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Recruitment Costs are a Large Cost of Doing Business

Trent Cotney Cost of Doing Business
June 17, 2019 at 1:51 p.m.

RCS Influencer Trent Cotney says that much like the construction industry, one of the biggest costs of doing business at his firm in the last twelve months is recruiting high-level talent.

Having the right employees on your team can be one of the quickest ways to grow your business and scale the company. However, with low unemployment rates, hiring the right people has proved to be a difficult task.

Retaining high-level talent should always remain a top priority at any business, but to grow businesses, the hiring of new talent is pivotal. Hiring should always keep the existing employees in mind – the hire should make the team perform better overall. The hiring of a new employee shouldn’t jeopardize the business from losing its current employees. Selecting the right talent to join our team is crucial and to ensure that candidates are the right fit, I have a group of current employees interview potential new hires. I have also instituted a bonus program that rewards employees who find qualified recruits so that current employees are incentivized to find like-minded individuals to join our team.

Allowing members of our team to be part of the hiring process ensures that I am hiring someone who can become a part of the team and provides potential hires with an idea of the firm culture from various perspectives. This also protects the firm from a revolving door effect of talent continuously entering and leaving the firm. With the ongoing labor shortage, recruiting for the firm has been one of the biggest hurdles of doing business in the last 12 months, but our team is continuing to find various ways to get the right people in the door.

Trent Cotney is the founder of Cotney Construction Law, specializing in construction law. See Trent's full bio here.

Disclaimer: The information contained in this article is for general educational information only. This information does not constitute legal advice, is not intended to constitute legal advice, nor should it be relied upon as legal advice for your specific factual pattern or situation.



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