When just starting a new business, owners tend to enjoy the creative elements and the "firsts" they get to experience. From picking out the paint for the office walls to making their first dollar, every moment is special in the beginning.
The same goes for choosing staff members. While placing advertisements and "Help Wanted" signs in public and holding interviews might not always be exciting, finding the perfect fit for the role that needs to be filled can be satisfying and result in friendships and business relationships that last for years.
However, the initial hiring process can be stressful. Time and effort has to be spent seeking the workers out, and it can also place a financial strain on the burgeoning company. It's a vicious circle - a store can't open until there are employees trained and ready to assist customers, but owners can't pay their staff members until they start making money. How can leaders cope with this situation?Consider paying on commission
While paying employees a base salary is usually required, leaders might want to consider offering their workers commission, at least in the beginning. According to Entrepreneur Magazine, not only can that help lessen the financial burden, but it can be a great incentive for new hires
, which can only benefit business productivity.
Leaders should also consider investing in accounting software to help them figure out what they can and can't afford to pay their workers. This can also narrow down how much each staffer is making from their commissions, which can help show who is going above and beyond and might be considered for a promotion, as well as who might be struggling to fulfill their role.Treat them as an investment
Even if paying based on performance is not possible for some company owners, they should most likely just bear down and hire if they find a worker that has all the qualities and experience needed. Rather than passing on a great opportunity, employees should be regarded as the backbone of the company and seen as the ultimate investment. Entrepreneur said that leaders shouldn't say that they don't have the money to hire when it's necessary, and should instead find a way to make ends meet.
This can also be helped along by making a list of the perfect attributes, experience and tasks that need to be completed by their dream hire. When this person is found, administrators can't afford to pass on the opportunity.