New and growing businesses often need to make crucial hiring decisions. When it comes to hiring, it can seem daunting to determine which option is best for growing your tech team, but your choices will essentially boil down to building an in-house team or outsourcing. Each choice has its advantages and drawbacks, so consider a few things before making any decisions. At Fairway Technologies, we help our clients make informed and confident decisions, so weigh your options carefully before committing.
Costs of In-House Hiring vs. Outsourcing
The first thing you need to determine is your budget for new hires. Investing in an in-house hire may cost more overall due to the large investment of time and money, but there are distinct advantages to hiring an in-house tech team. If you wish to go this route, make sure your current cash flow can sustain the additional permanent hire. Ideally, new talent is going to increase revenue and offer more cash flow flexibility, but you need to err on the side of caution. Hiring an in-house tech professional, only to let them go a few months down the road due to budget issues, isn’t going to help your company’s reputation or attract new talent.
Outsourcing to a technology consultancy can be a viable alternative. However, it’s crucial to find a consultancy that can scale to your needs. As a decision-maker you need to ensure you’re seeing a valuable return on every expense, and outsourcing to a consultancy that doesn’t do what you need or offers non-negotiable service packages probably won’t justify the expense in the long run.
Growing a Company Culture
Another advantage to in-house tech hires is the sense of community that comes with building an internal team. When you make an in-house hire, you’re essentially welcoming someone new into a team, and it will be up to everyone to forge a sense of teamwork and camaraderie. However, hiring someone with all the right skills on paper, but an unwillingness to adapt to your company culture, can lead to friction. Outsourcing can help you secure the talent you need when you aren’t looking for a long-term commitment. Consider what kind of company culture you want to see bloom in your company when choosing between a consultancy and an in-house hire.
Long-Term Business Goals
A business’ needs can change without warning. Rushing to hire a new technology professional may seem like a prudent choice when faced with pressing deadlines or growing workloads, but what happens if the boom in business subsides and you can’t sustain your new hire? It’s essential to consider your growth forecast and long-term goals before committing to a new hire.
An outsourced consultancy can provide assistance and expertise when and where you need it, for only as long as you need it. A good consultancy will scale to your business and offer services tailored to your business model. While they may not physically be in the office every day, there are definite advantages to hiring a software development consultancy.Fairway Technologies offers a Hiring Priority Assessment tool that you can use to gain a better understanding of which option would work best for your company. Take a few moments to complete the assessment and consider your options.