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Looking for a Bargain? Hire the Over-qualified!

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Paul Hanchett

Management wisdom says overqualified employees are trouble, but the research doesn't support that claim!

With the lack of enough jobs to go around, many mid to senior level employees have found themselves in the job market. Because of their age and experience, they are encountering unreasonable barriers to re-employment, even in the same lower level positions they held previously.

These employees do not need to be trained, have demonstrated mastery of the required skills, and have demonstrated an ability to do the job. Research shows that these employees tend to be more productive than lesser qualified individuals, and they work at the same pay scale as other employees.

Since a small productivity increase can easily increase profits many fold, experienced workers should be highly desirable. Why the prejudice against overqualified workers?

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Are you looking for more business?

Looking for recession proof business activity? There are still under served markets where competitors work cooperatively to serve their customers!

One of the first rules of marketing is to identify groups of people that have needs that are not being met, and then move to satisfy the need you have identified.

Strange as it may seem in this economy, there is a large market who's needs are not being well met. Ellen Brant PhD, in her article Recession, What Recession, points out that population demographics are key to understanding where there is a profitable and burgeoning market.

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The long haul

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Tony Johnson, TJ & AssociatesRetaining employees is a delicate balance of compensation, training and culture

The key to success in business is its people. Keeping people in an organization engaged and current in their field is not just the right thing to do – it is good for business and the bottom line.

The cost of hiring is tremendous – figures on the Internet range between 50 percent and 400 percent of an employee’s annual wages, which can include training and lost opportunity. Regardless of the exact number, it is significant. Some businesses believe that once employees receive training they may leave as they become more marketable. This is not an employee retention strategy.

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Bringing expenses and revenues into line

Image of dollar billWhen revenues do not support the business expenses, what are the tools that can be used to bring them back into line?

The traditional tool, used by businesses large and small, is to reduce labor expense. In a good economy with most businesses doing well, this option works. It is unpleasant for those laid off, but in a good economy the economic hardship is short lived. As we've already discussed when the economy is poor and many businesses are laying off, hardship becomes long term and can become institutionalized.

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How does your organization create value?

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Man with eyeglassesOur relationship with customers is strengthened by creating value for them. When transactions leave the customer more than they expect, we stoke the fires of our own economic health.

In an article written for Forbes Magazine, John Kotkin makes this statement:

"...our economy's failing stems from not producing nearly enough in goods and services to pay our bills. Our long-term weakness stems not from a shortage of consumer credit--the main obsession of Wall Street and both parties--but from the decline in manufacturing, growing dependence on imported fuel and deteriorating basic infrastructure."

The problem with deficit spending (buying on credit) is that we lose sight of how to really create tangible value for the consumer.  If I can take a product I've previously sold for $1.00 and package it in a way that I can now charge $2.00 for the same product, have I really created value for the consumer?  (Certainly the seller benefits, but what about the buyer?)

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