It’s easy to start thinking it’s time to hire someone. Because one thing you quickly discover when you start running your own business: There isn’t enough time in the day!
Your to-do list will grow in tandem with the growth of your business and there may be times when you have to work overtime! This isn’t good, especially when you’re trying to create a healthy work-life balance. To help you manage your workload, you might decide to hire somebody to work alongside you. While this can be a good idea, there are a few things you need to remember.
#1: A new hire can be costly
It’s a no-brainer to suggest that a new hire will cost you money. For starters, you will have to pay them a fair wage as you won’t retain their services for long if you fail to pay them enough. Then there are training costs to consider, the expense of new equipment and office furniture, and certain employee benefits, such as the contributions you make to their retirement plan.
Of course, despite the expense, your new hire should help you make a profit in your business, so you should get a return on your investment. However, it might be that outsourcing is a better solution to hiring, as there would be fewer ongoing costs to consider. We looked at the jobs you can outsource here; http://tiffanynicoleforever.com/2021/05/outsourcing. Weigh up the costs of both options before coming to a decision.
#2: The job market is competitive
Why should somebody work for you? Filling a vacancy isn’t always easy, especially for smaller businesses, as other companies will be doing their best to attract the best hires. You need to give people an incentive to work for you. These incentives can include a competitive rate of pay, opportunities for career progression, and employee perks, such as a membership to a gym and paid-for childcare costs.
Because the job market is competitive, you need to do your best to retain your employee too. If they aren’t happy with your business, for any reason, they might jump ship to one of your competitors. For this reason, you need to work hard at the outset to ensure the needs of your new hire are met during the onboarding process. By doing so, they will be less likely to jump ship early. There is more on this here; https://www.learningbank.io/onboarding. After your new hire is established, you should take further steps to keep them by your side, such as providing opportunities for training to aid their career progression.
#3: Your hire could make or break your business
If you get the right person for your job role, your business should benefit. This is because of the skills they possess and their willingness to do their best for you. The wrong person, on the other hand, could hurt your business. If they’re not right for the role you have given them, perhaps because of a lack of skills, productivity will be an issue. They might also have a poor work ethic or a reputation that could tarnish your business.
To avoid any employment problems, consider the hiring mistakes listed here; https://www.mindtools.com/pages/article/10-recruitment-mistakes.htm. If you can sidestep these and make the right decisions, you will reduce your chances of a bad hire.
Should you hire somebody to work for you? That’s for you to decide but keep in mind the things we have mentioned here. Taking on a new hire is a big responsibility so think carefully before you rush into the decision. If you do decide to take somebody on, research employment laws to keep yourself informed and commit to further research to help you with the hiring process.