Podcast

Employees and benefits

Season 47 - Episode 4 | Featuring Candy Phelps

December 23, 2022

Employees and benefits
📈 Candy explores hiring and compensating employees.

It’s all over the news; countries are entering or on the brink of recession. We’ve teamed up with Candy Phelps to explore essential financial skills freelancers and agency owners should flex during these times.

In this episode, we discuss hiring, including when to hire, alternatives to full-time hiring, and preparing ahead to avoid stress.

Questions asked:

  • How do you know when you are ready for your first employee?
  • What are the alternatives to hiring your first employee?
  • What should you do before you hire?
  • How much employees actually cost?
  • How to hire good employees / hiring in this economy?

Lee’s takeaways

During the course of interviewing Candy, here are some of my key takeaways:

  • The first sign that a business owner is ready for their first employee is when they are overwhelmed and unable to handle the workload alone.
  • It is advisable to have at least some money in the bank or a large project booked before considering hiring an employee.
  • Onboarding a new employee typically takes three to six months, depending on their level of experience in the industry.
  • Alternatives to hiring a full-time employee include hiring a contractor or outsourcing certain tasks.
  • It is important to plan ahead and avoid hiring out of desperation.
  • Hiring family members as the first employees can be a difficult situation if things do not work out.

Connect with Candy

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