When you apply practical tools and advice, it can help you completely transform your process for identifying, attracting, and retaining fantastic employees. From recruiting and carefully evaluating candidates, to motivating, training, and managing talented and skilled employees, you can quickly scale and retain the best talent pool.
You can easily measure these results by the quality of your team, their longevity, their satisfaction, and your company’s growth and profitability. Statistics state that hiring ‘top performers’ over ‘average performers’ can yield almost 70% percent more productivity and profit. When you focus to hire the right talent for your company the first time around, it can benefit you in a number of ways such as:
Benefits of hiring the right talent the first time around
#1 Significantly Reduce Labour Hire Costs
Every company knows the high costs in hiring employees that include:
- Disruption in hiring manager’s busy schedule, which reduces their productivity levels.
- Expenditure on job board postings, skill tests, interviews, and background checks etc.
- Additional costs for repeating the hiring process in case of a wrong selection.
#2 Maximise Your Team’s Productivity
When you conduct a hiring process, it eats into the time your skilled employees’ need to maintain their daily work schedule. From reviewing applications to conducting interviews, they are engaged in various aspects of hiring, which makes them lose focus from their assigned work. The hiring process can continue for weeks and regular work can pile up during this period. This makes it important to have very efficient processes that can help your team identify and hire the right people the first time around.
#3 Save Time Spent In the Nitty-Gritty Of The Hiring Process
Getting your team members to sit in on interviews for weeks on end can result in monotony and boredom. It is likely they will lose interest in the process, as it can be very repetitive. Going through stacks of resumes and umpteen interviews isn’t conducive to the productivity of your team. The less frequent the hiring processes, the more enthused your hiring team will be to find the right employees for the role.
#4 Avoid Bad Hire Damage That Can Be Longer Lasting Than You Think
Just as a good hire has a positive impact, a bad hire has a negative impact in various ways such as:
- Their incompetence affects the morale of other employees.
- Likelihood of them destroying long nurtured client relationships.
- Possibility of thefts in the office.
- Safety risk to other employees and clients in case the hire has an undetected criminal background.
- Tarnishing the image of the business that can affect profitability in the short and medium term.
#5 A Good Hire Is A Morale Booster
When employees sync well with each other, your business works like a well-oiled machine. New employees are like a breath of fresh air bringing in new ideas and skills, enriching the culture and spreading a happy vibe. A new hire’s presence boosts the morale and enthusiasm of the other employees that works positively for business growth.
#6 A Result-Oriented On Boarding Process Is Critical
A less understood and trying aspect of a hiring process is on boarding that begins only after the initial process of interviewing and selection is over. On boarding involves:
- Teaching new hires the ropes
- Educating them about your organisation’s policies and processes
- Enabling and encouraging them to develop team culture
- Assimilating information and being part of the organisation
The time each new hire takes to adapt to their work environment and the culture of the organisation may differ, but it never happens in a jiffy. They will take some months to reach their full potential to contribute to the business growth and profitability of your business.
Hiring the right people and following the right on-boarding process will ensure you don’t spend excessive amounts of time, money, and effort on these essential aspects of running a business (take a look at tips to ensure that new labour hire is the right fit for your organization).
Choose The Right Talent
Good hires are of critical importance because their onboarding process will be smooth, money saving, trouble-free and beneficial for business growth. When you focus on hiring the right and best-suited people the first time around, it will have a positive impact on your business workings and profitability.
For effective and sustainable cost reduction opportunities & efficiencies that will increase your bottom line, contact the experts at Benchmark Cost Solutions at this number – 02 9525 0777. If you prefer, write to us at this email address, and we will revert quickly.
Thanks for reading,
Benchmark Cost Solutions Team
02 9525 0777