2016-11-09 00:00:00HiringEnglishThinking about hiring a new employee? Be aware of the risks of overhiring, and consider some alternatives.https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2017/03/overhired-employees-with-no-work-to-do.jpgDon’t Overhire

Don’t Overhire

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Great employees can be the backbone of a successful company, but as a small business owner, you still have to be cautious about overhiring. Offering someone a job can be huge financial commitment. In addition to the employee’s salary, you also have to pay ancillary costs, such as matching payroll contributions, Employment Insurance premiums, office supplies and benefits.

Before hiring a new employees, you or your hiring manager should carefully consider whether you truly need that individual’s services on a permanent basis. Crunch all the numbers to ensure you can afford to bring someone on board. If you need help but don’t want to overhire, consider outsourcing tasks to freelancers or consultants or working with a temp agency. That approach can help shift your hiring culture so you don’t risk hiring too many unnecessary or unaffordable people.

References & Resources

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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