4 Reasons Why Hiring is Your Most Important Business Strategy
When asked what the most important aspect to focus on when starting a business to increase the chances for success, many people say sales or marketing, others might mention leadership or financing. But there are many reasons that hiring is actually the most important business strategy of all. While it takes lots of patients, diligent screening and careful analysis, finding the right person is worth it.
Of course, you’ll need the appropriate products and tools to run your business too, like the best software for screen printers if you’re managing a screen print shop, but employees are the backbone of any organization.
1. Great People Build a Great Company
Great people provide great services and/or build great products. They also tend to attract more loyal, better customers, ultimately helping to build a great company. While that may sound easy, it usually isn’t. Small companies especially don’t have the luxury to make lots of mistakes, and everything that happens, either good or bad, is the result of the people that were hired. Even having just one sub-par employee or staff member with a bad attitude can spread quickly, and ultimately lead to the organization’s failure. On the opposite end of the spectrum, when your business is filled with hard-working employees who are treated well, the sky’s the limit.
2. The Wrong Hire Will Lose You Time and Money
If you don’t take time to hire the best people, you’re going to end up losing a lot of time and financial resources, not to mention going through a lot of extra stress that can hinder a business’ development. A bad employee negatively impacts their co-workers, could drive down sales and cost unnecessary expenses, not to mention having to go through the entire hiring process again trying to find someone that will fit the bill.
3. Increasing Revenue Growth
All businesses, big or small, seek to increase revenue growth. One study a few years back conducted by The Boston Consulting Group calculated the dollar impact of each of the different human research functions and ranked them. Those that excelled in recruiting good hires experienced 3.5 times more revenue growth than their less-capable peers.
4. Great Employees Attract More Great Employees
Skilled people who are considering making a move to a new company want to work with a great team. If you have great people working for you – and who are happy to be there, when it comes time to hire additional staff, you’ll have much better odds of finding the right fit. Your employees will also be much more likely to refer other talented people, increasing those chances even more. Be sure to tap into your employees’ existing networks before advertising so that they can share the job description via social media posts ad other avenues. When they’re excited to be there, others will know it, which means your job openings will not only get viewed more, but bring in lots more potential candidates.