So your business is growing-great news. Now it's time to commence the balancing act that is hiring a new employee. Any small-business owner or entrepreneur who has hired (or thought about hiring) new team members are familiar with the paradox of hiring: you can't grow without new team members, but investing in those team members can be financially intimidating.
Here are some tips to stretch your hiring budget as far as it can go.
• Plan ahead. This is perhaps the most important way to save yourself time and money. Take time to define exactly what you need from your new team member. Without a clear description, your interview process will be frustrating for everyone involved, and you'll have trouble knowing when you find the right person. Save yourself the agony of having to start over after investing significant time in the recruitment process by sitting down to outline your expectations at the beginning.
• Make real-world calculations. Remember that a team member's salary is only one part of what he or she will cost. It's important to take into account the cost of taxes, benefits, recruitment, training, on-boarding, equipment and office space as well. You'll also have to account for lost man-hours from your existing team members who will be responsible for training the new hire.
• Consider remote workers. If you absolutely need a full-time employee but can't quite afford to rent adequate office space or invest in appropriate equipment for an in-house hire, try offering a full-time remote position. This allows you to open your search to people outside your geographical area and provides greater flexibility for your employee. Be sure, of course, to establish clear expectations for communication and availability hours, especially if you and your newest team member are in different time zones.
• Bargain with benefits. Can't afford to offer comprehensive health insurance? Consider offering extra vacation days or a gym membership in exchange. Every situation is different, and the important thing to remember is to be flexible and open to negotiation.
• Consider outsourcing. Hiring independent contractors is a great way to slowly build your team as you grow. Because of tax laws, independent contractors are less expensive than full-time employees and allow you to fill your company's needs on a project-to-project basis.
"Tracey Fieber is a business consultant for Boomers and Business who works with clients around the world to reach their full potential. She offers thought-provoking, insightful discussions to get you living the life you only dreamed about." Visit her site at www.traceyfieber.com
Tracey believes in simplifying, automating and growing business and life and helps business owners hire the best, develop their team and set up their business to allow them to focus on their own brilliance. Through effective leadership, communication and coaching techniques, Tracey takes business teams to the next level by focussing on their strengths and holding them accountable.
Tracey speaks on business, life and retirement topics and is known for combining a unique blend of innovative, straight-shooter, no-fluff strategies that really work, with an endless compassion that are rarely seen together. She integrates her background including over seventeen years of financial industry operations, marketing, training and human resources experience together with personal and professional coaching.