The Growth, Hiring, and Payroll Series will help give your company a much needed boost in order to further the efficiency of the day to day, week to week, month to month, and year to year process. Each article will discuss common tasks that companies face while maintaining compliance with federal and local law. Give your company a leg up over the competition and be sure to check out each article for valuable insights that will help get your company to the next level.

Your hiring strategy can make a critical difference in the success of both your team and your company. Consistency and clarity will help you to make more effective hiring decisions. Make sure to take these three things into account while developing your hiring plan.

When To Hire

When considering bringing on a new team member, you must evaluate whether new hires would be performing work that actually moves your business forward. Often, business owners simply feel overwhelmed and may make hiring decisions based on emotion rather than ROI. This is a costly mistake that has put many out of business.

Has a repeatable process been identified and is it a profitable process? Building your team on a practices that do not generate profit will result in scaling a business that does not create wealth. Your first 3-5 hires should be for a repeatable process you have already refined that generates revenue or improves your ability to generate revenue.

Be careful of unbridled growth. As a company grows, employees may feel like they are unable to keep up with the demand and cause you to hire more. Take time to re-evaluate job roles and understand where there is room for increased efficiency, adjusting responsibilities, and aligning teams.

Choosing The Best Candidates

Don't let your competitor hire the A-game. Knowing how to compete for the best candidates is a very important aspect in building your team. What kinds of benefits do you offer to your team?

Some of the most attractive benefits include competitive compensation, health benefits, and non-compensation related benefits. Many employees today enjoy benefits that are no extra cost to the employer, these could include flexible working hours, a positive uplifting working environment, working remotely, and opportunities for growth.

These kinds of incentives are becoming more prevalent because it doesn’t cost anything to the employer and it opens the doors to qualified candidates that otherwise would not have the ability to take on the opportunity offered.

Systematize Hiring

The company should identify which employees will take part in the hiring process, determine the time period they intend to hire potential candidates, and clearly define what qualities are non-negotiable for the candidate to possess. Non-negotiable things could include synchrony with company culture or team values and a specific skill set or availability. You should also identify your specific interview process, down to the questions you ask all potential new hires.

Documenting your hiring process will create consistency that makes it easier to differentiate candidates and make a superior decision. Clearly communicating your process to your Operations Manager or Department Heads can help them hire the same way you would, leading to longer-staying employees and a more productive workforce.

Your Next Steps

Finding the right people for the right position is always difficult, but if the processes are continuously refined, it can become a system like most other parts of your business. We help our clients understand their team from an ROI perspective that takes culture into consideration. Feel overwhelmed by your team or hiring process? Reach out to us at hello@sonderaccounting.com.

If you’re hiring employees, plan to be in it for the long haul because it often takes a few tries to get the right fit. The Growth, Hiring and Payroll series includes tools to empower you with Hiring Strategies, Contractors and Employee guidelines, Hiring Processes, Payroll information, and Benefits.

• Hiring Strategy will give you information which saves time and money

• Contractor Vs. Employees helps businesses to clearly define roles and maintain compliance

• Hiring Process will give you good ideas about a process that works for your business

• Payroll 101 will familiarize you with the process that is needed for compliance

• Benefits 101 will allow you to be the most competitive company for the most qualified employees

Be sure to check out all of them, your business and your personal well-being will thank you for it!

Payroll is hard! Gusto makes it easy.

Here at Sonder Accounting, we partner with Gusto to make payroll a breeze for our clients.

Check it out and feel free to reach out if we can support you in your payroll journey!