Would you like to create a budget for your recruiting process? Are you unsure if now is the right time to hire new members of staff? As a business begins to develop, managers may begin to consider recruiting new employees. Recruiting new members of staff is a significant decision for small business owners and managers to make. We will be taking you through the most appropriate reasons for recruiting, how to hire online and the importance of financial planning before you start the recruitment process.
Reasons for recruiting new employees
Inviting fresh faces onto your team through employment can do wonders for a growing business. New employees bring with them their new ideas and perspectives on the company. Expanding your team will expand the different areas of your business, from marketing to administration, operations, finance – even managerial positions.
However, it can be challenging to know when exactly you should be bringing new people into your team. To help you identify when you need to recruit, we’ve explained the two most appropriate reasons for hiring new employees:
1. Spread out the workload more evenly
Firstly, many people make the mistake of believing that recruiting new employees will help to lighten their workload. In reality, this is not the case. You should only employ new staff when your workload has become critically unbearable, and you cannot physically manage it any longer.
Hiring people out of mere convenience can do more harm than good to your business. It is not about giving yourself less work but spreading the workload evenly amongst your team.
2. Introduce new skillsets to the business
Secondly, you could recruit if you have identified a skill set that your company needs, which neither you nor your team members possess. The skillset could be a specialist area of expertise that you do not have, so you may be looking for someone with a specific set of qualifications or experiences.
Alternatively, you may hire new employees for their holistic strengths in the workplace. For example, your management team may be very creative, but they do not have very good financial or organisation skills. In this scenario, you could recruit an accountant or administrator.
Digital platforms for recruitment
By hiring new employees to spread out your workload or fill a specialist role, you can close the gap between your team’s skillsets and your business goals. So, you may be wondering what is the best way to go about hiring new employees for your business.
One way to ease the process is by utilising an online recruitment platform or software. Online platforms can not only speed up the recruitment process, but they will also digitise your job descriptions, applicant shortlists and interviews. These platforms will also connect you with a diverse range of applicants around the country. Widening your scope can help you to hire the best person for the job.
Here are a few of the best online platforms for uploading jobs descriptions to job boards:
As well as some of the best online platforms for hiring and managing potential employees:
Recruitment and financial planning
The most important question to ask yourself before you begin the recruitment process is this: can the business afford to employ new members of staff?
The reason why it’s so important to be careful about when you hire new employees is because of the overheads involved in building your team. The largest and most committing overhead that you can ever have in a business is your staff. So, it is crucial to think carefully about whether you need to recruit, and whether or not you have the correct number of staff members in your team.
As remote working is becoming increasingly popular, you may decide to hire remote working staff if they can complete their tasks from home. This will help to save on the rental cost of an office, a significant overhead for any business. However, your business will still have to be in a position to fund their salaries or invoices.
Therefore, we would recommend that you create a forecast of your outgoings and future expenditures to calculate whether or not you can afford to employ new workers. Investing in financial planning will reveal how to recruit within your budget, allowing you to be more selective during the recruitment process.
Developing your recruitment and management strategy with Precision
At Precision Management Consulting, we specialise in helping companies refine their management strategy and financial practices so that they can achieve their business goals. You may be wishing to employ new staff, but need help with financial planning before you commit to your decision. Our professional consultancy team works closely with each client to understand their business in depth, enabling us to help a range of companies achieve their business goals.
If your business could benefit from our specialist services to improve its recruitment process, financial planning or another area of concern, contact us today to arrange your first consultation with our team. Together, we can start your journey towards improving your management strategy and achieving your business goals.