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If your business is booming and current resources are strapped, you may be considering bringing in new employees to help alleviate some of the pressure from yourself and any employees that you currently have. While it may seem like a great idea to have some extra help, adding one or more new employees is a huge commitment that requires substantial planning and resources in order to do it correctly and responsibly. Since hiring a new employee is not something that should just be done on a whim, there are several things that need to be considered before you start looking for a potential new member to your team.
Do I Really Need to Hire Someone New?
The first question that you should ask yourself before you start thinking about hiring someone new is if it really is necessary to bring in a new person to complete the extra work that you need done. Since employees cost a lot of money, hiring someone new should really be done as a last resort instead of an immediate reaction to an increasing workload. If you currently have other employees, you should definitely consult with them to see if certain tasks can be added to their responsibilities or if anyone would be willing to undergo the training necessary to carry out new responsibilities. However, if there is no way that this is possible, then you should start considering other factors before beginning the hiring process.
Do I Have Enough Money to Hire Someone?
Furthermore, just because it may be necessary to hire someone does not always mean that is currently financially possible for your business. Hiring someone is a huge investment and you should not underestimate the costs that it will require to not only hire someone adequate, but to hire someone skilled and capable. Oftentimes, people not only expect an employer to provide a good salary but to also provide extra benefits that can really add up quickly. Things like medical insurance, retirement plans, paid time off, sick leave, maternity leave, and others often attract potential employees to a company but can be really expensive to provide in addition to pay. If you do not currently have the financing to hire someone but are totally overwhelmed by the work and stress of running a new business, you should consider a startup business loan. With a start up business loan from a company like Seek Capital, for example, you could gain the extra cash necessary to add to your team and continue to successfully grow your business.
How Much Money Can a New Hire Bring in?
Just because you can afford to hire someone new does not necessarily mean that it will end up being profitable for your business. You will need to estimate the amount of money that your employee will help bring into the company and subtract the costs that hiring someone will require – remember this often includes more than just salary. If you think that you can gain profit from hiring, then you should! But if the numbers aren’t quite adding up, don’t fret – there are still things that you can do. You can review some of your expenses to compensate for the additional expense of an employee, or you can look into financing to cover the up-front costs of hiring help as they become profitable over time.
What Type of Employee Am I Looking for?
Once you have decided whether or not to actually hire an employee, there are still additional things to consider! One of those things is what type of employee you are going to need. You can either hire part-time, full-time, a contract hire or even a freelancer to help pick up some of the slack. Obviously the option that you should go with will depends entirely on your needs and your resources. You will need to consider the tasks that you need done by a new employee and how much time per week that it will take to complete them. You will also need to consider the types of tasks that you will need completed. If these tasks are clearly defined, then you might want to consider a freelancer or even a contract hire as these types of employees will not require expensive benefits. But if you need more of a flexible employee to just help out wherever you see fit, then you might want to hire someone more permanent either part-time or full-time. While full-time hires can be expensive, it can also be value to have someone fully committed to the company and able to help out where needed when it is needed.
How Am I Going to Find Applicants?
Finally, the last thing that you need to consider before starting the process to hire a new employee is where you might find applicants that fit your needs. The Internet age has revolutionized the way that employers both find and hire employees. You can try searching for people using keywords on LinkedIn, posting a job ad on job websites such as Indeed, or posting ads on places like Facebook or even Craigslist. You can also try reaching out to local universities whether through professors or the alumni association. In fact, there are so many ways to find someone that it can be a little overwhelming! If you do not feel like you have the time or capability to search for applicants on your own, there is also the option of utilizing a recruiting agency to carry out the process for you. Of course this will cost you some money, but it will also save time and effort on your part while potentially finding a great employee through the company’s expertise in recruiting.