When to hire is one of the most challenging decisions facing businesses. This is especially so for companies where wage budgets are tight. You want to keep staffing as low as possible but you also want to find the right balance so that your team aren’t overwhelmed with work, and, eventually facing burnout and churn. At the same time, you want to hire the best talent. To help you assess whether your business is set up to need and retain a new hire, we’ve put together a list of questions to ask yourself.
Are You Clear On Your Mission, Vision, and Values?
You wouldn’t want to work for a company whose mission and values didn’t align with your own – neither will your employees. You have to know what you’re doing, where you’re going and how you’re going to achieve this before you can sell your company to anyone. Once you’re clear on this, then you’ll be able to excite your potential employees with your company.
Do You Have A Great Workplace Culture?
Employee turnover is costly. It’s better to retain employees than to hire new ones. One of the most important requirements for retaining employees is their cultural fit. Company culture determines your work environment and whether your employees feel happy coming to work every day. So, building a great culture means your employees will be supported and comfortable doing their best work, and any new hires will be long-term investments.
Are You Hiring Your Fans?
Hiring fans means recruiting people who will take ownership of their roles and are just as passionate about your business as you are. At the end of the day, the staying power of employees is really about whether they can find excitement and passion in your business.
Are You Retaining Your Existing Talent?
When looking to hire new talent, you must not forget about the existing talent who have been working with you all this time. Companies who do well retaining employees know their staff and help them achieve their goals. You have a unique capacity to help them to achieve their professional goals especially when they align with your business needs. If internal opportunities are offered to the talent who are chasing them, you’re likely to see increased productivity and increased employee satisfaction and retention rates.
Have You Considered Your Rate Of Growth?
Some companies may be looking for exponential growth, while others may prefer to grow steadily. Consider how you want your company to grow before looking to hire. If it’s exponential growth you’re after, you may want to hire contingent workers to meet fluctuating. If it’s steadier growth you’re after, then you may want to consider onboarding new talent. More and more companies are seeing the benefits of having contingent workers on their team and are engaging in casual work either alongside or instead of new permanent workers.