One of the most important ways to expand your business and take it that next step is to get the right talent to join your company. Are you playing it too safe with hiring? How do you know? After the last recession, small business owners have been reluctant to hire according to a U.S. Chamber of Commerce study.
A U.S. Chamber of Commerce-MetLife survey released last week found that 28% of small businesses plan to increase their staffs in the next year, down slightly from 29% in the first quarter… A bleaker view of small business hiring came from payroll provider ADP, which earlier this month reported that companies reduced their staffs in May… Small business owners have been conservative about hiring since the recession.Associated Press
Don’t let yourself fall behind by playing it too safe, and read on to know about how and when to add to your team.
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You may be playing it too safe with hiring if:
First, you’re waiting for growth to hit until you hire
In our blog post “If You Don’t Plan for Growth Now, You’ll Hate Yourself Later”, we cover the reasons why waiting for growth creates more headaches than smartly managing and anticipating it. It’s like tending a plant. If you don’t add water until the leaves start to wilt, then it won’t grow as well as when you water it regularly.
Second, you or your employees are exhibiting burnout
According to a recent Gallup poll, 2 out of every 3 people feel burned out at their job. 1 in 4 is very often or always burned out. Why? Their companies are playing too safe with hiring. They are understaffed and overworked. In that environment, productivity falls, mistakes happen, and customer service plummets.
Lastly, customers are complaining or waiting too long
One outcome of our 24/7 always connected world, it’s no longer just New Yorkers who are impatient. Customers have become more demanding. They have become used to fast and easy service. If you aren’t able to provide it, they will go elsewhere. This is one of the key symptoms of waiting too long to hire.
How not to play it too safe with hiring:
First, know what drives your demand so you can plan on when to hire
It’s important to know what factors drive demand so you can predict it. This will help you ensure that you have the right team in place to handle it, and you are investing wisely in anticipating growth.
Second, know where the inefficiencies lie
It’s not just important to know how you drive sales, but also the cost it takes to service it. If an increase in demand would cause you to have to pay overtime, then it might be time to bring another person onboard.
Lastly, not to play it too safe with hiring, you must invest
This last point is key, and it’s the scariest part. If you don’t want to play it too safe with hiring, you often must spend the money before you see the reward. Investing wisely in people, business processes, and business systems can ensure that you have the right people in the right roles at the right time. It can also ensure that you are efficiently driving demand so that accelerating growth leads to accelerating profits.
Hiring can be a cause of stress. That’s why it’s often wise to get help, so you avoid playing it too safe with hiring.