Determining the rate for consultant work is not as simple as breaking down the annual salary for a permanent employee. If you are looking at hiring highly skilled temp-to-perm staff as part of your team, consider the following before you set an hourly or daily rate.
Accept that you’re paying a premium. The first step in determining the rate is accepting that you’re likely going to pay a premium for the work, particularly in high-demand areas like technology. As the employer, you determine both the contract length and the job security for your contractor. Therefore, skilled & available contractors demand a premium for this lack of control over their job security.
What is your end goal?Are you looking for a seasoned consultant who might consider taking on a permanent position? Or, is your goal to hire an employee who traditionally works permanent positions and is eager to make a temp job, permanent? Advertise your job in a way to attract the type of person that you are seeking. Their background may determine how you approach your rate strategy.
Evaluate your past success with temp-to-perm
employees. If you have used the temp-to-perm model before, take a
closer look at your process. How did it
work out? Were there any surprises during the conversion process? Self-evaluation
is a powerful tool to improve and streamline the contractor & temp-to-perm hiring
Consider the consultant’s added expenses. It’s easy to see your potential cost savings from contract employees in the form of expenses like health benefits or retirement contributions. But your savings are costs that a contractor will likely still need to cover during their tenure with your organization.
Acknowledge what the consultant is lacking. Beyond the added expenses that a consultant
will need to cover, it is also important to recognize that consultants will
lack benefits and perks that permanent employees enjoy; paid vacation days,
paid holidays, paid sick leave, employer contributions to retirement plans,
equity, bonuses, etc.
Your goal is to attract in-demand contract talent who can hit the ground running and solve your business needs now. Attracting this talent goes beyond an the hourly or daily rate. Experienced consultants who are experts in their fields are in high demand. Making a fair contract offer now will not only make the short-term contract look attractive in a competitive market, but it establishes a positive relationship if a permanent position is on the table after the contract.
The perfect employee isn’t always standing on your doorstep waiting to apply for your job. Or, the right fit for your company might be missing a few ideal skills. And sometimes, it isn’t about the employee at all. A project could terminate early or evolve into something that requires creating a permanent position. Business needs change and temp-to-perm employees solve an immediate talent shortage that organizations face– while providing the opportunity to keep a long-term employee.
Should you hire a temp-to-perm employee?
Consider the following.
You need talent, fast. You can expedite the interview and on-boarding process by bringing on contract talent quickly. You avoid the lengthy perm interview process as well as the possibility that the talent you want is scooped up by another company while you get through your standard interview process.
You want to try before you buy. Temp-to-perm gives both you and the employee the opportunity to see if the job is right for them. The prospect for a long-term position is available, but neither side is obligated to extend past the initial contract period. The contract portion of this model is defined and gives both parties an out.
Off boarding is easier. The contract has a clear end date that both the company and employee have agreed to. Off boarding a contractor is faster and doesn’t come with the potential morale dip that permanent employees may feel if they were to lose a colleague hired into a permanent position.
Initial feelings on long-term fit aren’t critical. You need to create an immediate, temporary solution to a business problem. You can hire someone with the right skills, even if you aren’t sure that they will be the right fit for a long-term position. This gives you both the opportunity to try out the relationship through the contract. You may be surprised about how well someone integrates into your team– especially if they didn’t initially feel like the right long-term hire.
Saving Equity. If you are looking to save equity that is typically offered to permanent employees, consider hiring a consultant and paying them a higher hourly rate.
The right culture fit. If you’ve found the right person to fit your position but they are light on a few skills that you’d ideally like in a permanent employee, this contract is an opportunity to see how they learn and develop their abilities. The right employee who is equally as talented and motivated to learn can be critical to sustained success.
After four rounds of interviews, exchanged emails, and the OK from HR, you’re ready to make the hire. You send over the job offer and wait for them to accept. But instead, you get a polite rejection; ‘Thanks, but no thanks.’
Where did it fall apart? Were there warning signs? In many industries, competition for talent is tight and candidates have more opportunities than ever. It’s easy to blame a better last-minute opportunity or a fickle personality –but what if the reason they didn’t take the job was because of your hiring process?
The competition worked faster. You may have gotten the offer letter out first, but did you create a sense of urgency with your new hire? Did you schedule interviews quickly, avoiding lag time where the candidate might question how enthusiastic you are about them? If there was no way to shorten the process, did you ensure that the applicant knew next steps and provide timeline expectations? Chances are, if they are as good as you think they are, other companies will feel the same way and act quickly.
Compensation & benefits were unclear.Compensation and benefits are a sensitive subject, but at some point in the process, applicants must weigh factors beyond the base salary. Being upfront about benefits might save you and the candidate from any confusion when the offer rolls around. While your benefits may be comprehensive, if, the cost of your health insurance premium is significantly more expensive than what they are currently paying – the salary increase, or ancillary benefits may not matter in the long run.
You didn’t showcase your working environment. If your candidates are whisked from reception to a conference room and back again, they can only imagine what they will encounter as an employee. From décor to seating arrangements, more than one-third of their day will be spent with co-workers in that space. Showcasing the day-to-day, allowing them to take in the buzz, and get the lay of the land goes a long way in getting them to imagine themselves physically and mentally in the space.
