Hiring new talent is critical to a company’s success. Yet, determining how and when to onboard new employees calls for careful consideration. Timing is an especially important factor to weigh: if you hire new employees too soon, it could wind up hurting your bottom line. On the other hand, waiting too long could leave your current teams overworked and cause you to fall behind on key deliverables. There are also costs to consider, as hiring new talent is a major expense.
Of course, these factors shouldn’t downplay the importance of hiring new employees. No matter how challenging the process may be, there are always benefits to well-timed onboarding of new talent. Here are a few of the most compelling perks to consider, along with key challenges and how to address them.
The benefits of hiring new employees may look different for every employer. They could depend on factors such as where the company is in terms of growth, as well as any challenges it currently faces. With these variables in mind, most organizations can reap the following benefits by bringing in new talent when the timing is right.
Even if your existing workforce is delivering on their objectives, new candidates can bring fresh perspectives, innovation, and creative ideas. Employees who have worked elsewhere can offer new ideas to address existing problems—including problems you may not even know you have. Skilled, experienced individuals who bring creative ideas can also provide a competitive advantage that helps your company excel.
If your existing staff has become overworked, it’s only a matter of time before the quality of their work begins to decline. That’s because being stretched too thin can significantly limit an employee’s productivity. Hiring new talent to share some of the workload can prevent burnout and fatigue.
With that in mind, it isn’t always easy for an organization’s leaders to determine when employees are reaching their capacity. For this reason, it’s important to have continuous check-ins with your team to ask how they’re managing their workload. Even if employees are meeting deadlines consistently, they could be struggling behind the scenes.
Of course, having a larger workforce also means you can accommodate a larger workload. If your company is in a growth phase, hiring more people is a great way to ramp up productivity without straining your current teams. One sign that it’s time to grow your staff is if you’ve been increasing revenue over the course of several months. You’ll likely need a larger workforce to continue keeping pace.
In addition to different perspectives, outside employees also bring in new skills. Whether you need a certain set of soft skills or you’re seeking hard, technical skills, introducing new talent is sometimes easier than training existing employees who are already performing well in their current roles.
While the benefits of hiring new talent are clear, employers often face many challenges when hiring new team members.
While compensation is the most obvious cost associated with hiring new talent, there are also other expenses. Advertising job openings, performing background screenings, and training can also add to the cost of new hires. In fact, the cost of the hiring process alone typically exceeds $4,000 for each new candidate.
One option that may help you offset hiring costs is sourcing international talent. When you hire employees abroad, you can adjust your pay to align with the cost of living in their geographical area. Moreover, having remote teams can help you save on overhead costs, such as rent and building maintenance.
While there’s no shortage of individuals seeking jobs, finding the right talent continues to be a challenge for organizations. Simply put, many candidates just don’t align with the talent openings companies have. They may lack certain skills or necessary experience, for example.
Fortunately, expanding your horizons allows for an easy fix to this problem. Although you may have limited candidates who can fit your criteria in your immediate geographical area, you’re much more likely to find the right skills when you open jobs up to remote workers.
From the employee’s perspective, hiring and onboarding processes can often feel impersonal. Moreover, applying for jobs, interviewing, and receiving training are all time-consuming, and no one wants to dedicate their time if the fit isn’t right.
Properly screening your employees from the start is a great way to ensure a fit that’s mutually beneficial. You can also make it easier for candidates by posting clear job titles and descriptions, as well as information about your company and the salary being offered.
If you’re thinking about expanding your workforce, Oyster can help you with the process of onboarding remote employees. Our team will get to know your company’s specific talent needs by learning about your goals, objectives, and employment preferences. We have local HR and legal expertise in the countries you’re looking to hire in, so you get a unique perspective on your employee’s experience and expectations. Our experts will simplify the onboarding experience by helping you set up a company profile, establish a global hiring process, and engage new team members with a fulfilling and rewarding experience from the very first interaction.
To start growing your team and leveraging the benefits of a global workforce, learn more about our onboarding and continued support services.
Oyster is a global employment platform designed to enable visionary HR leaders to find, hire, pay, manage, develop, and take care of a thriving distributed workforce. Oyster lets growing companies give valued international team members the experience they deserve, without the usual headaches and expense.
Oyster enables hiring anywhere in the world—with reliable, compliant payroll, and great local benefits and perks.