Why? Because it Will Cost You Less to Hire Today
A strong economy, more and more jobs, manufacturing on the rise, high employment rate, low unemployment rate, higher wages, bonuses, health care and benefits, low interest rates, baby boomers retiring – what does that mean? A competitive and very tight hiring market. Currently, the US is in the longest hiring streak on record.
HIRE and HIRE now!
Get ahead of the curve would have been said last year. Now, it has arrived and you are smack dab in the middle of it. We are in an employee driven market and it will take planning and insight to determine what you are willing to offer to be competitive. And how you are willing to retain good employees. These changes will eat into the bottom line and without planning for this critical shift on the hiring front profits may decrease both from a loss in production and sales because of lack of skilled workers and from the need to pay more and offer more to people you hire.
Today’s workplace environment, won’t let you hire tomorrow’s employee at same cost.
Planning and leaning into hiring talent now and understanding who you need, how much you are willing to pay, what benefits you are willing to offer, etc. It is also important to understand how your current employees may react to what you are offering to new hires. Did you know wages are rising at an average of 4% per year? Did you know the rate that employees are leaving their current job for a better job opportunity is significantly higher than past years? Planning to hire, train and even re-train employees and re-evaluate what you pay, what benefits you offer, will be necessary.
Stories we’ve been told by recyclers over the last year of employees being hired away by local companies. These employees were hired away without management even being aware of the contact from another employer! How did they lure the employees away? Better pay, better benefits, hiring bonuses, and more. In most instance, there was no need for relocation. The employee stayed in the same community. How did the companies not know that their best employee(s) was ready to leave?
What employers in your community are hiring? What are they offering? Do you know who your local and regional hiring competition is?
With the December jobs report the WSJ reported:
The number of job leavers rose significantly according
to the recent labor report. —drawn by more openings, rising pay.
A big concern expressed by businesses: the ability to
hire good workers.
Countless stories of – we can’t find enough workers – in trucking and logistic companies, in manufacturing companies and the list goes on.
You are hiring from this same pool.
As some of you know, there were auto salvage operations that were here in 2018 that are not here in 2019. Most of these companies failed because they lost focus or could not make changes when changes were needed. Fear of failure is one of the great motivators. We all need to have some of that to keep us focused and on task.
Hiring and training good employees moves your company from good to great.
“Who did you hire? Who did you train?
Who did you lose? Are you at full staff?”
No company ever grows exponentially without highly-motivated and well-trained employees. In a tight job market, you must always be hiring. Just like in sales, you must always be closing. According a recent WSJ Article about jobs, the market is strong and hiring continues to grow. Fall unemployment was at 3.7%, a 49-year low. Workers saw the best pay raises in close to a decade. In this very competitive market, you must always be hiring.
Growing sales moves your company from good to great.
“What were your sales? Did your sales grow 10% or more over the last year?”
Your employees are one of the two ways to make your company grow. Having more sellable inventory is always needed to grow sales. Whether growing sales is through trading partners or increased purchasing, it is hugely necessary. But what your employees do in getting the product ready to sell or in making the sale is ultimately how the company will grow.
Adding people to your team can be your biggest opportunity for growth and change or it can be your biggest regret for 2019. Intentionality matters both on your new hires and with current employees. Taking the time upfront to think through growth goals will help both you and your team on priorities and expectations for the year ahead.
For your company to move from good to great:
- Always be planning and growing.
- Always be hiring, training and even re-training.
- Always be closing sales.
Robert Counts Chad Counts Rich Tyler Emily Kirk Johnny Logel
Robert Counts, email@example.com; 512-693-6915
Chad Counts, firstname.lastname@example.org; 512-963-4626