Whether you’ve just started a business or are a hiring manager at a large company, figuring out exactly when to hire new team members can be a challenge. Typically, keeping your staffing costs low is smart business; however, you also want to have all the talented professionals you need to keep operations functioning at an optimal level and take advantage of any growth opportunities that arise.
While there is no hard and fast rule regarding when you should hire, there are some questions you can ask yourself to determine if it is the right time to increase your workforce. Here are a few to get you started.
Can You Manage Your Growth?
Business growth is almost always seen as a positive. That is unless it gets out of hand. Ultimately, growth is only a benefit if you can sufficiently manage the influx of new business, or slow the process to a level you can handle properly.
Some company models offer a substantial amount of control, particularly if you are a service provider who has the ability to turn away business you can’t handle. However, product-oriented organizations may only have some control, particularly if orders can be taken regardless of your available supply.
If you don’t have the ability to manage your growth, you may need to hire additional workers whenever demand is poised to rise. If you do have control, you can pace things out with greater ease, allowing you to expand your schedule.
Are You Struggling to Keep Up?
Sometimes, business can seem to get away from you, leaving everyone struggling to keep up with the current level of production. While an occasional short-term spike in demand may be manageable with overtime or a few production adjustments, frequently feeling behind can quickly increase stress, especially when it is paired with long hours and the end is nowhere in sight.
If you can’t meet production goals, fulfill orders in a timely manner or short period without overtime, consider it a sign you may be understaffed.
Can You Handle the Increased Expense?
Bringing on new team members automatically impacts your budget. Every worker will need to be paid in a timely manner even if the benefit of their work has yet to yield a profit.
Before you hire more employees, examine your budget to determine what you can and can’t afford to do. If you have the required funds and can justify the hiring, increasing the size of your team may be a viable option.
However, if money is tight and you need more hands on deck, all is not lost. You can explore alternative hiring options, like bringing on temporary workers to help you get back on track, to see if they work with your budget and provide you with the assistance you need.
Ready to Bring on Additional Permanent or Temporary Employees?
The professionals at PrideStaff can connect you with some of today’s top talent. Contact us today to see how our flexible approach to hiring can work for you!