How Much is Mediocre Talent Costing You?

In order to succeed, sometimes risks have to be taken. While taking risks can be a good thing, if you are the CEO or president of a company, sometimes those risks cost you – dearly. According to a recent survey by CareerBuilder, more than 6,000 employers hired employees that ended up being a bad fit for their company. Out of those 6,000, 27 percent stated that just one bad fit cost their company over $50,000. There are other costs to hiring a mediocre employee, not the least of which is the toll it takes on other employees. So how much is hiring mediocre talent really costing you? 

What is mediocre talent? Every company sees mediocre talent in different ways. It all comes down to what your company needs are and what you consider a “good fit”. Most employers look at whether a new hire gets along well with peers and management, and how engaged they are with their job. Does your new hire engage colleagues? Do they ask questions? Do they have a positive attitude toward the work they’re doing? Are they meeting deadlines or picking up a steady client base? How many mistakes are they making and how often? Are there few complaints from clients? All of these questions help define whether a new hire is going to work out for the long haul and all of these questions can usually be answered ahead of time by staffing agencies, who vet potential candidates before they ever walk through your door.

That $50,000 may turn into $100,000 or more quickly. How does this happen? It happens when you realize you hired a bad fit for the company and now have to hire someone to take their place. The true cost of hiring someone to replace that mediocre employee does not stop at dollars. You also have to take into consideration the time and talent you need to pull to make the new hire. Now you’re looking at HR staff vetting another candidate, taking time out of their schedule – and yours – to interview, and the dollars you will pay out to someone new. This may require bonus signing, a benefits package, and possibly a higher pay than the previous employee, especially if you’re trying to entice the new talent. Partnering with a staffing agency allows you to do away with these massive costs.  Staffing agencies keep a continuous pool of highly qualified candidates on deck, so that no time is wasted when you call.  These agencies work to make sure the fit is universal – meaning not only is your new hire a good fit for you, but your company is a good fit for them.

Resources at the ready. When you have to let someone go who ended up  being a poor fit for your company, it not only costs you time and money but also a loss in productivity. You have to be concerned with jogging other staff members around, shifting clients to staff they don’t know, and pulling valuable resources. There are no standard solutions where staffing is concerned, and PrideStaff Financial understands this. They partner with you to provide talent that not only meets your company needs, but fits the company culture. Pridestaff Financial does this by being an innovative staffing agency, utilizing tools and techniques in social media, mobile device communications, online marketing, existing client and community referrals, and integrating their team with yours. The result – a perfect flow of dialogue, outside resources constantly at the ready, and a staffing agency that undestands the demands of the financial world.   

Utilizing a specialized staffing agency reduces cost, energy, and time, allowing you to get back to doing what you do best – running your company like a well-oiled machine. PrideStaff Financial is a specialist that focuses solely on accounting and finance professionals.  We will not only help you find the right candidate for now, but the right candidate for the future of your company. Contact PrideStaff Financial today!