NEW YORK (TheStreet) -- If your business is on solid ground and you can afford it, now is an excellent time to hire, Industry experts say."Because labor costs are down and because there are a lot of unemployed people, the quality of applicants is better," says Bill Dunkelberg, chief economist for the National Federation of Independent Business and an economics professor at Temple University. "The question you have to answer is: If I pay these people, will they bring in enough extra revenue to cover their costs?"
"One of the big issues is capital, and one of the things that we're seeing is a slight sign of
pickup in the capital markets," Brogan says. "More small businesses reported being able to obtain adequate financing than they had in the last two years. The fact that credit markets are thawing is a good sign -- people will be able to finance those kinds of goals." Other things to take into account include costs for additional benefits, not only for the short term but several years down the road and, most importantly, whether adding staff will change a business' regulatory guidelines.
Firms with more than 50 workers are subject to different regulations. "The majority of our small businesses are under 20 employees, but for the larger folks it is a concern," Brogan notes. "It can be a disincentive for growth." For business owners not ready to commit, they should consider hiring a temporary or part-time worker, which allows them make sure a worker is the right fit without having to pay full-time wages and other benefits, says Rob Wilson, president of human resources outsourcing firm Employco USA and a small-business expert, in an email. Once a business owner decides to hire, social media can play an effective and efficient way to post job openings, says Neil Costa, founder and managing director of HireClix, a recruitment firm that caters to small and midsize firms in Gloucester, Mass. Costa, who worked at job site Monster.com until April but decided to set out on his own, says small-business owners should avoid posting jobs on general job boards because they will get lost among the larger companies posting there. He suggests using websites such as Craigslist and those that deal specifically with start-ups, including StartUpHire. He also suggests using YouTube videos to show what a job entails. The video can encourage those fit for the position to apply and to deter those who may not be a fit. Video will play an increasing role in job fulfillment, Costa says. "It's cost effective and shouldn't be overproduced," Costa says. "It's something that's visual and more people will connect with that." -- Written by Laurie Kulikowski in New York. To contact the writer of this article, click here: Laurie Kulikowski. To submit a news tip, send an email to: email@example.com.