Staffing Model Explained10 minAdd to My Watch List Expand buttonHow much do you plan to spend on your employees and/or contractors—and how do you make that decision? This Microcast provides an overview of your staffing considerations, such as costs, salaries, timing, and business goals. For best results: View the Execution Strategy video first.
The success of your business depends on the people you employ, and preparing to bring the right talent on board just when you need it will be crucial to a successful launch and ongoing growth. The more you know in advance about when you’ll need to hire, for which positions, and at what rate, the better you’ll be able to forecast staffing expenses and put management structures in place to prevent turnover. And developing an accurate model for predicting how much each member of the staff will contribute to income generation helps you create realistic revenue forecasts. In this learning stream, we’ll not only cover how staffing plans interact with the rest of your financial reporting, but we’ll establish guidelines for whether to build staff or hire contractors, how to set pay rates and predict costs of benefits, and calculate the ROI of positions across the organization. Using the accompanying spreadsheet tool, you’ll develop a staffing plan that matches your talent needs with the right personnel at the right time.
You will learn:
- How do I know when to hire for which positions?
- What business milestone affect hiring?
- How long will it take to recruit the right talent?
- When should I make a staff hire, and when should I use contractors?
- What factors affect pay rates and salary standards?
- How much do benefits cost?
- How can I calculate the ROI of different positions?
- What if one position fulfills multiple functions?
- What are legal considerations for hiring?