The ROI of Expertise

Posted by PRemployer on August 5, 2020

the-roi-of-expertise

Expertise is essential for many businesses. Hiring experts helps grow the company's bottom line, and placing them in high-impact roles can substantially impact your business. Experts have invested thousands of hours in their training. They know their stuff. That means that they require less training as they move into a role within your company, and they're able to provide the information you need to succeed. 

You need experts in many different areas of your company. Having a solid HR team that can decrease employee burnout, for example, may prevent you from losing as many as half of the employees that leave your company each year. Forty-six percent of HR leaders note that employee burnout is responsible for 50% or more of turnover in their organizations. It can cost as much as  200% of a highly-qualified employee's annual salary to replace them, making it critical that you have an expert HR team on hand to help you keep your employees. Likewise, you want an expert handling your network security, your sales, and your marketing. These individuals do not necessarily have to be experts in your industry. Rather, they need to be experts in their jobs and positions. 

What really makes an expert? 

Experts are those who have dedicated years of deliberate practice to develop their skills. They are deeply invested in their specific area of expertise, and they've put in the time and energy to make it count. They're also often passionate about particular things within their industries, and they have knowledge that others outside of their niche might not have. Concert pianists or orchestra performers, for example, do not just pick up an instrument and assume they will be great. Instead, they put in hours of practice over the years to help refine their skills. 

The same is true of experts in any industry. They seek out mentors that will challenge them and help them enhance their knowledge. For example, Warren Buffett mentored Bill Gates, ultimately helping him achieve the substantial success he sought. 

All of this knowledge and experience, in turn, translates to effort put into your business. 

Why should you hire experts?

Hiring experts for your business has several key advantages. 

Experts work smarter.

Experts are often more efficient because they have had more time to practice. They need less time to train. They're less likely to make mistakes. They already know how to think the way you need them to, which means that they're more likely to identify potential problems and correct them. 

Bad hires, on the other hand, can have substantial costs to your organization. The  cost of a bad hire in employer finances can reach as much as 30% of that employee's annual income. Your organization may also see losses in overall motivation and productivity--and it can cost to restore your reputation, too. 

Experts already have a track record of positive ROI. 

Experts set themselves apart by consistently performing at a high level. Consider, for example, an expert salesperson. This individual is likely a high performer regardless of what he is selling. Given the right tools, he can easily adapt his approach to new products because he understands the science behind sales and has refined it, increasing his ability to deliver what the customer wants.

On the other hand, an inexperienced salesperson may have no idea what to do when he first comes into an organization. Even with the latest tools, he may struggle to meet the goals assigned to him. In some cases, he may even deter customers from making a purchase from your company.

Companies that hire experts have higher overall profitability. Companies that hire highly competent managers, for example, often see  27% higher sales per employee than companies that rely on mediocre employees instead. 

Make yourself an expert. 

Today's businesses need expertise more than ever before. As the  talent gap continues to increase across many industries, many companies are finding it increasingly difficult to compete. In today's highly competitive economy, it's more important than ever that businesses find the right experts to fill their open positions.

One highly effective tactic? Turn yourself into an expert. Surround yourself with experts: the people who have the knowledge you need to succeed in your field. Learn from experts, whether through connections with a mentor in your industry or through connections to your employees.  Practice honing your skills. Over time, you will develop the expertise your business needs to excel. 

Having the right experts in your company can make a huge difference in your overall sales and profitability. By working with a PEO, you can help attract and retain the top talent you need through expert human resources management. Organizations with highly engaged employees are in a better position to increase their profits than those with employees who are simply passing the time.  Businesses are, on average,  21% more profitable when they have highly engaged employees. By working with a PEO, you can raise employee engagement, provide the training your employees need to become experts and increase employee retention so that they're more likely to stay with your business long-term.

What is an Expert and Hot to Position Yourself as One?

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