You probably think you can’t afford to pay employees any more than you already do. It makes sense on the surface, but digging deeper, you have to ask what you could gain if you paid more and how that might affect your stance.

It is difficult to understand how much money different forms of hiring will truly cost your company. What most people really want to know is whether you should handle it all yourself, or pay someone to manage some or all of your hiring. Many even wonder if they should choose another option entirely, like staffing agencies or on-demand labor.

It’s that time of year when every business that engages in the holiday retail dash is ramping up operations. Everybody is competing to hire hundreds of thousands of seasonal workers to meet holiday demand.

But some parts of the seasonal hiring are way different in 2020. The coronavirus has expanded the timeline for the holiday dash beyond the traditional timeframe. Scaling up to capture your share of the increased demand during this season is a huge boost for many businesses. If you’re hoping to fill higher order volumes in Q4 this year, you likely find yourself asking, “How can I compete in the holiday hiring spree?”

I spent the early part of my career in Corporate Finance for many recognizable names in consumer goods manufacturing, and no matter how sophisticated the financial reporting system was, figuring out what hourly labor truly cost was always quite an exercise. If answering this seemingly simple question is difficult for a large Fortune 100 company to answer, it is not surprising that many of the businesses I talk to on a weekly basis simply are not educated on the true cost of their “$10/HR” labor.