How Much Is Mediocre Talent Costing Your Business?
Defined as natural aptitude or skill, talent is something that can be difficult to find if you aren’t looking in the right place. Since many projections indicate that the number of younger workers entering the labor market soon won’t be enough to replace those retiring from it, too many companies are settling for executives with no more than a mediocre track record. Although these executives might be filling the current voids of many businesses by showing up to work on time, and even accomplishing some of their job duties, their unexceptional leadership skills will only cost those businesses in the long run. For instance, according to a study conducted by the world’s largest human resources consulting firm Mercer, hiring a failed, or mediocre executive can result in a negative financial impact on a company estimated to be over $500,000!
In addition to the tremendous financial consequences that hiring average employees can bestow upon your business, they can also be detrimental to so many other aspects of your company, especially if they are hired for managerial positions. Mediocracy can quickly become contagious and spread throughout a place of business resulting in an uninspired workforce. This can result in significant decreases in team productivity, customer satisfaction, etc. In addition, hiring employees who offer little more than their ordinary talents detract from your competitive advantage by filling positions that could otherwise be offered to people who are the best in their field. Your business will also have to invest more time and funds into remedial training of mediocre employees who lack certain competencies required of their jobs.
Finding a Solution
Once you accept the notion that mediocre talent is indeed costing your business a substantial sum of money, you’ll need a strategy to prevent mediocrity from consuming your business. So, just what is the solution? For starters, businesses that hire superior employees generate more profits. If your business is struggling to find top-level candidates using traditional means, then perhaps it’s time to consider the services of a professional executive recruiter. Partnering with an executive recruiter is a powerful way to not only land top talent, but also help escalate shareholder value again.
From careers in marketing analytics to customer insights jobs, the executive search consultants at BrainWorks have made it their mission to quickly find you the best people in their respective fields, thus providing you with the highest return on your recruiting investment. Contact BrainWorks to connect with the best in human capital.