As your business grows, so will your team. Adding new employees is a big part of any business, but it can be a problem if you hire new people when your business isn’t ready to take on more staff. Here are some things you should think about when you’re considering hiring additional employees.
Good Timing
Before you go and start hiring people, you should ask whether or not it’s a good time to do so. The hiring process can take weeks, so it’s important to time up new additions to the team. If you’re looking to fill a position right away, start your search now. If you want to time it up with a seasonal change or so that you aren’t training right during busy season, adjust your hiring search appropriately.
Money
Once you’ve determined that it’s a good time to hire new employees, you should think about how this move will affect you financially. An important factor to consider is if you can afford to hire someone. If you don’t have it in the budget to do so and there aren’t any indicators that business is trending up, it may not be in the cards to hire at that moment. However, if you can justify that bringing in additional help can drive revenue, then hiring is still an option.
There are also some hidden costs of hiring that you may not expect, such as the time you’ll have to invest in employee interviews and training for new hires. You’re going to want to spend enough time finding and developing the right team, so make sure that you’re prepared to set some time aside to do so.
Promote or Hire?
Not all hires need to be done outside of the company. Depending on the opening, it may be beneficial to promote someone else at the company if they’re qualified and willing. This can lead to lower hiring costs and less time dedicated to training. However, some positions may not be easily filled without outside applicants. Consider each position and see which approach best fits your business’ needs.
Are Your HR Functions in Place?
Growing a business is exciting, but it can also lead to more HR responsibilities. That’s why Professional Employer Organizations like Group Management Services offer ways to work with you to strengthen your HR functions while your business grows. Contact GMS today to talk with one of our experts about employee training and recruiting and other important services.