Hiring is a sign of growth, but hiring without a plan is a bad decision. Hiring a staff has got its own advantages and disadvantages. Let us discuss a few.
- Production capacity of the company increases. Company can handle more clients and projects, thus more revenue.
- Skillset grows. Hiring on varied skillset enables a company to function in different areas.
- Reliability and outlook of the company increases. Many clients look for the staff strength of the company they fall into a contract to ensure the timely delivery and quality of assignments.
- Standby force. When there is a sudden lay off or resignations happen, having more people in the team helps a company to stand on. It reduces individual dependency.
- You can rest. If you could develop a team of right candidates, you can go for holidays since the team will be taking care of your business.
- Fixed liability. An employee who is drawing regular salary is a fixed liability for a company.
- Need of monitoring mechanism. The company should have right mechanism for monitoring the performance and the output, so that to ensure the resource is properly utilised.
- Management must be stronger. When the number of people increases in a team, there must be a good management team with exceptional managers.
- Trainings for improvement. Company will have to invest in growing their technical skills and leadership capabilities. Though it is an investment for future, if the resource leaves the company in between, the expenses towards training him may go wasted.
- Spreading negativity. If the new employee is not having a right attitude, and if there is no proper monitoring system in the company, he may influence other staffs towards his perception.
There are various factors to be considered before hiring. If the process is planned keeping future of both the company and the employee in mind, then there shouldn’t be any issues. However, hiring is a decision which needs to be taken only after doing the required homework.
You can contact me to plan a hiring policy for your company, if required.