As the year comes to an end and HR budgets are assessed, reconciled and rebooted for the next fiscal year – now is as perfect time as ever to roll up your sleeves and start developing your hiring plan. Cash flow is king for a growing business, so to make sure your department is flush with the revenue it needs to support 2017 new hires we suggest following these simple tips:
As your business grows, so does the need or talent. To ensure you’re never asking the question, “Can we afford to hire a team?” consultants suggests forecasting the revenue and growth of your business. To do so successfully, Vanessa Graham, a Louisiana consultant suggests getting your company leaders and hiring team on the same page with it comes to keeping cash flow a priority.
Consider a Contingent Workforce
As part of your hiring plan and forecasting, consider if you really need full-time employees, or if it makes more sense to hire a flexible workforce. Part-time and temporary employees can fill unique short-term needs whilst keeping your business on track for growth. You can also decide between full-time and part-time workers by slowly ramping up part-time employees to eventual full-time positions. That way you can give your cash flow room to breath as your company grows and assess your needs along the way.
Think Outside of the Compensation Box
If you need to add staff when cash flow is light, you might want to get creative with your compensation plans. While base salaries are always important, there are other ways to incentivize workers to join your company in lieu of a big, attractive salary. Tying bonuses to performance can help keep initial salaries lower while your company increases cash flow. You can also entice candidates with equity in the company as this is a strong sign your candidate can see the long-term goals and believes in your mission.