When hiring, it can be tempting to choose the slightly less expert job candidate to save on compensation costs. But the higher expertise, and thus more expensive, employees actually reduce costs and increase profit. Top employees get the job done at a higher quality, more efficiently, and on-time and on-budget. Plus, they add value in innumerable other ways by identifying risks to a project that may have been missed by someone not as proficient, see new opportunities, and generally bring performance of the entire team to a higher level. Top employees also make more interesting colleagues, which then attracts more high quality employees. A-level employees, create an A-level company, that produces A-level products and services, which leads to greater demand, higher revenue, and better profit margins.
Although it’s easy to take the short-term view, over the long-term the extra cost of better employees is a worthwhile investment in a company’s success.