Preparing for Hiring in the First Quarter
Get set for Quarter 1 of 2024, just a few weeks away! Time to think about hiring plans early. The anticipation of a fresh start prompts many jobseekers to actively pursue new career opportunities.
It’s a well-known trend that job opportunities typically peak after the holidays as people reestablish their routines and settle into the possibilities that the new year brings. This article will provide tips for how to prepare to hire along with a few advantages for hiring in Q1.
Preparing for Hiring in Q1
Determine Hiring Needs
Take a moment to evaluate the existing gaps and workload within your current workforce. Consider whether there is a need to bring in someone to address a specific role that is currently unfulfilled or if the workload requires an additional team member. When considering the addition of a new team member, it is essential to identify the desired skills, abilities, and experience necessary for the role, along with establishing the minimum required experience for success in the position.
Review Materials
The start of the year presents an ideal opportunity to meticulously review hiring documents, guaranteeing accuracy and currency. Key items for consideration include job descriptions, as well as onboarding and training materials. As roles naturally evolve, certain information may become obsolete, or new tasks may have been integrated. Therefore, it is crucial to update these materials to accurately reflect any changes. Simultaneously, take advantage of this period to scrutinize the advertisement intended for the open position. Confirm its accuracy and ensure it remains captivating to both readers and your target audience.
What is your budget?
Having identified your hiring requirements and the number of recruits needed, it's time to establish your budget. Consider your current resources and any external services required. Determine the salary range you're willing to offer for the role, setting both a minimum and, more importantly, a maximum budget. Additionally, don't overlook the importance of setting a comprehensive cost-to-hire budget, covering expenses such as advertising, background checks, necessary equipment for the new employee, and the salaries of the hiring team, including those responsible for training.
Set a Plan and Expectations
Formulating a comprehensive hiring plan and establishing clear expectations with your hiring managers is essential for the success of the hiring and training process.
Items that should be reviewed:
Determine the hiring deadline.
Outlining the screening process and who is responsible.
Specify the individual(s) in charge of conducting interviews and making hiring decisions.
Define the onboarding and training plan, along with identifying the facilitator.
Identify the initial priorities for the new employee’s training, and beyond.
Advantages to Hiring in Q1
Ample Onboarding and Training Time
The initial stages of the hiring process are crucial for integrating new team members seamlessly. One advantage of hiring in Q1 is organizations have more time to dedicate to training and onboarding employees. By investing in training and development, you are setting the stage for increased productivity throughout the year.
New Beginnings
The onset of a new year often signifies fresh starts and clean slates for individuals. Hiring after the new year welcomes new employes when they may be in their sharpest mental state. By the time Q1 rolls around, people have had a chance to take time off, enjoy the holidays and be ready to start the new year off strong.
Budget Reset
If your fiscal calendar aligns with the calendar year, hiring in Q1 means you will have a new budget to work with. This is an advantage because dollars may not be a concern for new hires. There is potentially more room for negotiating with rockstar candidates or maybe you can hire multiple people at once.
Less Bonus Hurdles
A lot of companies offer some sort of year-end bonuses that candidates work towards throughout the year. When hiring in Q4, you might notice more rejections due to people wanting to wait until January to receive this bonus. One of the advantages of hiring in Q1 is that candidates likely already have their bonuses, making them more open and ready to explore new opportunities without being hindered by bonus-related considerations.
Elevated Engagement
With all the holidays and time off, projects typically start to slow down in quarter 4. Many organizations will use Q4 as a time to prepare and set goals and projects for Q1. When Q1 comes around, people will be ready to hit the ground running and start new projects. This is a great opportunity for new hires, as they can join an organization at the onset of fresh projects, contributing with heightened motivation.
If you need help with your Q1 2024 hiring goals, Skywalk Group is here to help! Contact us today to talk about our RPO Solution, OnRecruit® that has been proven to lower hiring costs and fill open roles in less time.
By: Sami Sandecki & Loni Lerum