As a busy CEO or manager, balancing the many aspects of running a company can be complicated. As your company grows, the challenge of keeping staffing needs aligned with budget requirements may be daunting. Still, there will come a time when hiring another employee or employees is critical.
Knowing when to hire is as important as hiring well. Hire too quickly, and your cash flow may not support the new employees. Don’t hire quickly enough and work may pile up, damaging your productivity and future business growth.
How do you strike a balance? Read on to learn how to recognize the right time to start hiring for your company.
5 Signs It’s The perfect Time to Hire:
1. Issues with Customer Service
One of the most prominent indicators that you need to hire additional employees is when customer service quality slips. Missed deadlines, incomplete tasks, late orders, unfulfilled orders, and unanswered correspondence are red flags you must hire as soon as possible.
2. Current Employees are Overwhelmed
Many employees are unwilling to admit that the workload has become too much for them. It is vital to be aware of your employees and take note of indicators that they are tired, overworked, or frustrated. Increased absences or taking sick days can signal that your employees are overwhelmed.
Cultivate a culture of open communication and honesty with your team. Encourage employees to let you know how they’re doing so you can take steps to help. Hiring additional employees costs less than trying to get by with an overwhelmed staff.
3. Saying “No” to New Business
New business should always be positive, so if you find yourself taking a pass on new contracts or market opportunities, it’s a definite sign that you need to hire. Even with the additional costs related to hiring, new employees and new business are a win for your company.
4. Bringing Outsourced Tasks In-House
When your business is starting, many tasks must be outsourced. As your company grows, however, bringing those tasks back in-house makes sense. In this case, hiring employees who can perform these tasks in-house saves time and money.
5. Employees Taking on High-Value and Low-Value Work
If your top talent within the company – possibly even yourself – is taking on administrative tasks in addition to your position workload, it is time to hire. If you and your high-value employees are doing tasks that someone else could do for less money, seriously consider hiring a new employee to take them on. Time is valuable, so spend yours on higher-level tasks that will grow your company and hire new employees to complete easily delegated tasks.
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