A company’s employees are the lifeblood of the organization. They are the ones in the trenches, handling the daily tasks that must be addressed to ensure smooth operations and profitability. But, when you have a vacancy, you may be tempted to fill it as quickly as possible, even if you have to sacrifice quality along the way.
However, failing to find the right employees for the role can come with a range of consequences, some of which may cost you dearly. Before you decide to hire the first warm body that comes along, here’s why it pays to really find the right employees instead.
When you bring on a new worker, you are making a financial investment in the hopes of them being successful. One estimate states that the real cost associated with onboarding a new hire is $240,000 each, which is certainly no small sum. And this expense happens regardless of whether the person works out, which means, if you end up terminating them quickly, you’ve essentially tossed that money down the drain. Plus, you’ll have to pay it again when you find someone to replace them.
Many of the financial costs aren’t obvious on the surface, making the above figure somewhat of a shock. However, when you factor in training, the work other employees must do to get the new hire into the system, compensation, and lost productivity that leads you to discover they aren’t actually suited for the job, the numbers really do add up.
However, when you work to hire the right person, these investments become worthwhile. After they have acclimated to the environment, the employee begins contributing to the success of the business and bolstering the success of their team. Additionally, a competent employee also lowers the stress levels of other workers, as they aren’t shouldering the burden of that position’s workload.
Morale and Productivity
Typically, a bad hire is going to harm morale and productivity, and not just for themselves. While a struggling worker will likely experience the negative effects of stress, so do the teammates that have to make up for their shortcomings. Further, productivity is harmed when the new employee isn’t meeting expectations. Not only may their daily tasks go unfinished, but others who rely on their work will also fall behind.
But, by hiring the right employee, the opposite becomes true. Morale can improve as stress levels are lowered, and productivity rises thanks to the extra set of capable hands. Cumulatively, this can make the work environment more pleasant, as everyone is working as part of a well-oiled machine.
Ultimately, taking the time to select the best candidate for the role is worth it, as the benefits of having more than just a warm body in the seat are clear. If you are looking to add the right employees to your team, the professionals at The Advance Group can connect you with top talent, making it easier to find the right employees for the role. Contact us today to see how our services can work for you.