The employment market is absolutely insane right now. With all the government assistance, many people have zero incentive to work. Those who have been and are working are swaping jobs over small increases. All of this is making it tempting to just put “butts in the seat,” but I am here to tell you how costly that can be and how hiring the right people actually saves you money in the long run.
First and foremost, your existing team deserves to have outstanding co-workers. Do you really want to pay back all their dedication and hard work over the last year and a half with fair additions to the team – ones that probably won’t carry their weight and will put more work upon their shoulders? Also, if you rush the hiring process and do not do your due diligence, you may get a really rotten apple that will poison the entire bunch. Your company culture is worth protecting, and that means you need the right people, not just anyone.
Speaking of your culture, why would you want someone who doesn’t fit with what you stand for and believe in? You’ve worked hard to grow your business the way you wanted, and hiring the right people will ensure you continue to go in the direction you seek. The wrong people can quickly detail your efforts and force you to spend valuable energy (and money) on fixing the situation, which means you aren’t working on your business.
Ask anyone who is divorced, and they will tell you the statement that having someone in your life is better than having no one in your life is a bunch of horse manure! The truth is it is better to be alone than with the wrong person. It applies to the workplace. Sometimes, hunkering down and waiting it out until the right person comes along will be less painful and less costly than getting the wrong person.
That being said, I would hope you are taking care of your existing workers. I am shocked to hear stories of companies not giving a single cent raise to the ones who have gotten the company through this incredibly tough time yet pay more to the hires. That is a recipe for disaster, and you will lose your best employees. High turnover costs way more than investing in existing team members and spending a little more on the front end to get the right new hires.
Getting a handle on your turnover requires you to take a look at your leadership team. Yes, you can hire the right people, but if you want to keep them, you need great leaders who understand their value to the company. The money you invest into your leadership team will pay back ten- fold because people leave bosses, not jobs.
If you aren’t investing in talent management, you will find yourself in a vicious cycle of constantly hiring new people, which will cost you more than just money. You will destroy your culture, lose continuity, wreck cohesiveness and bleed knowledge, which will prevent you from ever getting ahead of your competition.
I’ve been in the talent management space for over 20 years, and I can help you get the right people on board your team…and keep them. Give me a call so we can have a candid conversation on the steps you should be taking.
Want a place to start immediately? Get a copy of my Leveraging Your Leadership Style for every manager, director, VP and executive in your company. Retention starts from the top down.