Variety or Seniority Hires | This or That
In this series, we have navigated through choosing between insourcing or outsourcing talent acquisition; choosing to go contingent or commit to a retainer with a recruitment firm, outsource your hiring worries to a generalist or specialist recruitment firm and finally – to hire based on experience or potential. In this final chapter of the series, a common dilemma hiring companies experience is to hire a large quantity of junior talent; or a few experienced hires to achieve the business goals.
Is there a straight answer to this? Unfortunately, it really is never a straight path to the moon. Here are 3 key factors to decide between hiring a large pool of junior candidates or a couple of experienced candidates to get the job done.
#1 – Outline of the Job
It’s important to first outline the purpose of this hire & the scope of work entailed – is there a surge of business coming in and hence you require more hands-on-deck? Is this a replacement hire? Would it be wise to hire more than one person for the role? The job description is also crucial to help identify if any specialised skills are required to accomplish the task.
#2 – Your Hiring Budget
Having a clear idea of your budget and speaking to a recruitment firm that recruits for your industry are great starts to identifying if mass hiring is the way to go. The recruiter of choice would be able to give you a macro-level insight if the job description entailed is too sophisticated for someone with little or no relevant experience.
#3 – Dedicated Training Time
Mass hiring a bunch of junior hires would require dedicated training and mentorship. With everyone learning at a different pace, it’s important to consider how much hand-holding the hiring manager can give to new hires. That said, experienced hires would also require runway time and training to adapt to your local systems and processes.
With the above critical considerations, it is also important to note that these three points are co-related. For example:
A flexibly reasonable budget opens up parameters for you to source more experienced talents with adequate technical knowledge. This allows a shorter runway time for the incumbent to get up to speed with the task on hand and reduces the training time needed. Whereas working with a strict budget might limit companies with a smaller talent pool that may not possess the same years of experience as the former and may require a longer runway time to get the incumbent running.
Let’s do a simple case scenario with a Fund Accountant with 1 to 3 years of working experience, and explore how the relationships co-relate with each other:
Funds Partnership Asia has a specialised team of consultants for every function in the funds business. We encourage you to get in touch with Daphne at email@example.com or Ayyaz at firstname.lastname@example.org for your next hiring needs.