Why hiring is potentially devastating for your business
Did you know that 51% of employees are actively looking to leave their role? Yes, 51%.
It’s no wonder 79% of businesses believe they have a significant retention and engagement problem when you read that stat – and it’s just the tip of the iceberg. The truth is hiring is harder than it seems, and it’s a fact many small businesses don’t realise until it’s too late.
I want to tell you a story about a friend of mine, let’s call him Mark. Now, Mark is what you’d call an inspirational leader. He’s grown multiple businesses in the UK from nothing to tons of millions in revenue. He’s won awards for building incredible work cultures, has directly and indirectly hired thousands of people, and is in demand all over the world as a consultant. This guy practically wrote the book on growing businesses that people love to work for, and yet when it came to hiring for his own small business, he struggled.
That’s right, the go-to guy for hiring and retention found it almost impossible to find and retain incredible employees for the small business he had recently set up. But why? In a nutshell, it was because he couldn’t compete with the big businesses. He couldn’t offer the established systems, benefit packages, big salaries and more, that they could. It didn’t matter how great his pitch was, Mark just simply didn’t have the edge that the big businesses did. When you’re a small business owner, it’s so much harder to attract and retain the best people – especially if you’ve never done it before. In the end, Mark asked me to find him a Virtual Assistant to handle the things that were slowing him down. It turned out to be a great decision for his business, and in my opinion, if you can put off hiring for as long as you can it will only benefit your business.
First and foremost, hiring fundamentally changes your role. You go from only worrying about your own workload, to worrying about someone else’s, worrying about making enough money to cover another salary, worrying about keeping your new hire feeling motivated – that’s a lot of things to worry about! Plus, there’s no need to hire straight away these days. You can automate stuff, use outsourcing platforms to find people to work with on a freelance basis, or get a Virtual Assistant. There are loads of ways to put off hiring, and by doing so, it gives you time to build up your business, make it stronger, and ultimately make it easier to retain great employees.
So, if you’re a small business owner and thinking of hiring, make sure you take the time to consider the impact it will have on both you and your business. Don’t be like Mark and assume that it’s a straightforward process. Think about what you can offer a potential employee, and if you don’t think it’s a lot, search for alternative ways to get the work you need done!
Found this article useful? Why not subscribe! Wallbreakers is a free site brought to you by Time etc, the leading Virtual Assistant company. Try a free trial now!