I Love This Guy, But I Can’t Afford Him

[audio:http://traffic.libsyn.com/hiringtips/I_Love_This_Guy_But_Cant_Afford_Him.mp3]In an earlier tip, “Hiring People You Are Not Able to Afford,” I discussed hiring people on a part-time basis. I also went into using talent companies to make this an easier proposition.

There’s another side to this coin.

What about the person you want to hire because you know they’ll be great for your business?

You know they’re a perfect fit, they’ll get along great with your staff, and they’ll have a direct and positive impact on your bottom line.

We’re not talking about a part-time position here. And we’re not talking about a specialized service (e.g. bookkeeping, computer repair, etc.) that a talent company or temp agency can provide you for 6-10 hours a week.

We’re talking about a full time position that you want on your team for the long haul. Perhaps someone in sales who could bring in substantial new revenue. Or a hair stylist that is known and loved in your area. Or a chiropractor who had a booming business elsewhere but now just wants to do adjustments and leave the business end to someone else.

But, in order to hire this candidate, you have to pay considerably more than you have in the budget.

So what do you do? Do you make the leap and hope it all works out? Or do you practice fiscal conservatism and only hire folks you can afford?

Well, this is clearly not a black and white decision.

You do not want to let a potentially great contributor to your business slip away. But you do not want to break the bank either.

If you have a bit of a gambling streak in you, well, let’s state that a different way: if you’re the adventurous type, go ahead and make the hire. Maybe you dip a bit into reserves to cover the increased pay for a month or two and see how it works out. If you don’t have any reserves, maybe you use a credit card to pull this off. I know, heaven forbid you use a credit card to help you hire a new employee.

A month or two should be enough time to see if you have a really important contributor to your team. And 4-8 weeks’ worth of the extra pay is not the same as 6-12 months’ worth.

If you’re not the adventurous type, then making the hire might be very rough for you. You might even end up sabotaging your new recruit because you’re so fearful of the additional money going out the door. That last sentence might have been a bit harsh, but you understand what I mean.

Look over what you feel you can handle on this and then act accordingly. Make a strong decision one way or the other and then move forward.

As the law varies in each area, please check with an attorney to ensure you are applying these tips within the law.

Our three minute video will help you hire the right people.

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