Human Resource Planning Templates Page 10
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34Module 1 - p 9
Step 3: Determine the Feasibility of Hiring
Before you hire, you must understand (1) the costs of hiring, (2)
the benefits of hiring, and (3) the risks of not hiring.
(1) When calculating the full cost of hiring a new employee you must
consider:
Labour costs, such as salary and benefits
Recruiting costs, which may include advertising in
addition to time spent on recruiting activities,
orientation and training.
(2) Weigh the costs of hiring against the value of having an employee
contributing to the business. Potential benefits include:
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Improved morale of other employees, if a departing
employee was a problem or if the area has been
understaffed for some time
Improved morale of existing staff if the growth
means new business and opportunities
Improved productivity if a departing employee was
not productive or if employees believed that you
have made the decision to hire as a result of their
input
Increased revenues once a new employee is
performing at an acceptable level
A new employee who is more qualified than current
employees can help train the existing employees
Increased customer satisfaction and potentially
saved business
(3) Some of the potential risks associated with choosing not to hire
despite the need for additional staff include:
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Hiring, Managing and Keeping the Best, 18.
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Hiring, Managing and Keeping the Best, 18.
Managing Your Human Assets
Module 1: Human Resource Planning
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