To Hire or Not to Hire, That is the Question
A major milestone in any company’s life is when they decide to expand to have a human resources team. Usually it is the business owner who initially handles all aspects of HR. From the hiring to payroll to employee relations. However, at some point an owner/founder’s time is much more valuably spent developing the company. This is when you need to bring on someone who is solely focused on all of these issues and more.
So how do you determine when that time has come? Here are some valuable questions to ask to help you decide whether it’s time to build out that team.
1. Am I spending too much time negotiating with employees?
One of the duties of an HR department is handling requests for time off, and for raises. If you find that you are spending a significant amount of your time fielding those calls and conversations, you should think about whether that is the best use of your time.
2. Do I need help administrating an employer-sponsored healthcare plan?
With the Affordable Care Act in full swing, companies are having to be diligent about making sure that they are in compliance. If your company has over 50 employees, you are going to want to consider hiring on someone to specifically administer your employee benefits. With regulations becoming active on what feels like a monthly basis, having someone dedicated to keeping abreast of them and implementing them is a good idea.
3. Am I having trouble retaining employees?
As the economy starts to swing back towards a candidates market, you’re going to start finding that retaining your best employees is getting harder. A good HR team goes a long way towards making sure that your top performers keep performing for your company and not a competitor.
An HR team can issue and analyze employment satisfaction surveys, provide a safe space for employee complaints, and plan after-work activities that strengthen the bonds between employees and their coworkers.
4. What is my time worth?
When your company is in its fledgling stages, being intimately involved in all aspects of building your team, training that team, handling payroll and employee health plans is important. It helps you to build out your company to match your vision. However, once it’s up and running, your time should be spent focusing on continuing the growth of your business instead of the building of it.
As the person with the vision, your time is too valuable to be spent on things that can be delegated to someone who is the expert in those aspects. Your time, and time equals money, is best spent on looking forward, not looking at the now.