5 Signs That It’s Time to Hire and Expand Your Team

Is your business feeling the strain? Do you find yourself or someone within your team is wearing too many hats or feeling just a little bit overwhelmed? It might be time to consider expanding your team – But we know hiring new talent isn’t as easy as it may seem and we can see how businesses have been struggling; A survey recent survey done by Indeed revealed that 74% of UK businesses feel hiring has become harder over the past 5 years.

But nevertheless, as much as growing your business may be challenging, it’s also extremely exciting! Knowing when to bring on additional talent is crucial for sustained success.

Here are FIVE key indicators that suggest it’s time to expand your team:

1. You’re Turning Down NEW Amazing Opportunities

If you find yourself consistently passing on potentially profitable clients or projects due to lack of capacity, it’s a clear sign that your team needs reinforcement. In the Financial Services sector, missed opportunities can translate to significant revenue loss, or even just a missed chance to grow your business, build new relationships, and enhance your market reputation.

Moreover, consistently declining new business can tarnish your brand image. Prospective clients may perceive your company as either too small to handle their needs or not interested in growth…

2. Compliance and Risk Management Are Suffering

In the Financial Services industry, maintaining stringent compliance with regulatory requirements is not just a matter of best practice – it’s a necessity. Businesses are subjected to complex and evolving regulations designed to protect consumers, ensure market integrity, and manage systemic risks. When compliance and risk management start to falter, it is often a clear sign that your current team is overstretched. Bringing in additional expertise can help ensure regulatory requirements are met and risks are properly managed, protecting your firm’s reputation and avoiding potential penalties.

3. Client Satisfaction Is Declining

In any industry, client relationships are paramount, not just Financial Services. If you’re receiving more complaints, missing deadlines, or noticing a drop in client retention rates, it could be a sign that your team is stretched a little too thin. An increase in client complaints about service quality, communication delays, or unmet expectations can damage your reputation and lead to lost business. Consistently missing project deadlines and decreased responsiveness to client inquiries further erode trust and satisfaction. Expanding your workforce can alleviate these pressures, allowing for more evenly distributed tasks, improved attention to detail, and quicker response times, ultimately improving client satisfaction and ensuring the continued growth and success of your business.

4. Your Team Is Constantly Working Overtime

While occasional overtime is normal in most businesses, if your team is consistently working long hours just to keep up with daily tasks, it’s time to consider hiring. Chronic overwork can lead to workplace burnout, decreased productivity, and higher turnover rates. Adding new team members can help distribute the workload more evenly and improve work-life balance for your existing staff.

5. You Lack Specialised Skills for New Market Trends

The world of Financial Services is a dynamic landscape characterised by rapid technological advancements, innovative products, and evolving regulatory frameworks. To stay competitive and relevant, firms must possess a deep understanding of these changes and the ability to adapt swiftly. If your team lacks the specialised skills to navigate this complex environment, it’s a clear indication that new talent is needed. By bringing in individuals with expertise in areas such as fintech, data analytics, cybersecurity, or regulatory compliance, you can equip your firm to capitalize on emerging opportunities and mitigate risks.

You Need Specialised Talent Quickly and Efficiently

We’ve asked our MD Rosa Hilmi to shed light on what she’s seeing within businesses:

“At Stellar Select, we often hear from clients who are so busy with their day-to-day operations that they struggle to find time to interview candidates. Budget constraints also make it challenging to seek external help. Additionally, there’s a growing concern over losing valuable talent to competitors, and employees are frustrated with the reduced flexibility in remote working compared to what they experienced during the pandemic.

When clients face a ‘bottleneck’ due to being short-staffed, it impacts their entire team, stretching them thin and leaving managers with little time to review CVs or conduct interviews. Business growth or the introduction of new products and services often necessitates team expansion, especially when new lending is up or business volumes increase.

Moreover, workplace culture and morale can suffer when staff feel overworked and less supported, particularly when there’s a disparity in flexibility between senior leaders and other employees. Clients frequently seek niche candidates with specific expertise, such as those with a background in Bridging Lending – However, challenges also arise from geographic constraints, where commuting infrastructure or interest in travelling to certain locations is limited.

Identifying the right moment to expand the workforce is crucial. It helps alleviate these pressures, supports continued growth, and ensures the team remains motivated and efficient.”

Recruiting even a single employee necessitates a thoughtful strategy.

Engage with a proficient recruiter to perform a comprehensive skills evaluation and identify the optimal mix of permanent talent. These individuals should contribute new skills and perspectives to your team.

By thoughtfully incorporating individuals with varied expertise, insights, and a drive for innovation, you will cultivate an organisation ready to grow. This approach promotes new, efficient working methods and propels your business towards sustained success.