A constant aim for companies around the world is to reduce turnover and the key to achieving this is to sourcing the best talent and retaining it. Sourcing outside talent is a good option but of course this can cost companies a lot of money to secure them. The alternative is to hire less experienced candidates and strive to develop their skills. But what are the benefits and drawbacks of each approach and which is the best recruitment strategy?
The main benefit of hiring highly experienced candidates is that you can be reassured that your team is talented enough to maintain a good standard of business and able to progress it further. In addition, they will have developed contacts along the way and they can bring these with them, providing great potential for developing the business. Their high levels of experience can be passed down onto other members of your team through coaching schemes, as they mentor others to improve the overall skillset of the company. Apart from perhaps some tweaking in terms of method, experienced candidates will need little training, thus saving time and money.
On the other hand, the big snag with hiring a superstar is the price tag, particularly for start-up businesses with little money to spare. Because you will have had to offer a good sum to encourage them to accept your offer, it’s likely that they will be more concerned with the money side of things rather than having any long-term interest in your company. If they lack the enthusiasm for the vision of your company, then you must debate what is more important to you and your company culture.
If money is an issue then it will be more worth your while to consider those who are less experienced but who are eager to learn and passionate about joining your company. If they are determined and appreciative about the opportunity to the point where they are more than happy to take a risk with a start-up, then this will more than make up for their inexperience as you will gain true loyalty. This loyalty can be deepened by your efforts to develop their skills and provide them with opportunities of progression. Furthermore, this devotion to your company is invaluable as it will decrease turnover as employees are more likely to want to stay for a long time.
The only drawback when hiring less experienced candidates is that time and money will need to be spent on their training. However, even if this takes a considerable amount of time to get them up to scratch, once you do you’ll have a very grateful and reliable employee. Furthermore, they have the potential to blossom into a superstar within your company as they are completely impressionable with no bad habits or different methods to crack.
When it comes to deciding on the best recruitment strategy of course the ideal would be to balance the two approaches when recruiting. Every company needs some superstars to encourage the business’ progression and ensure the standard of work is high. In future however, rather than spending all of your money on purely sourcing superstars from outside, consider creating these superstars from within. Instead train, develop and nurture less experienced employees/candidates with true passion for the company and an eagerness to learn.