June 15, 2023
The Power of Professional Plastics Recruiters: Saving Your Company from Costly Hiring Mistakes
Today’s hiring has become increasingly difficult. In manufacturing, the skills gap is getting larger, the workforce is retiring at a faster rate, and the average person does not want to relocate due to increased interest loan rates. All the reasons why hiring the RIGHT person for the job is even more crucial than before.
The Cost of Bad Hires:
When it comes to hiring for crucial positions in your company, the stakes are high. Hiring the wrong person can have a detrimental impact on your company’s productivity, finances, and overall success.
The statistics surrounding the financial impact of bad hires are eye-opening. According to the U.S. Department of Labor, a bad hire can cost a company 30% of the hire’s first-year salary. Additionally, a study by Robert Half International found that 34% of CFOs spend 17% of their weekly time supervising poorly-performing employees, leading to a significant loss in productivity. Another survey by CareerBuilder revealed that 74% of companies reported an average cost of $14,900 due to bad hires. These numbers highlight the importance of making informed hiring decisions.
The Benefits of Using a Recruiter:
1. Time-Saving Expertise: Recruiters, with their industry experience and extensive networks, significantly reduce the time it takes to fill open positions. This minimizes the financial loss associated with prolonged vacancies and ensures the right fit for the role from the start, reducing training costs.
2. Industry Expertise: Professional recruiters are industry experts who stay up-to-date with the latest developments and shifts within their respective fields. Their in-depth knowledge allows them to present you with the ideal candidates, saving you time and effort.
3. Improved Retention: Recruiters go the extra mile by following up with their placements during their initial months on the job. Their commitment to their candidates’ success and expertise in matching cultural fit and skillset contribute to higher retention levels.
4. Streamlined Efficiency: Communication, transparency, and efficient time management are essential elements of the recruiting process. Recruiters prioritize these aspects, ensuring a streamlined and efficient hiring process for both candidates and employers.
5. Extensive Connections: Recruiters maintain strong connections with a wide range of candidates, including “inactive job seekers” who may not be actively searching for opportunities. This expanded pool of talent increases the chances of finding exceptional candidates who may not be easily found through traditional job boards.
Effects of Hiring the Wrong Talent
Hiring the wrong person for a job can have numerous negative effects on both the individual and the company. Some of the key consequences include:
1. Decreased Productivity: When an employee lacks the necessary skills, experience, or motivation for the job, their productivity is likely to suffer. This can lead to missed deadlines, incomplete tasks, and overall inefficiency in the workplace.
2. Poor Work Quality: Hiring someone who is not a good fit for the position can result in subpar work quality. Errors, mistakes, and a lack of attention to detail can compromise the overall output and reputation of the company.
3. Negative Impact on Team Morale: The wrong hire can disrupt team dynamics and negatively impact morale. Existing employees may become frustrated or demotivated when they have to compensate for the shortcomings of the ill-suited employee. This can lead to increased conflict, reduced collaboration, and a decline in overall team spirit.
4. Increased Turnover: Hiring the wrong person can lead to higher employee turnover rates. If the individual is not satisfied or struggles in the role, they may choose to leave the company voluntarily. Additionally, their presence may create a negative work environment, prompting other employees to seek opportunities elsewhere.
5. Financial Costs: Bringing on the wrong person can result in financial repercussions for the company. Costs associated with recruitment, onboarding, training, and severance packages can add up significantly. Furthermore, the company may experience lost revenue or missed business opportunities due to the underperformance of the employee.
6. Damage to Company Reputation: If the wrong hire interacts with clients, customers, or partners, their incompetence or poor performance can reflect poorly on the company. This can damage the company’s reputation and credibility in the industry, potentially leading to the loss of business and opportunities.
It is crucial for businesses to invest time and effort into the hiring process to ensure the right fit for each position. Taking preventive measures, such as thorough screening, interviews, and reference checks, can significantly minimize the risk of hiring the wrong person and mitigate these negative effects on the company.
Finding top talent in the plastics industry can be challenging, but with the assistance of a professional recruiter, the process becomes more manageable. By leveraging their expertise, industry knowledge, and extensive connections, recruiters can save your company from the costly consequences of bad hires. At MRT, we understand the uniqueness of your business and are committed to building successful companies and careers. We empathize with companies struggling to find the right talent for the job. The current competitiveness in the job market has altered the hiring process like never before.
Contact us today to tap into our pool of vetted industrial talent and find the perfect candidate for your needs.