Hiring for Now vs Hiring for the Future
Posted on September 01, 2021 by
Two candidates walk in for an interview, one checks off most of the boxes you’re looking for, the other checks them all and then some; however, comes with a higher price tag. As a company, what do you do? Are you looking to make a quick fix in hope that it will all work out; or do you hire the pricier, more qualified candidate? In essence, does your current hiring practice have you hiring for now or for the future?
Taking into account the average onboarding cost of a new hire in 2020 was $4,000 (glassdoor.com), the less costly candidate may cost you less in hourly or salary, but comes with the potential for certain downfalls. These drawbacks include longer ramp-up time, extended training, unfamiliar with certain software systems, potential for higher turn-over rate, and more. If you’re simply looking for a quick fix, a “band-aid” so to speak, this type of hire can cost you more in the long run than hiring someone who may cost more up front but saves you money and headaches in the future.
Hiring for the future has its advantages in the workplace too. Think . . . “talent begets talent.” When you hire top performers, they are more likely to attract top talent to your company (and unfortunately the same can be said when you hire the wrong person). Those with experience in the industry and field they are looking to join, offer more than just their knowledge. They bring with them outside objectives and ideas, diversifying your workforce and helping to propel your company forward. With less ramp-up time in training and onboarding, you get a quicker return on your initial investment. You also broaden your talent pool, with the connections that person brings.
It’s easier sometimes to make the knee-jerk reaction and simply hire someone to fill the “void,” hoping that they solve your problems because they come with a discount price tag; but more often than not, they will cost you more in the long run. Ask yourself – where will this person be in 5-10 years with the company? If your answer is uncertain, it may be time to re-evaluate your hiring practices and start looking for some stronger, more qualified candidates . . . professionals who will not only add value to your company but will really help you take it to the next level.