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Economic experts are some of the most incredible people a business could hire.  Not only are they fantastic in a courtroom, but they can also ensure that your company makes decisions that keep you out of court.  If you’re unsure what an economic expert is or what they’re capable of, here’s a simple rundown.

What Is an Economic Expert?

An economic expert is a doctorate-level expert in the science of economics.  They have a deep understanding of statistics and what decisions will have financial and real-world impacts.  Although not every company needs to hire them, these pros have skills that every business could benefit from.  The average economic expert can help a business hire, fire, and stand its own in court.  Their general work description is to be an expert witness, but many don’t mind doing hands-on projects.  Here’s how they can help any business.

What They Can Do at Hiring

Unfortunately, almost everyone has some subconscious bias.  Whether it’s purposeful or not, this can show up in hiring.  Who you hire, and why, matters.  If everyone you hire is of the same ethnicity, gender, and sexuality, others may point out bias and discrimination.  This type of allegation could quickly get taken to court and cost a business a lot of money.  Instead, an economic consultant can come in, look at your numbers, and tell you about problems you don’t even know you have.  They’ll help you hire a more varied and skilled number of employees, who will be able to do the job just as well- if not better- while helping you challenge your own biases.

What They Can Do in Court

If you get taken to court over workplace discrimination, and there’s absolutely no evidence of it: an economic consultant can be your expert witness.  As a key witness, they’re able to show the court how your business is doing its best to hire and work with various employees.  The consultant will be able to pull out past numbers, look at the current population where your business is based, and figure out whether or not you’re in hot water.  If your business has been hiring equally, then they’ll be ready to defend you in court and help your company avoid losing tons of money in a shoddy court case.  If they find information that agrees with the person suing, they can help guide your company into avoiding doing this again.

How They Can Keep You Out of Court

Above just helping hire and avoiding getting sued, economic experts can help companies in other ways.  If your business suffers damages due to libel, they’ll be able to calculate how much.  If you’re considering making a large company change instead, they can help you factor in whether or not that change is a good idea.  These are incredibly flexible and creative people who are here to help you succeed.  Instead of letting your company crash from a lousy lawsuit, trust a pro to help make your company stand apart from any other!