THINK NOT WHAT WILL DRIVE REVENUE, BUT WHO
Most successful dieters track what’s going in to know what needs to be cut out – not unlike what you need to do to get your profit margin up to fighting weight. If you’re not putting the right sort of people in and you’re continually cutting the wrong sort of people out, STOP. And start tracking costs related to how you’re hiring today.
Employees determine 90 percent of a company’s profitability, according to Profit at the Bottom of the Ladder by Jody Heymann. If you’re not intent on hiring the best ones, why not? Think it’s too expensive? About 70 percent of the time people leave a business due to poor service – not product – according to a CRMguru survey. The more you spend on hiring people who will offer exceptional customer service, the more lucrative your business will be. The expense related to getting the best people in place is worth it.
First you’ve got to find them, so consider using a niche job board. A Direct Employers Association Recruiting Trends survey revealed that job seekers applying through niche job boards have been found to be two times higher in quality than employees attracted through general job boards – and eight times the quality of hires made through traditional newspaper ads.
But then after you plant your jobs on a niche job board, shine some light on who’s most desirable among the applicants by administering assessments for attitude and skill level related to the job requirements. That ensures you get the right people for your business placed in positions that are right for them. Those people tend to be more highly engaged and usually add value to their positions along with revenue to your bottom line. And they tend to stay longer than usual.
Perhaps you’re counted among the 40 percent of hiring managers who aren’t assessing candidates at all. Then you should be trying to find out exactly how much and in what ways your business is being penalized when you make poor-fit hires. Know that it’s difficult but not impossible to track costs related to how you’re hiring today (Snagajob can help) — and hopefully now you know why it’s worth the effort.