The Right Time to Hire
Bringing on the right employee at the right time for your business can be instrumental to the continued development and growth of your company.
A study done by the Society for Human Resource Management states that the average cost to hire an employee is $4,129, with around 42 days to fill a position. Another study by the National Association of Colleges and Employers, says hiring an employee in a company with 0-500 people costs an average of $7,645.
NH SBDC has developed new eCourses to join our online learning offerings. In two of these new Management courses, Human Resources: The Employee Lifecycle for Small Businesses (Parts 1 & 2), you will learn about the 5 stages of the hiring lifecycle. Practical, useful, and in some cases, compliance-related, the information will walk you through the five stages, giving you an overview of the employee lifecycle.
You want to ensure that your hiring costs are wisely spent and that you retain good employees for as long as possible. According to the Aberdeen Group (2009), 90% of new hires make the decision to stay or leave in the first 6 months and over 20% make this decision in the first week!
Making the choice to hire, be it your 1st employee or your 45th, requires thought and planning. Human resources experts Krystal Hicks and Emily Hammond walk you through Human Resources: The Employee Lifecycle for Small Businesses (Parts 1 & 2) and discuss these five main lifecycle stages:
- Prepare to Hire
- Recruit & Interview
- Hire & Onboard
- Develop Employees
- Manage Change
Through these new eCourses, you will begin to learn about when to hire your first employee and what is required of employers in New Hampshire, the importance of properly onboarding your new employee(s) to keep them engaged, and the benefits of continued direction and training to keep employees productive and happy, among other best practices.
Thoughtful and careful planning in all stages can lead to great opportunities for your business and your employees.
After you have experienced Human Resources: The Employee Lifecycle for Small Businesses (Parts 1 & 2), NH SBDC’s Business Advisors are available to dig deeper into your specific needs and questions - you can request no-cost advising with one simple click!
The NH SBDC is excited to release new eCourses to help you be the best business owner you can be.
- Amy Bard, SBDC Business Advisor, former small business owner, and human resources manager