When job openings start to return to normal levels, who will be the lucky ones to find work? Will it be new college graduates or experienced employees? How about executive level managers taking a pay cut, or the guy who’s been there forever; they all have their pros and cons.
The important thing for employers to remember is not to get caught up in the immediacy of trying to hire people. You have to think about the long term investment you’re making with these hires. Experienced people that are hiring for a “lesser” position, who are taking a pay cut may decided to leave once the market really gets back and running, for a higher salary. And if you can’t afford to give them that salary, you’ll be looking to hire yet again in a few months.
The trouble with hiring new grads or inexperienced applicants is that it may take them longer to adjust and get into the swing of things. However, they are more likely to stay with your company; thereby actually saving you money in the long run. It costs money while a new employee is in the training phases of the job and the more times you do it, the more money you lose.
I could go on and on about the good and bad things about hiring the different candidates who will come out of the woodwork once the job market opens up again. But I won’t because you can do it just as well. Just remember to cover all your bases; think things out. Consider the future and the bottom line.
- Frank Viarra