In today’s world, it has never been easier for someone with an idea to execute, produce, and dominate the business world. While it has been easier for companies to rise thanks to the internet, at the same time many businesses are finding that it is harder to stay afloat thanks to competition. There are a number of reasons why most small businesses fail whether it is poor sales, a less-than productive work force, bad marketing decisions, or little investment in infrastructure and employee access tools. No matter the reason, companies that fail to alleviate these concerns will likely be met with defeat: here’s how to evaluate whether or not your workforce is a factor.

The Cost of Poor Employee Performance

Everyone that has ever had to hire a person knows how difficult it can be to find a competent employee with a positive attitude, dedication to their work, and a commitment to showing up on time as scheduled. While these may feel like basic qualifications to some, make no mistake that around one-fifth of new hires leave their job within 45 days of their hire date thanks to reasons including poor performance and temperament issues. The United States Department of Labor estimates that the average cost of a bad hiring decision can equal 30% of the first year’s potential earnings; in other words the cost for employee turnover range from 30% to 150% of the employee’s salary. Business leaders should also consider that they may be losing good, capable employees to competitors — this has been enough to inspire many small businesses to outsource their human resource department in order to provide better benefits for workers. While it may be easy to blame the hiring department or the employee pool, in reality it may be that you lack access to the best workers.

Why Its Hard to Find Good Employees

One out of every three CEOs of surveyed small and mid-sized businesses agree that staffing is the most significant business issue they face, twice as frequently as any other issue. According to surveys, 36% of 1,400 surveyed executives feel that the top factor leading to a failed hire apart from performance issues was a poor skills match; the second most common reason was unclear performance objectives. In 2015 there were 2.7 million workers who voluntarily left their jobs, a 25% increase from the figures provided just two years prior; this is developing quickly into what experts are calling an employee scarcity epidemic. Statistics show that by introducing new hires to a structured on-boarding program, those employees will be 58% more likely to remain with the company three years later. While ensuring that your operation is able to handle new hires, business leaders only need to tackle the remaining issue of having to find capable employees from a limited job pool.

Starting With a Fresh Perspective

The problem that hiring representatives have is the fact that their talent acquisition demographic belongs to the riskiest source of employees — unemployed individuals or those who need a job immediately. Surveys have shown how up to 53% of all employed workers are open to new job prospects even if they are not actively looking. By tapping into this collection of motivated individuals looking for advancement, employers are able to broaden their collective hiring field — unfortunately this is easier said than done as connecting to these individuals may be difficult for laymen. This is where restructuring consulting firms come into play. Restructuring consulting firms take a head-on approach to a company’s problems by stabilizing financial and operational performance through effective and proven programs. For many employers, restructuring consulting firms are the last step they need take to save their business and reorder it in a way that works for them. Up to 86% of businesses agree that an improved employee source pool can help alleviate performance issues thanks in large part to restructuring consulting firms. For those businesses on the edge of success and failure, there are no second chances — contact a restructuring consulting firm or a talent acquisition management service to change your company’s future.