Staff up: creating a hiring plan to meet new challenges

Key takeaways

  • Competition for top talent is intensifying. Plan now to be sure you have the team you need to reach your business goals.
  • Assess whether your current team has the skills you need.
  • Determine if anyone you furloughed can be trained or upskilled to fit your hiring needs — they know your business.
  • Consider resources that will help you hire the most diverse workforce possible.
  • Set your timeline for hiring. Even if you aren’t ready now, plan for who you need and when, as well as how you’ll pay for them.

Pandemic-necessitated operational changes meant many businesses had to reduce headcount last year. As customer volume increases again, many companies may need to bring back or hire new workers. In fact, LinkedIn® reports that 40% of industries are already experiencing hiring rates above pre-COVID-19 levels.

As you map your course through 2021, ask yourself the following questions:

What skills do you need?

Determine if your current team is equipped to support your business goals. Based on changes in market priorities, or company operational shifts, you may require different skills. If a majority of your business is now being conducted via an e-commerce website, it may make sense to bring on someone to monitor website functionality, design product pages, and make sure your site is optimized for search. Or, if you added a new product line, you may need help managing inventory and ordering materials.

Man in a food truck leaning out a window image references Citizens small business loans

Can you bring back furloughed workers?

Valued former employees may be trained or upskilled to support your current — and future — needs. If they have some of the skills and knowledge you require, or could be effectively retrained, it may make sense to bring these team members back. These former employees are familiar with your organization’s policies and procedures, which will shorten the on-boarding process. In a recent Paychex® survey, 84% of HR professionals said that upskilling underqualified workers benefits their organizations.

Do you know how to hire a diverse workforce?

Research from McKinsey® reports that companies with ethnically and culturally diverse teams were 33% more likely to outperform the competition on profitability. Expand the resources you turn to for candidates. Using “blind hiring” practices, whereby personal information (that could influence or bias a hiring decision) is blocked out, may help. The U.S. Equal Employment Opportunity Commission (EEOC) offers advice for fair recruiting, hiring, and promoting practices.

What is your hiring timing?

Even if your existing team meets company needs right now, consider what skills your growth plan requires in the future. Hiring will be competitive this year and it may take more time to find top talent. For any potential hire, consider what you need to do now, to afford and sustain them when you do need to bring them on.

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3 financial tools to prepare your business for what’s next

 

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