2022 was a hard year for companies. Companies across the board experienced economic uncertainty, supply chain disruptions, labor shortages, inflation, and rising costs. But as bad as 2022 was, economists are predicting 2023 to be as bad, or worse, for the economy. And with a potential recession looming in the future, companies are increasingly looking for ways to reduce costs while maintaining the necessary workforce to operate. Here are some areas companies are looking to minimize cost and make their hiring more efficient:
Reduced Recruitment Costs
Recruitment can be a time-consuming and costly process, especially during a recession when resources are limited. Companies are looking for ways to source, screen and interview candidates while reducing the time and costs associated with finding and hiring new employees.
Lower Employee Benefits Costs
One of the most significant expenses of hiring employees directly is the cost of employee benefits. These benefits include insurance, vacation pay, and other benefits that can add up to a significant amount over time. Companies need to look for ways to utilize their resources on other important business needs during a recession.
No Long-Term Commitments
During a recession, companies may be hesitant to make long-term commitments to hiring employees. Companies want the flexibility to adjust their staffing needs based on demand, but with budget pressures and needing to penny-pinch, companies may find it difficult to commit long term to candidates, regardless of how skilled they are.
How GenSpark Can Help
Who We Are
Given the problems that companies face during a recession, GenSpark offers a compelling solution to meet every company’s workforce needs. GenSpark connects employers with the talent that they are seeking. We start by listening to the company’s needs and try to understand their specific talent problems, and based on each company’s specific needs, GenSpark trains and develops candidates to fit the requirements of each team.
Why We’re Different
What sets GenSpark apart from a traditional staffing agency is our comprehensive approach from start to finish: We start by assessing clients’ needs and derive customized, skill-based cohorts that train candidates to meet those specific needs. As a result, resources, time, and money are not wasted and clients benefit by receiving trained workers who meet those needs.
Here are other reasons why companies can save money by partnering with GenSpark:
Try-Before-You-Buy
Companies can be confident that they are completely satisfied with their hiring through GenSpark’s “try-before-you-buy” concept, which enables companies to bring on GenSpark talent on a contract basis before deciding to extend a full-time offer. As aforementioned, with companies hesitant to make long-term commitments because of the uncertainty of the economy, this option gives companies the flexibility they need to adjust to their budget pressures.
Soft-Skills Training
GenSpark engages every candidate with soft-skills training, resume building, interview prep, and more, so they are thoroughly prepared to meet the expectations of their future employers. By GenSpark taking on these responsibilities from the client, companies save money and reduce the amount of time and costs associated with the hiring process.
Continual Upskilling
GenSpark not only sources, trains, and deploys candidates, it also provides continued upskilling during employment so that candidates are always up-to-date with tech stacks. As a result, companies do not need to spend the time, money, and energy to constantly re-hire workers, or find new ones, since we are able to train and up-skill current workers to fit whatever business needs the client has. This saves companies time and money and increases the bottom line.
Cost-Saving Benefits
As the cost of employee benefits continues to rise, another benefit of partnering with GenSpark is that we absorb all the benefit costs of the employee while he or she is on our payroll. We handle all the various paperwork and communication involved, which can lower costs to companies and help save their bottom line.
Case Study
Here is an example of how GenSpark was able to provide a customized, cost-effective solution to a particular client. GenSpark worked closely with a top 3 US airline to increase diversity and reduce costs. This airline came to GenSpark with a specific problem: they required skilled engineers for implementing updates to their e-commerce platforms as a part of the digital transformation journey, along with the need to reduce costs.
GenSpark worked closely with the client to meet their specific workforce needs. In the end, GenSpark was able to deliver 3 teams of 7 engineers, each consisting of Junior and Mid-level developers, testers and DevOps Engineers in a period of only 4 weeks. The client was able to successfully meet their schedules and further added two additional squads due to the success of the program. In terms of cost reduction, the client was able to see a 40% reduction in costs because of GenSpark’s efforts.
GenSpark wants to help your company save money too.
With economic uncertainty looming in our future, companies are looking for ways to cut costs and weather the storm. GenSpark is uniquely positioned to help companies do just that. GenSpark can provide your company with a solid pipeline of tech talent that is customized to meet your specific needs, all the while reducing cost and saving you time and resources.
Read more about us from our website.
Spark your company’s future today with GenSpark! If you’re interesting in saving money with GenSpark, please fill out this contact form. One of our reps will be in touch, and we look forward to partnering with you.
