Striking a Balance: How to Hire Smart and Lower Your Financial Risk

06/29/2020 by ellen grealish

 

Small businesses face a delicate balancing act between hiring too quickly, with the chance that resources sit idle if work slows, or waiting too long, and being unprepared to take advantage of accelerating market demand. While waiting until there is certainty mitigates risk, it also opens the door for competitors to leap frog you or for existing customers to move on because you are not staffed properly to meet their expectations. This challenge is worsened in times such as these, where economic uncertainty persists, and we are not confident that we are out of the Covid-19 woods just yet.

So, how do you balance bringing in the kinds of resources that will energize and grow your business with managing expenses and payroll costs? Hire part-time professionals, either hourly or permanent, and immediately see the value you will get for your money. Below are just a few of the reasons how your business will benefit.

1) You don’t need to invest as much as you think to attract higher-level resources. Most part-time job seekers have either left the workforce after a professional career and are now looking to re-enter in a flexible way or are skilled professionals who need to scale back from a 40+ hour/week in order to remain in the workforce (i.e. moms, dads, babyboomers, caregivers, etc..). They value flexible work hours more than other benefits you can offer and therefore choose to work at competitive rates and no benefits in exchange for a flexible schedule.

2) You get the best of both worlds: employees who are as dedicated as your traditional full-time staff but whose hours can scale up or down depending on your business needs. Unlike traditional consultants, part-time workers don’t want to fill up a 40-hour work schedule.  For the majority, they are dedicated to your business only, so they still have the flexibility to fluctuate work hours based on demand. Whether you have a specific project that needs to get done ASAP or potential on-going work, use and pay for dedicated resources only when your business needs them.

3) Minimize training and turn-over costs. It’s risky to invest too much in training if you are uncertain of how long you are going to need a resource.  Job seekers that fall into the part-time talent pool typically have over 10 years of professional experience and come with a ‘hit the ground’ running mentality, which reduces your training costs and increases your overall value. In addition, part-time workers, whether permanent or temporary, will be especially grateful for the flexibility you offer, which translates into a dedication and level of loyalty that is difficult to find.

Hiring part-time employees strikes a great balance for those businesses that want to continue to grow but are understandably hesitant to make significant investments in staff. You don’t need to compromise on experience or dedication. You get access to talented and affordable professionals who are often overlooked by companies who limit themselves to only looking in the full-time talent pool.

One Comment

Akshay Dangat

I am an HR MBA student and this article has really helped me to understand talent acquisition at minimum cost. Also will read more articles and recommend my HR friends this site. Also for some job vacancy result this channel is helpful so Thanks a lot

Reply

Leave a Reply

Your email address will not be published. Required fields are marked *