Despite your company’s yearly financial obligations, employees are without a doubt your most expensive asset. Recruiting, training, managing, communicating with, and ultimately, retaining quality employees can all be extremely overwhelming. However, for something so important that comes at such a great cost, you will want to make sure you approach hiring the right employees the right way – and sometimes that can mean the most expensive ones.
A great rule to live by is to focus on hiring the absolutely best candidates rather than the average ones. It sounds simple, but it can be costly. Great employees generally come at a higher rate. If you choose the wrong one, it can severely hurt financially. However, if you choose wisely, it’s an investment sure to save you money in the long run.
Great people attract other great people.
Over time, your recruiting costs will decrease, but your on-board talent will increase.
Team productivity will go up.
Productivity is contagious. Add fresh, motivated talent, and it will rub off on the rest of the team.
You’ll become a powerhouse.
Just one, efficient, driven employee can often produce the work of 10 employees.
Less time in meetings = more time to produce.
We all know communication is the key to success. More employees means more meetings and time is money.
Decreased hard incremental costs.
Depending on your company, there can be countless incremental costs per employee. From healthcare, to taxes, to office space, it all adds up very quickly.
The most valuable assets your company has are its people. When growing a business, every investment comes with a risk. Hire the best possible candidate – even if it’s one you think you can’t afford. Get it right, and they’ll be sure to produce the greatest rewards and show the best return on investment in the long run.