Hiring: When to Invest in Hiring
It can be difficult as a business owner to know when to invest in hiring additional staff; hiring affects staffing levels and capabilities, but it also affects profits. You should only considering hiring to fill a role if the following are true of your business.
- Staff are Overworked: If your team is stressed, overwhelmed and constantly struggling to meet deadlines then it could be an indication that a few more hands on deck are needed.
- Influx of Business: With fast growth comes an influx of clients, and of your workload; if you think that the growth you are experiencing is sustainable then the significant increase in work could justify bringing in additional support for your team.
- Dearth of Talent: If your current team doesn’t have the skillset you need to continue to grow and improve your business, then you need to weigh the relative costs of training your current employees or going through the hiring process to find qualified newcomers, both of which take time and money. A good way to gauge whether it’s time for new hires to is explore whether the skills needed couldn’t be easily fulfilled by working with an expert provider.
One problem that business owners often face is that to a degree their business reflects all of the bullet points above, but they don’t have enough of a workload to justify a hire. As a result, their staff remain overworked, new business suffers, and skill gaps remain unaddressed. One key solution, that we will address in depth in the last segment of this series is the benefit of Outsourcing – hiring interim experts that can support your team and fill your skill gaps.