Why Hiring Now is Critical: Avoid Costly Delays, Bad Hires, and Missed Targets in 2024
As the year is about to conclude, organizations face a critical moment: their decision to recruit and retain exceptional talent will significantly influence their ability to achieve objectives and maintain competitiveness in 2024 and beyond. In addition to the high demand for qualified professionals, the local market has specific constraints, including adherence to Department Order No. 174 (DO-174) on labor contracting. As a result, the duration required for recruitment has become progressively significant. Investing in personnel today will position firms for success in the forthcoming year.
Investing in Q4: Building a Strong Foundation for 2024
A distinct advantage is afforded to companies through brilliant employment in the fourth quarter. At this juncture, recruiting key team members ensures they are adequately qualified and prepared to participate by Q1 2025 when the demand for premier talent often intensifies. Establishments that intentionally recruit individuals before the end of the current year will be better prepared for the subsequent year, enhancing their resilience and growth in the face of economic fluctuations. Investing in personnel at this stage will prepare you for the sustainable growth platform at the end of 2024.
Avoid Missed Targets and Revenue Delays Due to Staffing Gaps
An adequate labor force is essential for achieving objectives; personnel delays in the market are frequent. Research has shown that vacant positions, particularly in critical areas, can prolong the onboarding process by 4 to 8 weeks, resulting in considerable financial strain. The monthly vacancy of a critical post may result in losses exceeding PHP 1.6 million due to missed opportunities, project delays, and additional expenses associated with re-advertising and extended hiring processes.
Organizations that use proactive recruitment practices by the 2nd Quarter (Q2) ensure that new employees are trained and functional by Q4 2024, reducing turnaround time (TAT). The onboarding procedure is crucial for upholding service standards and meeting client expectations, providing businesses with a competitive edge in the market.
The True Cost of a Bad Hire: DO-174 Compliance Risks and Financial Exposure
Adherence to employment standards is crucial. Department Order No. 174 delineates the regulations governing labor contracting and employment policies. Organizations must select suitable candidates and eliminate costly compliance violations. Suboptimal recruitment choices can significantly impact team morale and productivity and lead to substantial compliance issues under DO-174, which delineates the rights and protections of contractual employees. Noncompliance may lead to the revocation of licenses for enterprises that violate employment regulations and incur substantial fines.
Collaborating with a compliant HR service provider enables organizations to mitigate these risks by ensuring that each recruit satisfies regulatory requirements. This method ensures that each new employee legally contributes to the organization and emphasizes compliance, thus safeguarding the organization from legal disputes.
Position Your Business for Success in 2024 with Quality Talent
Decision-makers must prioritize recruitment in Q4, as it will significantly influence the long-term growth and resilience of the enterprise. The acquisition of exceptional personnel minimizes costly delays and strategically prepares your organization for success in the forthcoming year. Collaborating with a trustworthy HR firm will ensure that the folks you select are proficient, compliant, and prepared to make substantial contributions.
Investing in individuals can facilitate attaining your objectives for a prosperous 2024, mitigating costly delays and alleviating compliance challenges. At Q2 HR Solutions, we’re here to support you every step of the way.
Q2 can assist businesses in achieving their desired results. Our extensive experience in Human Resources enables companies to actualize their organizational goals. With our teams of HR experts, we can work together to meet your particular needs. Our suite of HR solutions tailored to your requirements ensures that we address your unique needs and challenges.
Start making a difference now by learning more about our services. Visit www.Q2HRSolutions.com or reach us at info@q2hrs.com and/or telephone number (02) 8889-6258.
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About the Writer:
Ferdinand A. A. Limbo, or "Ferdie," Q2's Head of Strategic Management and Management Consultant. With over 28 years of expertise in HR, Facilities Services, Engineering Consultancy, Retail, and Manufacturing, Ferdie is a seasoned C-Suite executive.
References: DOLE, PMAP