time basis. Take for example a regular, full-time CFO that may cost the company 400k a year, compared to an equally talented Virtual CFO who is paid 7.5 k a month on a part-time
What do you have to look for in an outsourcing partner?
- Surviving the great resignation is all about looking for the right keys. Flexibility and having the right outsourcing company to do the work for you are just one of several keys that you need in order for your company to grow amidst the chaos that mass resignations are causing.
- The outsourcing company should not be just a company that you hire. It should be your partner.
- Your outsourcing partner should be able to understand your company’s vision and goals. It is only when your outsourcing partner understand this that it will be able to help you keep your company on track.
- Your outsourcing partner should also be able to adapt to your company’s needs and it should be able to adapt quickly. Time is always an important factor when it comes to delivering proper output to customers and customer needs do change. Your outsourcing partner should be able to provide you with the talent you need at the quickest time possible with minimum delay.
- Looking for an outsourcing partner actually all boils down to flexibility. Is your outsourcing partner able to communicate with you and your company’s demands at lightning speed? Can they communicate with you even when you are on the go? Can they adjust to whatever your company demands, whether it’s upscaling or downscaling its needs?
Businesses will have their ups and downs. The key to surviving challenges is to be able to cope by being prepared for whatever scenario is thrown your company’s way.
Having the right advisors who will work with you through the worst of scenarios can greatly help you and your company thrive.
We, at Accume Partners, are ready to partner with you and help you deal with challenges posed by the great resignation in the coming months. We will be with you every step of the way and will be more than willing to help you and your company thrive in this ever-challenging business environment.