Go and grow: 8 signs your firm may need more employees
(This article was originally posted to Gravity Software's Grow Your Business Blog)
In the process of reevaluating the size of your staff? If so, you’re far from alone.
Nearly 55% of U.S. companies plan to make additional hires this year compared to only 46% in 2018, according to a survey by executive coaching firm Challenger, Gray & Christmas Inc. That’s not surprising, given that 63% of employers surveyed see this year’s economy as stronger.
“With the market at near full employment and companies making plans to expand or invest in technologies requiring workers with new or differing skill sets, it’s no wonder the hiring outlook is so positive,” notes the firm’s VP Andrew Challenger in the report.
Since your payroll is likely your greatest business expense, however, you’ll want to give serious thought to whether your firm’s bottom line will be better off with or without added staff. Here are eight key signs to look for, indicating that adding employees could be a wise, financially sound decision.
- You’re turning down work. If you keep declining revenue opportunities because you simply don’t have staff capacity, you could be missing obvious chances to improve and grow your firm.
- Your star players are distracted. You could be wasting valuable and expensive brainpower on tasks that could be completed by junior employees. When your most skilled people are consistently diverted from important tasks to complete busywork, you should consider adding support staff.