by Andrea Travillian
You have decided to hire an employee.
Now you need to figure out if you should start with an entry-level employee or an experienced employee.
While the answer to this question depends on you and your business, there are some things you should take into consideration.
Here are three areas that will help you make the decision that works for you.
Evaluate Your Budget
Your budget may determine which employee you can even think about hiring. If you don’t have the option to hire someone more experienced, then you will look for an entry-level employee.
Make sure when you are evaluating your budget that you can afford the pay, including benefits, that the new employee will positively impact the profit of the company, and that you can sustain an employee for at least six months before they are able to contribute to the bottom line.
It can take a while for your employee to get up and running so that they are contributing, and you want to ensure you are not just hiring overhead without getting some benefit for hiring them. Keep in mind, this does not have to be a direct contribution to profit, but might mean it frees you up to produce more income.
What Skill Level is Needed for the Position
Are you hiring a skilled worker, a knowledge worker, or an unskilled worker? The level of skill needed may impact your ability to hire an entry-level person. For example, if you are hiring a controller, you may be able to go with an inexperienced controller, but they still need to be an experienced accountant. You do not want the head of your accounting to have no experience with accounting.
On the other hand, if you are looking for some general help with office work such as filing, research, and social media, you don’t need someone with experience for them to be good at the job.
Are You Available to Mentor & Train
If you are hiring an entry-level person, but do not have the time to train them, you are setting both of you up for failure. On the other hand, if you hire an experienced employee, you will not need as much time to get them up and running. You brief them on your business and how you want procedures handled, and they can hit the ground running.
Remember not to underestimate the time it will take for you to train an entry-level employee. Allow at least six months for dedicated education and mentoring time.
Hiring is not easy, but by taking the time to understand what level of experience you are looking for, you can narrow down your search. Thus, you can spend more time focusing on the candidates you are considering, and less time weeding through candidates that are not the right experience level.
Financial Coach for Business Owners – Andrea Travillian
I am a financial coach specializing in helping business owners use their businesses to create the financial freedom they crave. We accomplish this by creating enough profits to move the money to other investments and eventually to sell the business.
My training is in finance with a degree from the University of Iowa and my MBA from Creighton University. I have worked in banking, corporate finance, taxes, and retirement investing both in the United States and abroad in Australia. In 2008 I started working with individuals and micro businesses to help them understand, manage and grow their money.
I am a natural long-term planner with the ability to help you focus on the future, set goals that will get you there, and organize your life and business to help you achieve your goals. If you are seven years from retirement or 25 years from retirement, getting the right plan in place will help you get where you want to go.
I have been seen in Women’s Health, Fox Business, About.com, and Refinery29. I have four easy-to-read books on personal finance, and I enjoy talking to groups about the benefits of financial health.
When I am not learning about personal finance and business, I enjoy time with my husband and son. I love health, fitness, coffee, and the beach!
