I speak to clients and candidates in the Epicor market every day, and one thing is clear; there are more jobs out there now than candidates to fill them. The Epicor marketplace is becoming a tremendous fight for talent.
What Does This Mean for Epicor ERP Customers?
Let’s boil this down. What does a talent shortage mean for a business using Epicor?
Well, if you miss out on a key talent, there’s a measurable direct cost. As a rule of thumb, not having a key post filled for a 12 month period costs around four times the salary the post offers.
On top of that, you can expect projects to stall out. You’ll miss deadlines – and with that, you miss opportunities.
Follow the knock-on effects along. Would you have downtime on the system? That directly affects BAU. You’ll see an overall loss of productivity as, one by one, the bottlenecks in your business processes you use Epicor to bypass get hit.
Your staff will be put under strain covering for not just the missing candidate but the system they help to maintain. And over a long enough period of extra pressure, the goodwill of even the most loyal employee is tested. Stress always falls hardest on the shoulders of key staff and failing to fill an important position can lead to other key staff looking for work elsewhere.
Why Epicor Talent Attraction is as Important as Ever
The reality is a simple one – just basic economics. With talent at a premium, candidates with the right skillset can push for higher day rates or salaries. As more businesses adopt Epicor, the competition gets fierce.
To stay competitive, companies must look at more than just the number on each paycheque. We’ve seen plenty of discussion of this in other places, too – all those thinkpieces about the ‘Great Resignation’ talk about candidates realising other factors are just as important.
For some this might be a better commute, a flexible working pattern, or even something as small as free breakfast once a month (yes, I’ve had it) , to name just a few I’ve seen as the deciding factors. Having said that, there’s something that rarely gets asked for but which can be even more important.
It’s important to start building that connection with the candidate from the first contact on outwards. If you do this and your competition doesn’t, you can really tip the balance.
Strategies for Managing Candidate Shortage
So what’s the solution?
Well, there are a few options. Here’s my top three:
Assume that permanent recruitment will take time, and use contract placements to provide interim resource while you complete your permanent recruitment
Cut the time it takes to complete recruitment. Candidates to go through 2-stage or even 1-stage interviews, no longer, with a maximum timeframe of two weeks. In the office we say ‘time kills all placements’ and it’s especially true with candidates in high demand. A job offer from a competitor while you’re still deliberating could mean a missed opportunity.
Pay close attention to the market – and do it with an eye to resource planning multiple quarters in advance. If you can get a sense of when top candidates will be coming off contract, you can aim to recruit accordingly.
And even if you’re putting all three of those in place, a special bonus strategy – stay close to your recruiter. I’m always available for a quick chat – and if I can solve your candidate issues, so much the better!