Knowing when to hire talent is a pivotal discernment for your business. To not only measure when it is financially viable, but also recognize when quality talent is on the market, takes a notable amount of preparation and insight. AAFA looks at how to know when is the right time to hire, and when the best time to search for candidates is.
When looking to bring on a new employee, it is important to have a good grasp of your resources. Hiring too early could put you at risk of overextending your business. While hiring too late could mean that your employees are overworked and will be missed.
Forming a clear plan can help make this decision easier. Are you projected to continue growing? Then you will probably need more help and have the resources to hire some. Inspect your financial health and forecast if your company can support more staff. Another factor to consider before hiring is employee capacity. You should be efficiently using the talent you already have before finding more. Knowing your company, and knowing what is best for them moving forward, informs you when it’s the right time to hire.
Candidate pools often fluctuate throughout the year. Therefore, making sure you know when your job posting will get the most traction is critical. It is generally accepted that the peak hiring season is January and February, as this is when companies have gotten their year-end numbers and finished financial forecasting. From the hiring side, many candidates are looking for a change of scenery at this time of the year. If you are looking to fill high-level positions with quality talent, this could be the best time to do it. Of course, there is a lot of competition at this time, as other companies will be doing the same thing.
If your company wants to avoid the traffic of the busy months, looking at hiring nearer to the end of the year (considered among the slowest hiring times) is beneficial. While there may be fewer candidates actively looking for jobs, this could serve as a good time to target passive candidates who are employed but seeking new opportunities.
Advice can only go so far, No matter what time of year your company’s needs should drive hiring. Making sure you have the talent to be successful should always be the main goal, and one way to make your search simpler is to use recruiters. AAFA has an extensive network of local, high-quality finance and accounting staffing firms that are ready to help. Find the AAFA affiliate nearest you and contact them for support on your next job posting.