How do you know when the time is right to add another team member to your finance department? When making this decision for any of your business departments it is important to know how you’re making money and can this money support a new hire. With some companies still dealing with the effects of the economic downturn there has never been a more volatile time for hiring. Here are some things to consider before making a hiring decision.
- Future Sales. In order to know whether or not you can afford to hire an additional person for your team you need to estimate your future sales to see if you can support the hire long term. Talk to your current customers and create estimates about your future sales plans to project the future profits.
- Be specific with your needs. What aspect of finance and accounting is in need of additional headcount? What will they be responsible for? Are there members of the team who can absorb these duties or is there enough need for an additional team member?
- Will they make money for the company? Finance is an operational function meaning that the group is not directly responsible for making money for the organization. Is your business able to spend the money on a new financial employee while bringing in more money through sales?
- Figure the expenses. Of course, the salary is not the only employee expense when it comes to hiring a new member for the team. You also have to factor in the cost of hiring and training as well as their benefits.
- Consider a temporary solution. Depending on the outcome of these exercises you may determine that hiring a new full time employee is not feasible at this time. The best solution for this is to work with your local staffing service and bring a temporary staff member on board to assist with the increased workload. The agency can present the job as temporary to their candidates and you wouldn’t be responsible for laying someone off when the need decreases. And, if their contribution proves to be a success you can talk to the staffing provider about hiring them permanently.
Are you considering adding a member to your financial team? NRI specializes in finance staffing and can help you with your need today!