Challenges in Hiring Purple Squirrels
1. Time-Consuming Search: As purple squirrels are very rare and are the top talent in the industry, so it’s very challenging to find them. It is also very time-consuming. Companies have to use various sources and multiple channels for a long time to get them. This time-consuming search will cause delays in hiring, which will impact the company’s business processes. Companies also need proper assessment and evaluation for finding these employees, which also, includes multiple processes and increases time delay.
2. High Demand and Competition: Purple squirrel-like employees have a very high demand in the market, and also they are very less in number. So, companies have to face high competition in hiring such perfect and skilled employees in their company. It may lead to bidding wars. Pursuing them will take a lot of effort and financial investment.
3. Unrealistic compensation demands: They are high in demand, so they will ask for more compensation benefits as compared to the average employees of the company. They will also have more bargaining power as compared to other employees. Meeting the salary requirements of Purple Squirrels will cause problems in maintaining a budget for the company. Resource allocation should be done when looking for purple squirrels.
4. Retention Concerns: If the company have somehow hired Purple Squirrel, still there will be no guarantee of retention due to their high demands in the market. They may have big ambitions and will seek opportunities elsewhere. They may be chased by competitors who may offer better incentives.