Hiring and Managing Employees
Celebrate with us during our weeklong BuildMyBiz grand opening event! Visit our grand opening page for exclusive discounts and savings, and stop in each day this week to learn about important business topics that can help you start, build, and manage your business.
We’ve covered a lot of ground in the past week, so if you’ve missed anything, make sure to check out our discussions on starting a business, tax obligations, business insurance, and developing and selling your products.
When you’ve determined that you need to hire employees, it can mean a few things:
You have so much business that you need more hands on deck.
You will continually have funds available to pay future employees.
If these statements apply to you, then congrats! You’re well on your way toward building up your business. However, you have a lot of work to do before welcoming them aboard. First, discover the eight critical areas for small-business success. Business owners who are aware of these important business components will be ahead of the competition in securing and keeping the best talent. Next, consider these steps for preparing yourself and your business:
Do your homework.
Payroll and payroll-related obligations can quickly get confusing, so brush up on the basics of worker classification, taxes, new hire reporting, and more with our crash course on payroll.
Be aware of the regulatory landscape.
Businesses are currently facing an incredibly active period of change concerning federal and local regulations, as Mike Trabold, Senior Compliance Manager at Paychex, explains in the BuildMyBiz Podcast Series. As a business owner, it’s important to stay current on legislation that can directly impact your organization.
Have a game plan for recruiting and tracking applicants.
We recommend using a streamlined recruiting and applicant tracking process that will help reduce turnover and lower your cost per hire. With more efficient processes in place, you can also use your time wisely to find the most qualified candidates for the job. Why not make things easier for yourself?
Consider the (health) benefits.
A golden-ticket benefit you can offer employees is health insurance. 74 percent of employees consider it a reason to remain loyal to their company (MetLife®, Ninth Annual Study of Employee Benefits Trends, 2011). Small businesses often think that they can’t afford it, but there are many health insurance options for businesses that include affordable group plans, even for businesses with just one employee. There are perks for you too, so learn how best to navigate your options so that both you and your employees can reap the benefits.
You can also help employees pay for health care in the form of POPs, FSAs, HSAs, and HRAs. Besides making health insurance more affordable, consumer-driven health plans offer tax benefits to both the employer and the employees.
Consider the (retirement) benefits.
Employees of any age want to plan for their future and work toward retirement savings goals. As an employer, you probably share similar sentiments. Consider offering a 401(k) plan that suits your business and employees’ needs.
Prepare as much for their first day as they will.
From the moment new employees step through the door, it’s important to welcome them with enthusiasm and plenty of information. It’s all part of giving them a positive onboarding experience that boosts employee morale from the get-go.
There’s room for improvement.
Employers need to prepare to keep productivity at the forefront and get employees performing their best day in and day out. Companies with engaged employees improve operating income by 19 percent, and employee loyalty equates to an estimated 11 percent boost in productivity. Do your business a favor and help employees step up their game!
Understand the state of small business.
Before and after hiring employees, entrepreneurs and business owners need to understand how businesses are faring in the current economic climate. Because when small businesses perform well as a whole, the economy tends to better support the hiring of new employees.
Listen to The State of Small Business with Paychex and Biz2Credit on the BuildMyBiz Podcast Series, which confirms that trends in small businesses (employee count, wages, benefits, number of startups vs. failures, etc.) are looking up. These factors are critical for you as a small business owner, as well as the economy as a whole.
Let’s Hear from You
What are the most important benefits you can provide current or future employees? To what degree do you believe benefits help retain top employees?
How do you value employee benefits differently as an employer vs. as an employee?
As a business owner, how do you stay on top of ongoing employment regulations?
What role do you think small businesses will play in the recovery of the U.S. economy?
Help us close out our grand opening week of conversations over on Facebook and Twitter, and let us know what you think!
Thank You!
Thanks for participating in the BuildMyBiz grand opening event. Our featured partner discounts continue as we wind down the party over here, so make sure to visit our grand opening page to take advantage of these offers. And if you haven’t yet signed up for an account, become a builder now to access our full resource library for entrepreneurs and business owners. We look forward to building with you!
