A significant number of US employers are resorting to hiring underqualified staff as they struggle with tightening budgets, new research has claimed.
The poll by Robert Walters found nearly three-quarters (71%) of employers have hired candidates lacking the full qualifications or experience ideally required, owing to financial limitations.
Furthermore, around half (48%) considered budget constraints to be the number one challenge when it comes to recruiting the right talent.
Tight budgets forcing tough choices
US recruiters also noted a lack of qualified candidates (37%) and stiff competition from rival companies (12%) as concerns for hiring the right talent, however continuing budget shortfalls leave many businesses unable to attract the right workers in the first place – an alarming seven in 10 employers acknowledge that their compensation packages fail to attract top talent.
Consequentially, four in five workers are under increased stress levels due to the influx of underqualified hires, with a similar number of employers understanding that hiring better-qualified candidates would alleviate the burnout experienced by current staff.
The study uncovered a deceptive tactic used by employers in order to attract certain workers whereby a salary offer is artificially inflated before being reduced at the final interview stage, however with 81% of candidates willing to walk away at this stage, Robert Walters believes that this could only serve to cause reputational damage.
“Allocating budget towards hiring well-qualified talent from the outset could be a more strategic investment, potentially saving time and improving overall performance,” noted Sean Puddle, Managing Director of Robert Walters New York.
“This not only affects the overall performance and growth potential of the business but also places undue stress on existing employees.”
