- Commitment: Full-time employees are likely to be more committed to your business.
- Time: Full-time employees can work longer hours.
- Training: Because they are full time, you can offer them training and long-term development.
- Cost: There may be an added cost (up to 20 or 30 percent of salary) for employee benefits.
- Legal issues: Hiring full-time employees opens your business up to many legal issues.
- Cost: Part-time employees cost less since they are typically hourly, not salaried.
- Flexibility: Part-timers often don’t expect to work traditional business hours.
- Commitment: Part-timers maybe less committed to your business than full-timers.
- Time: They lack the time, dedication and know-how your business needs.
- Agency assistance: The temporary agency finds the workers for you and handles all legal, tax and paperwork issues.
- Specialized employees: Temporary agencies offer highly specialized workers, including medical and legal staff, managers and more.
- Flexibility: You can hire temporary workers when you need them and let them go when you don’t.
- Cost: Since they don’t get benefits, temporary employees save you money.
- Reliability: Temporary workers are less reliable and committed than full-time employees.
- No long-term development: You probably won’t want to invest in long term development or training of temps.
- Time: Getting temporary workers up to speed takes time.
- Energy: Interns are typically full of energy, enthusiasm and new ideas.
- Cost: In some states, interns can work for free (in return for college credit).
- Flexibility: Interns can fill your need for evening or weekend employees.
- Possible full-time hire: A good intern can become a full-time hire after graduation.
- Supervision: Interns require lots of supervision and training.
- Restrictions: Depending on their age, there may be restrictions on an intern’s hours or duties.
- Legal issues: State laws regulate minors in the work force.
- Scheduling: Interns may need to fit their work schedules around school.
- Cost: Independent contractors are often less expensive than full-time employees.
- Specialized skills: Independent contractors have specialized skills your staff may lack.
- Speed: An independent contractor can often complete a project faster than a busy employee.
- Flexibility: You can hire contractors on an as-needed basis.
- Communication: Working with someone outside your business can create communication challenges.
- Accountability: A contractor may not deliver, leaving you in the lurch.
- Not sole client: Sometime other clients’ projects may take priority over yours.
- Tax and legal issues: You must make sure your independent contractors meet the proper legal criteria. (www.irs.gov)
- Cost: You save money on office space
- Desirable perk: Remote work can attract top job candidates.
- Specialized skills: Remote workers may have specialized talent not available in your area.
- Productivity: Remote workers tend to work longer hours and be more productive than office employees.
- Accountability/Communication: You need to keep tabs on what remote workers are doing using tools such as instant messaging (IM), collaboration software, videoconferencing or teleconferencing.
- Teamwork: Remote workers sometime feel left out o the office team.
- Legal Issues: A remote worker is subject to the same legal and tax concerns as any employee, which can get complex if you have remote workers in other states.
- Time zones: Dealing with workers in different time zones can be an advantage or a disadvantage.
OUTSIDE RESOURCES: Your business may benefit from outside professional to grow. These include:
- Accountant: Even if you have an in-house accounting team, an outside accountant can advise you on issues such as succession, retirement planning, mergers and acquisitions, and taking on outside investors.
- Attorney: An attorney can help you create and review contracts and documents.
- Consultant: A business consultant can advise you everything from revising your business plan to targeting new markets.
- IT Services: If you don’t have in-house IT, you will need the services of an outside IT provider.
- Coaches: Business or personal coaches can help you attain both personal and business goals.
- Board of Advisors: Creating an informal board of advisors is a great way to get advice and input.
- Mentors: Mentors provide advice, guidance and feedback. You can find a mentor informally through your contacts, or through a formal program.