In Periods of Hyper Growth, Be Careful Not to Overhire
Companies constantly strive for growth—and growth is a good thing, but it’s not without its challenges. In the talent realm, what’s one of the biggest mistakes new companies and growing businesses make? Overhiring.
Amidst the current talent shortage—which is at a 12-year high globally—it’s more tempting than ever to snag all of the top candidates you can while the going’s hot.
But emerging technology is changing the way we think about filling new roles, and this has changed a lot of the hiring landscape. Large companies with over 250 employees are the most likely to face the talent wars, but it affects organizations at all stages. It’s up to today’s HR teams and hiring managers to identify the right number of new hires.
Overhiring isn’t as harmless as it seems. Many new businesses make the mistake of thinking more is more, and having more employees will translate to more growth. This is rarely the case if you’re not ready to meet the needs of these new staff members. Not only will you face the expenses to pay these new salaries, but you also need enough work to keep them occupied after a busy period. Lack of motivation left unchecked can spread throughout the entire office.
So let’s talk about how to avoid overhiring, even in the face of a hiring shortage. Here are four key ways to avoid overhiring in periods of high growth.
1. Consider Contractors
One of the biggest developments in recent years is the rise of contract work. Today, 1 in 5 jobs in America is held by a contract worker rather than a full-time employee. Many companies require assistance on a single project, rather than an entirely new full-time role.
There are a lot of benefits to hiring a contractor or outsourcing to an agency. If you have a specific project you need help with, you only pay for that project rather than taking on a salaried, full-time employee. Additionally, outsourcing to a freelancer or agency makes sure the work is done by an expert in the field. Contractors can meet your needs as a growing business without bringing on a new employee you might not need once the project is complete.
2. Schedule Remote Workers
One of the many challenges of a growing business is limited space. As a result, remote work is on the rise. Remote workers can fill temporary gaps and help current employees feel less burdened.
Offering remote work to your current employees is also a way to build trust while creating more space in your office. To ensure success, consider using an online scheduler to help you calculate total gross pay based on custom hours for your remote workforce.
3. Talk to Your Team
Before you rush into a full-time hiring decision, talk to your team. They’re the biggest source of information about how your business is performing on the ground level. While the metrics don’t lie, they don’t tell the whole story.
Ask your team members how they’re feeling about the current workload. If they’re faring just fine, odds are you can hold off on hiring for a while longer. However, if they’re in need of more help, that might be a good sign it’s time to either redistribute responsibilities or assess your options for bringing in additional help.
4. Hire Carefully
Finally, if you do decide to hire a new employee, do so carefully. It’s easy to rush into a decision when you’re busy or growing rapidly, but mis-hires cost both money and time. Review applicant credentials and experience carefully before jumping into the offer stage.
Your candidates need to be prepared to do the work well, but also add value to your company culture. You want your new hire to hit the ground running, especially in the middle of so much growth. Be sure it’s a right fit before you make your final decision.
If you’re experiencing hyper growth, remember that you have options. It pays to take your time with these critical talent decisions. After all, sometimes the right action is no action at all.
The world of work is continually evolving. Hiring isn’t black and white, and companies now have more options for securing the right help for the business, whether it’s a contractor, outside agency, or new full-time employee.
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