How do I Know When It’s Time to Hire?

Hiring for Small Businesses

Hiring a new employee can feel like both a necessary and overwhelming task. After all, your employees become the face of your business. And, each new team member is a big investment of your time and your money. From finding the right person to training to compensating them correctly, it becomes crucial to have a good plan for hiring. How do you know if it’s time to hire? We’ll walk you through the basics in this article.

How do I know when it’s time to hire?

A few questions to explore if you’re considering hiring:

  • Is your schedule booked?
  • Do patients (or clients) have to call weeks in advance to get an appointment?
  • Are you looking to expand your practice or business?

These are just a couple signs that it might be time to consider hiring another provider or staff person to perform services alongside you. Reviewing your company’s long-term goals and assessing whether the business is on track to achieve said goals is another way to see if it is time to hire a new employee.

Hiring in 2022:

We’re in the midst of the Great Resignation. (As if you didn’t already know.)  Because of staffing shortages and job turnover in every industry (but especially healthcare), you can expect the hiring process to take longer than before.

Be proactive. Budget for growth and creating a plan in advance is critical to a smooth recruitment and hiring process.

What should I consider when I’m ready to hire?

Whether you’re looking to hire an associate dentist, an injector, or an administrative assistant, consider the position and what needs you are looking to fill. When you are ready to begin the hiring process, one of the first steps is to write out and decipher where you need support. Then, write a clear and concise job description. It will serve you in your search. And, it will help you attract the right candidates with aligned expectations.

Have your needs and the position you are looking to fill finalized before you start your search. This will help you avoid search for and vetting candidates who aren’t right for the role.

What does your hiring plan look like?

When you have sorted out the needs and position you are looking to fill, it is important to create and implement a hiring plan. Specifically, what does the hiring process look like for your company?

There are many different approaches to a hiring plan:

  • Working with a recruiter
  • Asking your network
  • Creating job listings online and in industry groups

A hiring plan will assist in keeping the recruitment process structured and streamlined.

Compensation Planning

Anyone who is ready to hire will need to consider compensation planning. Along with a positive work culture, compensation planning is one of the most important factors an applicant will consider when choosing an employer and company to work at. Offering a competitive benefits package will help you stand out to candidates. Some benefits to consider in your compensation plan are (depending on your type of business or medical practice):

  • CE Allowance
  • Paid time off (PTO)
  • Retirement plan match
  • Vacation time
  • Professional liability
  • Professional association dues
  • State licensure
  • DEA fees

Is it time to hire a new employee? Maven can help you decide.

Did you know Maven Financial Partners specializes in assisting businesses with their compensation and hiring plans? We help med spas, dental practices, and small businesses plan for their next move, navigate the hiring process, and budget for the outcome.

If you are looking for assistance in assembling a plan for the growth and hiring of your business, contact Maven today!