When you hire employees, you not only want to fill the roles you have going, but also pick from the best candidates out there. Knowing how to hire well is a process which involves more than just knowing how to interview the right way. Getting the right people can take time, and it pays to be selective with who you welcome into your business. One way you can maximise your chances of hiring the right person is to search at the right time of year. Hiring at the right time can have all sorts of benefits. In this article, we’ll discuss the best time of year to make new hires.
Start of the year
Studies have found that there is a spike in hiring throughout the months of January and February. This is because companies have had the time needed over the new year break to recalibrate for the coming year. What often coincides with this is the need for new staff. This may also be because employees see the end of the calendar year as an opportunity to revise their goals and ambitions. This may mean taking the next step in their career or moving on to a new job.
Often, in the southern hemisphere, people will utilise long service or accrued leave to take an extended break over Christmas. It may be that they see it as an opportunity to tack that leave onto the end of a notice period and receive any extra entitlements. This means there is a need for recruiters to start the application process from November and December. Whilst they are not necessarily hiring in those months, it sets businesses up for the fulfilment of those positions come January.
Conversely, it could be said that people do much the same thing to avoid the Australian winter in order to go travelling abroad through the months of July and August. This coincides with end of financial year shifts in the employment landscape.
End of financial year
Revised budgets and a clean financial slate can serve as a good opportunity to revise employment structures. This can depend on your business, but the mentality of people in this time can be similar to that of the new calendar year. Whilst you may not necessarily hire at this time of year, after reflecting on new budgets, you can see how your business is going to fare over the coming months. This may inform the types of employment decisions you make in that interim period.
In many respects, this question is industry specific. The context of your company’s needs and the industry you are in is also likely to determine when is best to hire new employees. Many professions are quite seasonal, and are governed by the consumer and company needs. For example, accounting tends to gear up around tax time, and the retail trade tends to ramp around at peak holiday periods like Christmas. With the requisite experience you have in your respective field, you are the best judge as to when this is. Remember, despite the start of the year as being prime time for people in search of new work opportunities, the reality is that there are always people looking for work and new roles to fill.
Things to be mindful of
It is important to remember that irrespective of when you hire new staff, the relevant employment laws always apply. It is best practice to familiarise yourself with the relevant awards in your industry, and with any employee entitlements that coincide with these. Additionally, making sure the Employment Agreement is thorough and well put together is also integral to the process. Seeking the help of a contract lawyer in this process is always recommended.
As you can see, there is no precise answer to this question. The best time of year to hire employees can depend on a number of factors. Much of these decisions rests on your own personal circumstances. The needs of your business and the relevant industry will determine how best to approach this problem. In reality, there is no bad time to hire per se. However, some times prove more fruitful than others. The key is to think about these things carefully, and use any lead time to your advantage. Planning ahead and putting the appropriate amount of thought into these plans is vital to the success of your business. It can be helpful to seek the advice of an employment lawyer throughout the recruitment process.