Gauging the Market: Hiring a New Employee

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How to hire a new employee and ensure you make the right decision by gauging the market; get expert tips and advice on hiring practices in this free instructional video.

Part of the Video Series: How to Hire a New Employee
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Video Transcript

Hi! I’m Tina Buechler from Business Growth Training, I’m here today to talk about tips and techniques for hiring a new employee. In this clip I’m going to talk about gaging the market, what I mean by that is if you have decided that you’re going to hire somebody and you’ve determined your job descriptions specifically what you’re going to hire you need to figure out what you’re going to pay this person, you need to gage the market and to look more than just specifically in terms of salary, you need to look in terms of what it is that your company has to offer, what it is the market offers so that you can look at how to come up with a package that will entice good applicants. Hiring and training new employees takes a great deal of time and a great deal of money you want to be able to do it right and when you’ve determined to hire somebody you want to keep that person long term. So, things to look for in the market is based on your job description what is the expected salary rate? And if you go on line there’s several good websites that have salary ranges that you can find out information like that. Are you going to be offering benefits? Are you going to be offering a flexible work schedule? These kinds of things can offset the amount you actually pay in salary. The other thing to consider is might you want to out source part of this and if you can out source the part of this job maybe that can reduce the amount of hours that’s required so you can look at some part-time employees vs. full-time employees. You need to look into the market to determine what are other companies offering? You want to be an employer of choice and in order to be that you need to figure out how you are in the competitiveness in the market, so are you competitive in all areas? So primarily first of all after you’ve developed your job description you need to figure out how are you going to compete in the market so that you can get good applicants for this position, gaged wages, gaged benefits, hours and all the many different things an employee would look for when determining they’re willing to apply for a position.

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