LookFar Labs26 July 2022
Why Staff Augmentation is Beneficial During an Economic Slowdown
Rapid changes in the economic environment, competition, technology, and the way people work have made it more important than ever for companies to be able to respond and adapt quickly.
Becoming an efficient company starts with a mindset change. You have to move away from traditional business practices as the only way to run a successful company. In 2022 and beyond, the traditional model does not leave room for adaptability, productivity, or innovation. Rather, you should acknowledge that in today’s fast-paced, unpredictable business climate, being able to effectively fill gaps when needed is vital.
This is where the strategy of staff augmentation comes in. As a steady rise in the number of tech-related skills is needed to complete vital tasks, companies are having a tough time hiring to fill those positions or only need specialty skills for a short period of time. That’s why staff augmentation is the most optimal strategy for companies to cover their software development needs during an unpredictable economic climate.
So how does staff augmentation help companies keep up with demand while also keeping costs down during a change in the economic environment?
Cuts Operating Cost
Staff Augmentation service offers a way for companies to use staffing to cut costs while still filling gaps needed to continue to grow. For example, if you have a new project coming up that requires a specific skill set that your current core team does not possess, or if the project only lasts a few months, staff augmentation not only allows for you to bring on someone with the specific skill you are looking for, but you can also add someone on for only the duration of the project. Allowing you to only pay for essential project staff during an allotted time. Another way you are able to save is on the infrastructure investment you typically have to provide during the traditional hiring process. With staff augmentation, the staff that is provided will already have been vetted to ensure they have the necessary tools needed to work effectively and remotely without any extra investment required by the hiring company.
Allows for an Agile Company
During a change in the economic environment, the ability to quickly change strategy, structure, processes, people, and technology is vital. Staff augmentation allows just this. Unlike the traditional staffing methods, staff augmentation allows a company to bring together a variety of stakeholders to meet all the needs of a project. Rather than loading your core staff with extra tasks, they may not have the bandwidth to complete or, let alone, the skillset to produce a competitive product. With staff augmentation, as the project’s needs alter as things move forward, you have the freedom to easily add staff on and off. This results in a company that allows for everyone to continue to focus on their area of expertise, creating a more productive and agile work environment.
Saves You Time
Time is money. And traditional staffing methods are rigid and time consuming. It takes an average of 36 to 42 days to find a successful candidate with the traditional method. And on average, it takes another 12 weeks for a new hire to become fully productive at work. With staff augmentation, you no longer have to devote so much time to unproductive tasks. When implementing a staff augmentation strategy, the firm that you signed a contract with takes care of everything related to the recruitment process. This consists of supplying professionals with the specific skills needed to be effective on day one without any additional training. Let’s say you have a 5-month long project coming up that requires knowledge of the Python programming language. Does it make sense to go through the extensive process of hiring a salaried software engineer for a 5-month project who you may still have to train? Or does it make more sense to hire a temporary remote Python programming specialist for the allotted 5 months? In unpredictable business climates, companies do not have time to waste on unproductive activities, which is why staff augmentation is the best way to save you time and money on your staffing needs.
Ready to work with LookFar Labs?
At LookFar Labs, we understand the importance of adapting and evolving to current business climates to create people-centric companies that harness human potential. Therefore, we offer a staff augmentation service that offers candidates that specialize in everything from Angular frontend frameworks to DevOps to Customer Success and more. Give us a shout if your company is looking to implement a more resilient hiring process to be able to weather any economic climate thrown its way.