If your plastics business is like most, it is in a rush to hire employees to meet demand, fulfill orders, and drive revenue. However, there is a risk in hiring too many employees too quickly or adding the wrong employees simply because your plastics business is in a rush to meet demand. Take a moment to consider the actual cost of adding low-quality employees to your plastics company, and you’ll reconsider whether hiring such mediocre workers is worth the investment of your limited time, effort, and personnel necessary for new hire training.
Recognize the Real Cost of Hiring Mediocre Employees
Most plastics business owners, managers, and hiring specialists as well as these professionals in other industries underestimate the cost of a poor hiring decision. Studies reveal that the actual cost of a low-quality hire is much greater than most hiring managers assume. In fact, one study reveals about one-half of all new hires were viewed as poor hires within a year and a half or less.
Instead of dealing with a high turnover rate in which one employee replaces another in an endless cycle, let a recruiter help you find the best employees to fill your open positions. A recruiter will help your business connect with employees who have the potential to become legitimate leaders. Recruiters do the following:
- Vet potential hires
- Test candidates’ skills
- Assess prospects’ abilities
- Analyze the merits of potential hires
There is no sense investing large sums of money in onboarding and training new hires who end up leaving the organization as a massive net negative to the bottom line. Alternatively, recruiters are laser-focused on finding employees who genuinely want to make a meaningful contribution to your plastics company.
Why run the risk of a bad hire costing your business tens of thousands or even hundreds of thousands of dollars in losses when you can hire the right employee at the first opportunity with the assistance of a recruiter? Recruiters replicate the vetting, interview, and assessment process with each candidate to provide plastics companies with hardworking employees willing to earn their keep and push the organization to new heights rather than simply maintaining the status quo.
Recognize the Stakes are High
Quantify the real cost of hiring mediocre employees with dollars and cents and you will be taken aback by the financial loss. Most business owners and managers are shocked to learn the average financial loss per mediocre employee is rapidly approaching a peak of $240,000. Take a moment to consider why this figure is so egregiously high. The explanation is that a considerable amount of money, time, and effort are invested in hiring, training, and attempting to retain and compensate new hires.
If the new hire is a poor hire, the bulk of that investment will be irrevocable as the employee will either quit or be terminated. Making the sting of a poor hire hurt all the more is the fact that additional resources must be invested in overseeing that employee and ensuring he or she does not make costly mistakes or errors that have the potential to take a significant chunk out of the company’s bottom line. Restrict the scope of potential hires to those who clear a recruiter’s hurdles for employment consideration, and you’ll do your part to minimize the potential for a significant financial loss.
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