Should You Hire Right Now?

We are in one of the oddest economic periods I can remember. There's so much talk of recessions and yet so many interior designers are absolutely swamped with work! That can make even the simplest decisions about our businesses sort of hard to navigate, right?? That's especially true when it comes to hiring employees - we don't want to bring someone on now and then have to lay them off if a recession truly hits! Here are things to consider if you're thinking about hiring!

1. Can You Afford It?

Yes, you may be swamped, but what does your cash flow look like?? Can you offer a competitive wage to a new employee? That's especially important since we're in an inflationary period and EVERYTHING is more expensive. And are you willing to wait - can you afford the TIME? The problem is that it is HARD to find designers and others to join your team right now. So you may find yourself either having to hire someone who is not a perfect fit, or waiting a LONG time to find the right person. Finally, be sure you keep in mind those hidden costs like benefits, a computer, expenses, etc. We tend to forget those when we're offering a salary to someone!

2. Creative Solutions

Could you use a creative solution (or two!) until the economy stabilizes? For example, you could use a service like Upwork to find the perfect CAD professional. Or you could outsource your marketing to free up your time. You also want to consider if your new employee will help make money, or will just be part of admin costs. Because those admin people should be outsourced before someone who can bring in more cash! Also consider taking someone on as a contract employee rather than a person who is part of your full-time staff. That helps you avoid paying benefits or having full-time staff costs when you're unsure of what the future holds. 

3. But the Burnout!

I am NOT saying you should't hire full-time staff if that's what you really need right now. If you're in danger of burnout, or of having your most important right-hand people leave, then you need to get someone in to help you STAT! Just understand that a new person is going to need training and the way that you onboard that new employee will be CRITICAL.

4. Riding the Wave

Another thing to consider is what is in your client pipeline right now. Not just because it lets you know how much work you have to do in the coming months. BUT you also may be able to just ride this economic wave! What do I mean? Well most economists are predicting that this recession could last about 6-8 months. You may have projects that are going to last well into 2023, so you can ride out this recession with the work you have, so hiring may be just the thing you need to get through this time. Then you can start marketing this winter for more work next year and just ride through the recession. 

Use these tips to help you make your hiring decision! And if you DO decide to bring on someone new, use my FREE Guide to Onboarding a New Hire to be sure it's a successful process!

xoxo,

Kathleen

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