Get your hiring strategy right in 2017.

As a growing real estate agency with five offices in Perth, Davey Real Estate brings on 10 to 15 new hires every year. General Manager Andrew Davey is first to admit they don’t always get it right.

“Like any service-based business, people are our biggest asset, and our biggest cost. It’s vital to get hiring right – but while we have wins there are the occasional misses.”

He says it’s more important to get the right attitude, rather than focus on ability.

“It’s difficult to interview for culture and mindset, but if we believe they’ll fit in and believe in what we stand for, then they’re in – we can work with them to get their skills up if we need to.”

With the cost of a poor hiring decision estimated at around one and a half to two times that person’s salary(1), many business owners are taking their time to make the right decision. A recent report revealed that globally, the average time it takes to fill a position has increased by 50% since 2010(2).

But while it’s important not to rush such an important decision, having an open position for months on end can also have a negative impact on staff productivity and morale.

Click here to read the full article.

Macquarie has been providing Business Banking solutions for over 30 years and provides SME clients with tools and strategies to grow and develop their business. You can get regular updates by subscribing to the monthly newsletter, Strictly Business by visiting macquarie.com.au/businessbanking. If you would like to find out more about how Macquarie can support you to take your business further, call Sam McCarthy at our Parramatta office on 0417 518 724.

(1) How much the wrong hire will actually cost you, Magda Walcak, 13/9/16 

(2) Average time to hire staff hits 68 days, AFR, 30/6/15