The Cost of a New Hire
Hiring new employees should be exciting, whether the reason for the hire is to replace a worker who is leaving or because the business is growing. Any change in staff has the potential to bring change to the business as a whole since the new hire will bring fresh ideas, different experiences, new personality and more. The trick is to find someone who sparks positive change and this can be where the hiring process goes from exciting to nerve wracking for business owners.
The is a lot at stake when you bring a new person on board beginning with the cost of finding that person. Money may have been spent on advertising the position, incentives to employees for referrals, not to mention the price of time you spent reviewing resumes and conducting interviews. Once the person is hired, someone must assist with new hire paperwork and training, supplies must be acquired, and work time is often lost as employees take time out their day to get to know the new worker and offer some help.
Quality of work is another concern. Will the new hire produce high quality work from the start or cause some bumps in the road? Does the new hire get along well with others or has morale dropped?
The fact of the matter is that hiring a new employee is a costly endeavor. Be sure to look at the total package when making your decision. You want a person who will fit into the culture of your business and help propel it forward. There is more at stake than just the salary you pay.
National Business Capital is happy to be part of helping businesses be successful. Call and speak with one of our business consultants to discuss your financial needs!
National Business Capital & Services is the #1 FinTech marketplace offering small business financing and services. Harnessing the power of smart technology and even smarter people, we’ve streamlined the approval process to secure over $1 billion in financing for small business owners to date.
Our expert Business Financing Advisors work within our 75+ Lender Marketplace in real time to give you easy access to the best low-interest SBA loans, short and long-term loans and business lines of credit, as well as a full suite of revenue-driving business services.
We strengthen local communities one small business loan at a time.
For every deal we fund, we donate 10 meals to Feeding America!