In order to effectively and successfully run your business, you’ll need to understand what basis to hire workers and if you should hire full-time or part-time.
Now, every business is different; what works for one company might be utterly disastrous for the other. With that being said, whether or not part-time or full-time workers are most beneficial for your business will depend upon a variety of factors.
Is your business big or small? Do you need to assign small tasks to workers or is your business reliant upon the completion of larger tasks? What type of business are you running? Does your company struggle with handling short-term projects, long-term projects, or both?
All of the above and more will play a role in determining what type of hire is better for your business. However, first and most importantly, you’ll need to understand the differences between full-time and part-time work.
What is the Difference Between Full-time and Part-time Work?
Comprehending the particulars of full-time work and part-time work is deeply imperative.
In most cases, full-time employees work for a longer number of hours than part-time workers. Likewise, workers who are employed full-time also tend to be eligible for certain benefits, unlike their part-time counterparts. Knowing these differences matters because depending upon the nature of your business, there may be certain legal regulations attached to full-time work and/or part-time work.
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How Many Hours Are Full-time?
More often than not, a 35 to 40 hour work week is viewed as full-time. Many employers are given the right (within certain bounds) to determine whether or not a worker is employed full-time or part-time; however, any established determinations must be in keeping with state and federal laws.
How Many Hours Are Part-time?
Unlike full-time work, part-time work constitutes tasks that require fewer hours and less labor. Part-time employees always work fewer hours than their full-time counterparts; likewise, it is not uncommon for individuals who work part-time to do so in multiple places of employment. For full-time workers, however, it is extremely challenging, if not impractical, to hold two full-time jobs.
Which is More Expensive for Your Business? Full-time or Part-time?
Determining whether part-time or full-time hires are more expensive for your business can be easier said than done. It’s tempting to automatically claim that full-time hires are more expensive due to their higher number of worked hours and the benefits they generally qualify for.
However, in taking into account the cost of hires, it’s also important to compare this with the value these hires bring into your business. Some tasks are better suited for full-time workers, whereas other responsibilities are ideal for part-time employees. In the long run, hiring someone full-time can actually be less costly, due to the value their services bring to your business.
At the end of the day, there’s no one answer regarding whether or not part-time or full-time employees are more expensive; however, the cost vs. value ratio is a healthy guideline for any business to assess when looking to make new hires.
Hiring Freelance Workers
The world is constantly changing, as is the workforce. In order for any business to continue to grow, thrive, and excel, it must keep up with the times.
Over the past several years, there’s been a rise of the gig economy. With the rise of this economy comes a new trend of hiring freelancers. Unlike part-time or full-time employees, freelance workers are independent contractors. Some freelancers complete one-off projects; many freelance workers also work with multiple businesses and on assignments as they become available.
No two businesses have the same needs; however, hiring freelance workers can be worth considering. In many cases, freelancers can be less expensive, yet equally as valuable as part-time and full-time hires, if not moreso. Many freelancers work either by the hour or charge flat rates for their services.
Making the Right Hire(s) for Your Business
Whether you choose to employ workers on a full-time or freelance basis, making the right hire(s) is absolutely imperative.
Assessing the needs of your business is the first step towards determining the proper hire(s). After the needs of the business are determined, additional factors to take into account include the cost vs. value ratio, the dynamics of the business, and relevant workplace laws.
Making the right hire(s) for your business isn’t always easy. At one point or another, you will make mistakes, but that’s OK. Ultimately, the people you hire to work for you — whether part-time, full-time, or freelance — should make your job as a business owner smoother and easier. As your business evolves and grows, your need for different types of hires may change and there’s nothing wrong with that.
Growth and change are inevitable parts of owning a business. In the best of scenarios, each and every person working for you should make your business better, stronger, and more competitive.