Joe Diamond photo

Joe Diamond, CPA, CFP®, EA, MST

 

Diamond Financial Corporation

4256 North Arlington Heights Road, Suite 204

Arlington Heights, IL 60004

 

Phone: 847-884-8500 

 

Email: customerservice@diamondfinancial.com

Website: www.diamondfinancial.com

September/October 2021

Hiring When Your Budget's Tight

Hiring When Your Budgets Tight

If your business’s profits declined during the pandemic you may be looking for ways to build momentum. This may involve hiring new employees. The challenge is to obtain the expertise that your business needs in the most cost-efficient way possible. Hiring an older worker may be the answer.


The Stability Factor
Recruiting, hiring and training new workers is an expensive venture. An older candidate who has already spent many years in the workforce will tend to stay on the job longer than a younger employee whose goal is to follow the money. The experienced employee may be a more cost-effective hire, even though that person may earn a higher salary.


Experience Counts
Knowledge and critical thinking skills gained from many years on the job mean an older hire may need very little training to perform effectively at your business. The person may have had valuable experience working as part of a team and may be willing to mentor younger staff, taking some of the burden off you and other managers and eliminate the need for costly training programs.


Consider Flexibility
With their children grown, older workers may have fewer obligations, enabling them to focus more of their energy on the job. They may welcome flexibile work hours and have the ability to work overtime to finish a project.


Potential Benefits Savings
An older hire may not need health insurance. By hiring someone who is enrolled in Medicare, your business could save money on costly benefits.


The Advantages of Old School
Older workers began their careers before email and text messaging were part of the workplace landscape, so they often have superior communication and people skills and strong professional networks. Their interpersonal skills may help build relationships with customers and vendors that will increase your business's revenue and improve your bottom line.


Need a Part-Timer?
An older worker may welcome the opportunity to work parttime if your current budget won't support a full-time position. In addition to getting an experienced employee, your company will save money on benefits, for which part-time workers typically won't qualify.


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Advisory Services offered through Diamond Financial Corporation, Registered Investment Advisor. Custodial Services provided by TD Ameritrade. Member FINRA/SIPC/MSRB.
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