Should An Election Year Affect Your Hiring Decisions?
We live in an age where any mention of politics, elections, or policy change is sure to drum up powerful and sensitive emotions. Regardless of what party you support, it is safe to say that the energy that surrounds an election year can impact people in different ways. But does it, and should it, influence your hiring decisions as a small business owner or entrepreneur?
Small business owners have to pay close attention to politics during an election year. A change in leadership could change the way they run their business and make their money. Most presidential candidates make small businesses a key talking point in their campaign strategy, and each candidate has their own ideas and opinions about how they think they can make it easier for the small business owner to be successful.
Many small business owners wait until after an election to make big decisions for their company. They may wait to hire new employees or implement new policies until they understand how the change (or lack of change) in national leadership will affect them. An election year can be a time of uncertainty for business owners, and many find themselves in a “wait and see” period until after the results of the election.
An election year means possible changes in the minimum wage, employee healthcare, and taxes. It could also mean changes in how hard (or easy) it is to start a small business. If you can successfully start and run a business in a period where many entrepreneurs and business leaders are uncertain about their future and their growth, you can do anything!
So how does an election year impact the way you run your business? It depends. If you are a brand new business that is still it its first year of growth and development, you may want to wait until after this year’s election to make any major business decisions. However, you still have to make acton steps towards growth if you want your business to make it to the end of the year. It is all about balance.
Two of the main ways an election can impact small business is regarding employee healthcare and taxes. If you were thinking about growing your team and hiring new employees, it is essential to take new policies and regulations regarding how much you’ll be paying in taxes and benefits into account. For many small business owners, tax cuts and tax incentives will make the difference between a year of struggle and a year of profit. Some business owners may wait until after the election to see what tax changes are implemented and how it affects how many new hires they can afford.
Should you freeze everything you are doing in your business and wait until after the election to make any movement? No.
Should you tread carefully and make big decisions wisely, especially if you’re a new small business owner? It’s a good idea.
If you need to hire more people because your business is growing, don’t let the uncertainties of an election year stop you. Do what you need to do to run your business and handle the changes when they come.
One way to make smart, calculated, and cost-effective hiring decisions is to hire an Orange County staffing agency. Even during a time when the future of the economy and political climate is unclear, a professional staffing agency can help streamline the hiring process, stay up to date on new employment laws, and find you qualified candidates that will contribute to the growth of your business, no matter who wins the election.