People Management & HR

The Ultimate Guide: 5 Proven Ways to Identify Your Hiring Needs

Setting the stage for a targeted and effective recruitment process.

  • 4 min Read
  • December 4, 2023

Author

Escalon

Table of Contents

Statistics from the Society for Human Resource Management reveal the average price per hire is approximately $4,700. Besides, according to the US Department of Labor, a bad hire can cost at least 30% of the employee’s first-year earnings. For a small company, investing in a misfit threatens the business as a bad hire costs more than you think. 

How can you ensure you hire a suitable person for the organization?

The first and most necessary step is understanding what you and your company need. Clarity in the employee’s tasks simplifies the entire process and helps you find the right fit quickly and efficiently.

Schedule a call today

Here’s a 6-point checklist to help you identify your hiring needs.

1. Carry out a thorough requirements analysis


Be analytical and unbiased when working through your expectations from a new hire. The best way to do that is to create an in-depth summary of what you are looking for in a candidate. So ensure to: 

  • Define the educational qualification, background, and experience of desirable candidates. 
  • Put together the necessary hard skills and soft skills. 
  • List out the role and responsibilities associated with the position. 
  • Establish a clear distinction between desirable skills and must-haves to properly inform job seekers and help your recruiters focus on what matters the most.

2. Develop the JD


The next step is defining the job role with all the details. In this regard, ensure the following:

  • The job description has a clearly defined job title, an overview, key responsibilities, daily tasks, and a brief mention of how the job fits within the overall business operation.
  • The JD clearly outlines essential, preferred, and desirable attributes, leaving no room for assumptions or ambiguity.
  • Provide the ballpark salary range you are willing to provide for a specific job and the benefits your company offers.
Talk to us about how Escalon’s PeopleOps can help you build an effective HR team.

3. Dig deeper into salary


This step involves gathering insights from the market and industry trends and knowing candidates’ expectations regarding pay packages. Ensure that your compensation to a new hire aligns with their experience and skill sets and is competitive with industry standards.

Yet, it must also be within your budget, which is where careful financial planning on the employer’s part becomes crucial.

4. Evaluate your existing workforce for skills


Take stock of what your existing team is skilled at, their expertise, and the areas that will benefit from new skills.

Once you identify areas requiring new skills, prioritize roles for recruitment to fill crucial gaps. Focus on finding individuals who can contribute to places where your business could benefit from more expertise.

5. Categorize short-term and long-term hiring goals


Sort roles based on your business needs. If you are looking for talent to fill positions arising from time-bound projects, classify them as short-term hires and use different strategies to build that team. Contractual hires or freelancers could also be good for roles requiring minimal oversight.

6. Finalize the details of your offer


The final step in evaluating your hiring needs is finalizing the details of your offer. Before you begin posting your vacancy on job portals and social media, this is crucial. So make sure to:

  • Make your job offer enticing by adding factors beyond salary, such as company culture, team activities, and additional benefits. 
  • Gather feedback from recent hires, identify areas for improvement, and adapt to new recruitment trends to streamline the hiring process further.

The final word


Hiring requires some enthusiasm and commitment. More importantly, it requires careful planning and seeing the bigger picture. Remember to always start from scratch. In this case – start your recruitment process by identifying a hiring need.

Schedule a call today

Want to know more about setting up the perfect HR processes? In addition to HR, benefits, recruiting, and payroll through its PeopleOps, Escalon’s Essential Business Services include FinOps (CFO services, taxes, bookkeeping, and accounting) and Risk (business insurance). Talk to an expert today.

This material has been prepared for informational purposes only. Escalon and its affiliates are not providing tax, legal or accounting advice in this article. If you would like to engage with Escalon, please contact us here.

Talk to our team today to learn how Escalon can help take your company to the next level.

  • Expertise you can trust

    Our team is made up of seasoned professionals who bring years of industry experience to the table. You gain a trusted advisor who understands your business inside out.

  • Quality and consistency

    Say goodbye to the hassles of hiring, training and managing in-house finance teams. You will never have to worry about unexpected leave of absence or retraining new employees.

  • Scalability and Flexibility

    Whether you’re a small business or a global powerhouse, our solutions scale with your needs. We eliminate inefficiencies, reduce costs and help you focus on growing your business.

Contact Us Today!

Tap into the latest insights from experts in your industry

Accounting & Finance

Common Accounting Mistakes That Cost Medium-Sized Businesses Millions 

Accurate accounting is the bedrock of any successful business operation. Yet, medium-sized businesses—those that have grown beyond the small-business stage...

Read More
Taxes

1099 vs. W-2: How to Ensure Compliance and Reduce Risk 

Distinguishing between independent contractors (1099) and employees (W-2) is a pivotal compliance matter for U.S. businesses. Misclassification can result in...

Read More
Accounting & Finance

Capital Raising in Spring: How to Position Your Startup for Investor Interest

Spring symbolizes renewal, making it an apt metaphor for startups aiming to secure fresh capital to fuel their next growth...

Read More
uncategorized

Spring Clean Your Payroll: Essential HR Best Practices for Scaling Startups

Payroll is more than just issuing paychecks—it’s a complex, high-stakes process that can significantly impact employee satisfaction, legal compliance, and...

Read More
Accounting & Finance

How to Leverage Q2 Financial Data to Drive Startup Growth in the Second Half of the Year

For startups seeking sustainable growth, every quarter provides a treasure trove of data—but Q2 data can be particularly revealing. By...

Read More
Accounting & Finance

Q2 Business Planning: Adjusting Your Financial Strategy for the Rest of the Year

By the time Q2 rolls around, many startups have a clearer picture of their performance and market positioning compared to...

Read More
People Management & HR

5 Key HR Challenges to Address Before Summer to Keep Your Team Engaged

For many startups, the summer months can be a dual-edged sword. On one hand, warmer weather and looming vacations can...

Read More
Taxes

How to Maximize Your Tax Deductions: Essential Tips for Startups in Q2

Tax season often triggers stress and complexity—especially for startups laser-focused on building products, acquiring customers, and scaling operations. Yet savvy...

Read More
Startups

Mid-Year Financial Checkup: How to Assess and Adjust Your Startup’s Budget 

The halfway mark of any given year is more than just a date on the calendar; it’s a valuable checkpoint...

Read More