The job market right now is competitive. When it comes to professional services firms, the unemployment rate is right around 2%, which means you are competing for the talent that is out there. Payroll is thus becoming a fairly large expense for numerous professional services firms. Those that you are hiring, therefore, better be the right hires. We thought we'd offer advice on some of the best practices for growing your professional services firm in terms of the hiring process.
First off, it is difficult to put a price on how far valuing your employees truly goes. Taking the time to understand them individually, to see what they need to perform their job to the best of their abilities and to gauge their interests is extremely important in terms of fostering talent and getting them to stick around. You also though, have to be able to value those employees speaking. Meaning, if you're paying someone 50k a year figure out how much you can bill for their work—is it worth double, triple perhaps…you need to be able to realize a return on your payroll investment.
Also, be sure not to rush employees. In other words, with new hires, you want to bring them around slowly so that they do genuinely learn their role, acclimate to the company culture and feel increasingly comfortable with their job description. If you push them too fast too soon, you stand to make them less confident and they may ultimately falter.
Another thing you might consider is hiring aggressively early on. Investing money into new hires could certainly pay off in the long run. If you're only, for instance, hiring one salesperson and then there's a significant gap in between your next hire, this could end up losing your sales and revenue.
If you're ready to hire more staff, then First Union Lending is here to help. Our flexible business loan programs are perfectly suited to small businesses looking to acquire top talent. Call today!