Before you hire more full-time workers, consider hiring part-time employees at “peak time” wages. It’s an alternative that can save you money and actually increase productivity. The key to this strategy is to determine exactly when you need more employees. Then pay part-timers a premium to work just during those hours.
For example, your shipping department may appear understaffed, but when you look into the situation, you discover that there’s a flood of outgoing orders on Friday. Instead of hiring more full-time shippers at $14.00 an hour, hire part-timers at higher wages – perhaps $16.00 an hour – but just to work on Friday. The premium peak time wage will attract better workers than you could get for $14.00 an hour and you won’t have to pay for many of the benefits that full time employees get.
There are other advantages to peak time pay. Some companies that use it have been able to reduce the number of full-time employees because many workers decide to switch to part-time at peak time wages. In addition, you’ll be able to develop a pool of part-time workers who you can call on when you need them. And part-timers who usually job hop won’t do so because peak time wages are attractively high. You might lower certain overhead costs, too.
For peak time pay to work, it’s essential to make a detailed analysis of when peak workload periods actually occur.