EXPANSION

Growing BusinessEXPANSION

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  • Accelerate Your Business Growth

    Game Plan

    In-Depth

    Finding and Hiring the Right People

    It’ll take more than you and your key partners to grow your business to the next level. You need talented and passionate employees on board to keep driving your dream forward.

    It’s critical that you take the time to hire the right employees because a bad hire could cost you a lot of time and money. As noted in a 2012 Harvard Business Review column, a survey of nearly 2,700 employers showed that a single bad hire could cost a business between $25,000 and $50,000. So you need to look beyond skills, education and work history, and find employees who also embrace less tangible principles and characteristics, such as respect, loyalty, commitment, adaptation, and appreciation, among others.

    Here are a few things to consider when you put on your hiring hat:

    • Define the competencies. In your job description, prioritize the “must-have” skills so you can focus on candidates that can make an impact on their first day.
    • Evaluate ancillary capabilities. Determine if the person has the experience and talents to grow beyond the basic job skills and take on more responsibility.
    • Analyze culture compatibility. The interview is a good time to decide if a person is a creative thinker and team player whose personality and trustworthiness will be a good fit in your company culture. Trust your instincts here.
    • Calculate the commitment. Is the person passionate about the job and in it for the long haul? You don’t want to invest in a hire who may be just passing through.
    Game PlanGame Plan

    Game Plan

    • Hiring an employee is an investment, so take the time to do thorough research. For tips on writing a great job posting, go here.
    • According to the Small Business Success Study, most small business owners did not grow their business in 2015. One reason for this is that small business owners are taking on additional responsibilities themselves. However, if you’re finding it a struggle to get everything done at work, it may be time to bring in some reinforcements.