Why your hiring process could be holding you back from next stage funding

14 December 2022

It has been said that you need money to make money and nowhere is this more so than in the technology business. In order to take on more exciting and challenging projects, you first need to raise the funds to hire the people to manage them from start to finish. But with financiers becoming ever more cautious, can you rely on the right people being available when you need them? If you cannot prove to your lenders how you intend to staff and manage the project for which you require funding, you cannot guarantee the timescales that you are promising for delivery which reduces their confidence in your ability to provide a return on their investment.


How To Handle Financial Approvals


By understanding your broader portfolio, you can identify at what point you will have capacity amongst your existing workforce to take on the new project. You can also identify where priority conflicts and milestones already exist and by assessing the risk associated with each, understand your likelihood of success.


In planning for a new project in this way, reallocating existing staff in order to maintain a continuous workload, you are likely to have an easier time securing finance, but even so, it will take time to scope the project, assess its schedule and risks and allocate the correct people to manage it.


There are often many funding stages to pass and barriers raised at one could have a knock-on impact on the next, so getting this process right is vital. Some companies employ staff purely to manage their business case approvals in recognition of the workload associated with them. For others, however, getting approval for a new project takes an existing team member away from their day job for a time, and their work then has to be reallocated or completed in overtime which again costs more money and can impact team morale and productivity.


Finding the right balance is essential to make sure that existing workloads do not suffer as a result of the desire to pursue new investments.


Hiring New Staff


If you are able to forecast a start date for your new project ahead of approvals, you can include a staffing plan within it to seek budgetary approval for the new talent hires. A wise company will begin testing the market early to ensure that they have talent lined up ready to commence work as soon as financial approval is granted. There is a risk associated with this approach, which is that if the approval is not granted on time or at all, the company could have hired a talented individual but be unable to provide them with work.


However, when the alternative is to only begin a tech recruitment campaign once financial approval is received, being proactive looks the more attractive option to reduce delays and additional costs.


The Hiring Process


If you are struggling to fill existing vacancies or failing to attract talented individuals to your exciting up and coming roles, you may wish to reexamine your recruitment process. Is it too lengthy, too vague? Does it clearly explain the responsibilities required of the roles that you are looking to fill? Could it be that potential job hunters don’t recognise your brand, or has your reputation suffered due to previous shortcomings and poor social PR?


For some businesses, especially start-ups, difficulty recruiting is due to a lack of network reach within the industry. Job seekers are wary of new companies, not understanding their culture, service offerings or requirements. They may not understand what you require of them or find your communications to be lacking.


If you are having difficulty hiring, or wish to recruit contract personnel to fill a short-term gap in your schedule, RMG Digital can help. We have the network and the knowledge to secure the right talent at the right time. We understand the needs of businesses and job seekers in this competitive environment and can take the stress out of recruitment for you. To find out how we can save you time and money on your next hire, please contact us today

Related Articles