How to know when to hire new staff
There comes a time in a company’s life when it could do with some fresh new faces. However, in business, time is everything. Therefore it is essential that if you are a small business thinking about hiring new staff, you consider a few key questions around whether now is the best moment.
Get the timing wrong and you could end up with unnecessarily added costs if you’re too quick to hire. However, leave it too late and you might miss out on some great talent.
Here are some questions to consider if you are thinking about expanding the payroll in the near future.
Can I afford to make new hires?
There are business management software solutions that can provide data and reports on the financial position of your company to help with this decision. This makes it much easier to plan out the additional costs and overheads your business will incur as a result of new staff.
Businesses often forget it takes several weeks for new hires to be fully engaged in their new role. Being able to hit the ground running on their first day might be a stretch. Also, there is more than just the cost of wages and payroll taxes to think about when employing new people.
You will also need to think about the cost of recruitment and training, new equipment, software licences, and whether their is enough space for them at your current premises.
What skills do I need?
It is a waste of valuable resources to hire someone with the exact same skills set as current staff, if the goal is to expand what the business does. In this situation, it is best to think about what skills you are missing and hire people who will complement the ones already present at the company
Business website Entrepreneur reported that managers don’t need to feel threatened about recruiting staff more skilled than themselves. In fact, the more talented they are, the better – such employees can pass on their knowledge and skills, bringing quality to the company as a whole.
Does the company need a boost?
If you are finding that the business is having to reject work, it might be an indication that you need some extra hands on deck. Customer complaints about the timeliness of your service might also be a sign that you are under-resourced.
Sometimes the corporate culture of your business can get too complacent and set in its ways. This could hamper the ability of your business to grow. Hiring new staff might be the shot in the arm your business needs to get back on its feet again.