3 reasons not hiring now is costing your company

3 reasons not hiring now is costing your company

Many companies have plans for growth this year, but are “waiting to see how the first 6 months play out” before hiring. Here’s the problem with waiting: 

‍You’re not considering the potential cost of lost opportunities, lost revenue and lost market share by keeping a key seat at your table empty. 

When you delay hiring for that key role, a few things are likely happening: 

1- Fewer resources are forced to cover more work. If you have a key position yet to be filled, one or more employees at your company are likely taking up the slack. They’re handling more work than they have the bandwidth to tackle, which means they’re not doing anything with their full energy, attention or aptitude. Balls are likely getting dropped and projects are being managed with less efficiency because no one is working in their own lane anymore. This leaves your current employees feeling overworked, exhausted and underpaid for the work that’s landed in their lap. This works against companies in terms of retention, too: A recent Gallup survey says employees who do not feel adequately recognized are twice as likely to say they'll quit in the next year.

2- Lost revenue. By not having a full-time person in a role, you’re missing out on precious time that could be spent fostering relationships and building a pipeline now. Instead, you’re at best maintaining a stagnant market share, or possibly even a declining one. And by the time you do hire, that person now has a higher hill to climb than they would if you had hired them today.  

3- Everything will get more expensive. If you wait for the industry to get “hot” again, the candidates you want to hire will only cost you more. They’ll be nestled into their role, having already started to receive commissions and bonuses. This means they’ll either be less interested in leaving or more expensive to woo. 

If you look to fill those key roles now, you can get everyone through the hiring, training and onboarding process so they’re in their seats and ready to be effective when peak season arrives. 

If you’d like to talk about what it might look like for your company to hire sooner rather than later, please reach out.