Hiring vs outsourcing – which is right for me?
Outsourcing pro: focussed specialists Generally, outsourcing companies will have teams specialised in each business function they cover. These teams will be populated with experts who have worked across a wide variety of businesses and will be able to tailor their approach to your business specifically. This is especially useful for areas that you as a business owner may have less experience with and are therefore unable to make an informed decision on a hire or to fulfil a particular function on a one-time project required for business expansion.
Hiring pro: Long-term development If you’re hiring for a project or a particular business development, outsourcing can seem appealing as it allows you to fulfil a project’s needs without committing to that costly full-time hire. However, it is always worth considering what the long-term needs of your business are. If the project will need some maintenance, or you would like to continue to develop a business area long-term, it may be worth hiring someone who can develop alongside the function.
Outsourcing pro: Freeing up your permanent staff That said, if your current staff are currently overrun performing tasks that fall outside of their role’s remit, when they could be fulfilling tasks relevant to their role or developing the business in some way, outsourcing can be a great solution. Plus, outsourcing can be treated on a far more ad-hoc basis than hiring, allowing you to adapt the spend to your business’ current workload.
Hiring pro: Reliability and consistency While it can take time for a hire to get acquainted and settled into a business, the deeper understanding of and relationship to your business means that long term, your business can greatly benefit from making a permanent hire. When you’re looking for sustained growth, having someone engaged day-to-day, with a stake in the business, will be much more invested in their own and the business’ success.
Outsourcing pro: A larger pool of candidates and scalability Perhaps the greatest asset of outsourcing is its scalability and adaptability. Due to the large pool of candidates, different sizes of team with different capacities and specialties, outsourcing means that you can adapt your solution to whatever your business needs are at that moment and change them over time as your needs change. Within hiring, employees and teams can often stagnate, not updating with the times and becoming stuck in their ways. With outsourcing, there is more of a need to compete with other outsourcing businesses and thus they must stay abreast of contemporary developments in their business function. Minc can help your business plan its workforce effectively, establishing what functions may require outsourcing or hiring, or act as an outsourcing provider itself with its financial, marketing, and legal services. Find out more here.