Last Updated on Feb 28, 2020 by James W
According to trending small business news reported by sources like Business Week and CNBC, you don’t need to have the money to hire someone with an MBA full-time to get that level of ingenuity, expertise and skill set. New services allow everyone from small businesses to large corporations to “rent” MBA graduates for specific projects by the hour or by the short-term project. See how this burgeoning trend can transform your approach to company goals and projects.
Spend a Lot Less
A salaried, full-time employee is a significant commitment for any business, but especially for a small business or a business on a budget. Employees with MBAs expect greater pay than their colleagues without MBAs to match their education. You may not be able to afford hiring one on staff or you may find the perfect candidate has been stolen away by another business because they could pay them more.
When you rent an MBA employee, you’re paying by the hour or by the short-term project. That adds up to significantly less than an annual salary, even if you wind up using the rent-a-MBA service frequently. The employee is there for the duration of their contract and you won’t have to worry about businesses with higher budgets wooing them.
Don’t Worry About Providing Benefits
Small businesses especially feel the budget crunch of employee benefits. You would like to provide employees with excellent insurance, retirement packages and other benefits, but the taxes, fees and contributions your business pays to do so are too much of a strain on your budget. And even if you try to do what you can, if a competitor has better benefits available, you could lose the skilled employees you have.
Like a staffing agency, a rent-an-MBA service is the one responsible for its employees’ paychecks. That means the service is the one in charge of benefits. You hire the service for a flat fee or by-the-hour fee and you never worry about benefits.
Hire the Right Expert
For one project, perhaps you could use an IT expert. For the next project, perhaps a marketing expert could really help your product or service take off. If you have a limited budget, you may be able to hire a limited number of employees with master’s degrees. However, if you hire the marketing employee, you’re paying them throughout the year even when you don’t need marketing expertise — and because of that, you can’t afford the IT expert.
The rent-an-MBA service solves this problem. Hire the IT expert for a few weeks and then use that same money in your budget to hire a marketing expert a few weeks later. Get advanced expertise when you need it and don’t pay a penny more than necessary.
Not every job candidate who looks great on paper proves to be a valuable asset to your company. Sometimes it’s a matter of misrepresentation, but sometimes it’s an issue of whether or not the employee meshes with your business. However, if you go through the trouble of hiring someone with an MBA full-time, it’s a hassle to fire that employee, provide severance and search for their replacement.
Rent someone with an MBAand if it doesn’t work out, talk to their supervisors. They’re happy to swap that employee for another one with similar qualifications for the remainder of your contract.
Start by renting an MBA employee for a short-term project. You’ll spend less money than hiring someone, you won’t have to worry about providing benefits, you’ll be hiring experts that fit the specific project and you won’t have worry about firing someone if they don’t work out, since you can requestan another expert. The beauty of renting an MBA employee is you can give it a trial period and then decide how to use the service in the future.
About the Author:Chandra Johnson is a contributing writer and has been the hiring manager for several small businesses. She recommends if you’re presently seeking an MBA for yourself, to click here for online mba degree information.