In Economics 101 I learned the basic laws of supply and demand. When the demand was high and the supply was low . . . prices went up. From an employer’s perspective, I would say that lesson accurately describes today’s job market.

The economy is great. Companies are growing. Corporate demand for quality employees to feed that growth is high. But because of low unemployment, the supply of quality job applicants is far smaller than most companies have grown accustomed to. With recruiting costs escalating, mistakes and wasteful use of human resources are more obvious than ever.

Some of the best candidates for available positions in your company could be right under your nose. Promoting from within is relatively easy when you’re talking about top performers. But what about those employees who just don’t seem to be getting it done? You know . . . the ones you want to fire.

Just because a person was miscast for a job does not mean that person is not capable of being a good employee. Simply put, a liability in one context could be an asset in another. Are employees being expected to perform work that doesn’t suit their skills, attitudes, or personalities?

1. Companies who take the time to identify and assess the strengths and weaknesses of their current employees are wisely protecting themselves from costs associated with unnecessary terminations and increased recruiting efforts.
2. When employees are performing in positions that best suit their interests, skills, and personalities, they are less likely to leave.
3. Properly cast employees tend to get more work accomplished. When more work can be accomplished by fewer people, pressure is reduced to find more people in a job market in which top prospects are scarce.

Have you taken inventory of your human assets lately?