Your offer is one-size fits all. Sometimes, bureaucracy gets in the way. There are strict salary caps or non-negotiable vacation policies. But a little creativity and flexibility go a long way. Decipher their motivations and offer solutions or benefits that seal the deal. Flexible hours, work-from-home opportunities, or extended lunches to get in a gym session can tip the scale in your favor.
They took a deep dive into your company culture. Entertaining multiple interviews or offers affords candidates the ability to take a closer look at your company – online and offline. As they move forward in the interview process, reviews and feedback on Yelp, Glassdoor, or social media influence final acceptance decisions.
They feel rushed. You can’t wait around forever – but you can give candidates a few days to mull over an offer. It’s unfair to make a candidate run the interview gauntlet for weeks or months; only to pressure them to accept the offer immediately.
If you are looking to streamline your hiring process, please contact Talener for advice and guidance about creating a more candidate-friendly, efficient system.
Job hunting is a full-time job. And on top of that, you may
be working a full-time job. Prepping for
interviews, researching companies, and crafting the perfect eye-catching resume
takes up valuable time in what can be an already stressful process.
But how do you take a step back and let someone else do some
of the work? By using resume templates,
you can create clean, formatted, and easy-to-read resumes in minutes. Instead,
spend your valuable time on crafting the perfect content.
Once you’ve mapped out the important talking points around
your experience, education, projects, and specific skills, you can identify the
right template for you.
Consider the following:
How long is my resume?
At some point in your career, your resume will spill over
onto a second page. Your skillset or
industry might demand very detailed information that takes up space, i.e.
technology languages or frameworks. Evaluate how the template will display the
information. Is the most important
information displayed first? If the hiring manager doesn’t make it to page two,
will you still be in the running for the position?
Is my resume going through keyword-matching software?
If you are conducting your job search on your own, do you
know how the resumes are reviewed at the companies at which you are applying?
Are you joining the black hole of keyword-matching software or is a member of
staff looking at individual resumes?
What file type do I need?
If you know the companies you are targeting, take a quick
look to see what file types they accept. It’s frustrating to craft the perfect
resume, just to realize that the file extension isn’t accepted.
Is the format right for parsing?
We’ve all been here: ‘Please upload your resume’
type in almost the exact same information – even though you just
uploaded your resume’
‘Or, let us
pull the information from your resume’
ever allowed resume parsing, you know that it rarely matches the fields exactly
and you must retype your resume information anyway. If parsing is a standard in
your industry – opt for simple, clean formatting without all of the bells and
of template matches my job aspirations?
is a reflection of you as well as the type of work that you do. Your resume is the first glance into your
abilities. How creative, organized, long, or colorful does it need to be to
catch and retain the attention of your future hiring manager?
If you have
a Google account, you have access to Google’s library of templates. Sign into
your Google account or navigate to https://drive.google.com/templates
to access resumes, cover letters, and more in your Google Drive.
Resume Assistant in Microsoft Word:
Microsoft’s acquisition of LinkedIn helpted the two join forces to
bring better resume templates and a resume assistant to Microsoft Word. If you are an Office 365 subscriber on
Windows, customized templates and resume writing help are at your
fingertips. Check out LinkedIn’s Blog or get
started in Word by opening a new document and choosing a resume template.
If you’re looking for a template to give you more creative license, sign up for a free account on Canva and get started with more free templates. Or, sign up for the pro-version to get custom-tailored designs.
The highly anticipated Amazon HQ2 decision unleashed a myriad of personal opinions, economic analyses, and political responses. Emotions are running high in two metros where there is concern for overcrowding, employees leaving their current jobs for Amazon, and affordable housing – to name a few. Amazon’s decision to choose the DC & NYC metros means that staffing agencies and companies alike need to assess how this will impact their current and future talent.
Talener CEO, Michael Dsupin, sees a world of possibilities that will open to job seekers, both in and out of the tech industry. This is a moment for DC & NYC to dominate the narrative surrounding its tech talent capabilities which is traditionally centered around Silicon Valley & Seattle. The Long Island City and Crystal City HQs reinforce the notion that they can compete with a capable and experienced tech workforce. Both metros have been on the radar previously as two of the top 10 cities for tech talent.
The estimated 12,500 jobs that will be created by Amazon at each HQ bolsters the potential for new residents who may relocate to surrounding metros in Delaware, Maryland, Virginia, New Jersey, New York & Connecticut. Likewise, the jobs may bring other positive impacts to communities by enabling the circulation of money for housing, restaurants, transportation, and more. At this point, it is difficult to predict the scope that Amazon’s move will have on these communities.
Companies will need to assess how Amazon’s arrival will impact their own workforce. Will their talent be scooped up to work for the tech giant? How will companies be proactive to retain their employees and keep them engaged? The more competitive environment may force employers to consider increasing wages or providing better benefits packages to retain talent.
Overall, there will always be talent that is eager for jobs. Companies will have the opportunity to hire people who are new to the industry and train them fresh out of school or certifications. Additionally, not everyone will stay at Amazon forever. Markets are constantly changing, and with that, come new job seekers. Existing tech talent will return to the market for new jobs.
The eCommerce space in particular could see the most influx with current talent leaving for new Amazon opportunities. Applicants with eCommerce experience have a leg up on other talent being recruited for Amazon.
Until we know for sure how and when Amazon will open their second headquarters, the best course of action that companies can take is to develop a strategy that is both proactive and flexible – one that is adaptable to increased market competition.