Scaling your business often requires building out your workforce, which can be time-consuming and costly. Resources are poured into finding the right candidates, interviewing them, and training them. In addition to these initial costs, other miscellaneous costs include office space, desk space, and work materials. How can you reduce these hiring costs? One solution is hiring military community members!
High Retention Rates
One common misconception about hiring military community members is that they will be hard to retain because they need to constantly move around. Even if this is a valid concern for your business, it might be time to stop worrying about this altogether! The average civilian employee only stays at one company for an average of 4.2 years. This number drops considerably to 2.8 when you focus on the millennial generation. An active military family may move every two to four years, meaning that retention rates are actually equal to the average employee. If this isn’t enough to convince you, you should also consider that employees can work just as efficiently when they are remote, as long as they are self-motivated, committed, and organized (which military community members often are!). That way, even if an employee moves away, you won’t need to go through the hiring process again.
Now let’s dive into the costs of actually hiring new employees. On average, companies lose between 1-2.5% of their revenue on the time it takes to hire a new employee. It also costs a minimum of 15% of an employee’s annual salary to hire a replacement when someone leaves the company. On top of that, the hiring process takes an average of 23 days! Combine this with the fact that 30% of job seekers leave their job within the first 90 days, and there is a reason for concern when hiring new employees. A new hire is an investment, and bad investments are bad for any business.
So, how can you minimize the risk of a bad investment? Hiring military community members is one good way. Finding work as a member of the military community can be challenging. Statistics show that while military spouses are more educated than the civilian population, 90% of military spouses are underemployed and 26% of them are unemployed. In fact, military spouses who have higher graduate level degrees are more likely to face unemployment. The same trends apply to veterans. It’s clear that military community members make up a highly qualified talent pool that is currently untapped. They are primed for the workforce and ready to go. In addition, members of the military community exercise a great deal of commitment and loyalty. This loyalty can save a company thousands of dollars in the long run.
Return on Investment
With each new hire, you want to make sure you are bringing in top talent that can make immediate contributions to your business. Members of the military community have unique traits that make them exceptional candidates for new hires. Here’s why:
1) Ability to Learn Quickly
Members of the military community can quickly learn things on the fly. They have a unique ability to adapt to the people and environments they find themselves in. This usually means they have an accelerated learning curve. It won’t take a military community member an excessive amount of time to understand concepts and make positive contributions to the team. They come ready with transferable skills that have been proven in real-world situations. The faster your new hires can be productive, the quicker they can become an asset and help your company make money and hit goals.
2) Reliable Work Ethic and Social Consciousness
Military community members are extremely disciplined and have a strong work ethic. Members of the military community understand how to work hard and know what it means to be a part of a team. Every member of this community has sacrificed for the greater good of their country or their family. These individuals pride themselves on making contributions to something bigger than themselves. You will never have to worry about a military community member slacking off and becoming a drag on your production. They understand the impact they have on the success of the team and elevate the performance of those around them.
Are you wondering how you can start hiring military community members? If you’re open to the idea of remote teams, Instant Teams makes hiring and managing remote military community members easy. At Instant Teams, we have over 6,000 qualified candidates ready to begin their next career. In 2018 alone Instant Teams paid out over 14,750 hours of remote work straight into the homes of military families. Unsure how remote will work at your company and what the benefits are? Read our guide on hiring and managing remote employees. With remote workers, you can expand your talent pool, keep retention rates high, and save $20,000 per full-time employee!
Instant Teams handles the entire process of hiring, on-boarding, and managing remote teams while connecting you with talented members of the military community. Are you ready to start saving?