As you embark on the exciting journey of growing your business, it's time to start hiring your first employees to enhance productivity and propel your company toward success. Bringing on your first team members is a significant milestone for any business. But the actual cost of hiring can be much more than you might expect, including recruiting fees, new employee training, and payroll taxes. According to a Society for Human Resource Management study, the total costs of bringing on one employee can reach $4,129.
You must pay your team members what they deserve, but it's also critical to consider the realities of running a small business. Providing wages that align with the financial needs of 21st-century living can help your employees and their families thrive.
Additionally, you'll need to set up records for withholding taxes and file payroll tax reports for your new hires. This can be done by yourself or with the assistance of an accountant. Many businesses use a payroll service, which can streamline the process and help you stay compliant. Some services offer benefits like health insurance and workers' compensation. They can also care for your filings, saving you time and money.
Employee benefits and perks are critical factors in your recruitment and retention strategy. They can help you stand out from your competitors by providing a package of non-cash compensation that supports your employees' well-being, financial security, and work-life balance.
While some benefits are expected of companies (like healthcare coverage), others can add a unique touch to your company culture, such as free on-site fitness classes or pet-friendly workplaces. You should also carefully consider your budget when choosing a mix of benefits and perks to offer. More high-cost options can help your small business's finances.
For example, offering paid time off helps employees take a much-needed break when needed. This is one of the most popular employee benefits that can help boost morale and reduce stress, especially for new hires working hard to get up to speed. Other benefits that make your organization attractive to potential applicants include professional development stipends and educational reimbursements. And, of course, offering a variety of insurance plans, including medical, dental, and vision, can be an essential way to show that you care about your employees' health.
New employees must receive adequate training to feel comfortable and successful. This can be done through online courses, shadowing more experienced team members, and other methods. Having a clear training plan and checking in regularly is essential to see how the employee is progressing.
It can be easy for a new employee to get overwhelmed with all the information they need to learn. Spreading the training throughout the first month is essential to help them absorb it all. Taking frequent breaks helps them focus better and retain the information longer.
Making the new employees feel valued from the start is also essential. Whether with a welcome card, gift, or team lunch, this can help them feel engaged and motivated to complete the training. It can also boost employee loyalty, essential for a company's success.
Workplace flexibility empowers employees to align their work with personal goals and needs, fostering a healthy work-life balance. It's also a top candidate priority for job seekers.
Yet, many leaders need help to make flexible working a core part of their company culture and operations. They tend to oversimplify the task by viewing it as a simple matter of sharing online tool kits, surveying employees' preferences, purchasing self-scheduling software, and adding remote working options to base salaries.
However, making workplace flexibility a reality requires far more than that. Leaders must build a culture of trust that enables people to manage their time effectively without excessive micromanagement. They must create clear performance expectations and provide employees with the tools to meet those objectives, from setting up dedicated home workspaces to encouraging breaks and downtime during the workday to avoid burnout. They must communicate their organization's commitment to flexibility with clients, ensuring they understand the policy's limits and are willing to compromise when needed. By embracing these challenges, leaders can build an agile company that's prepared to react quickly to shifts in the market and capitalize on opportunities as they arise.
The first days in a new job can be intimidating. It is essential to give new hires the support they need to feel comfortable and connected to their team and the company.
Consider starting the onboarding process 1–2 weeks before your new hire's first day to prepare documents, order equipment, and set up systems. Schedule a welcome chat with them to introduce yourself and answer any questions they may have. Whether working remotely or in-office, have someone ready to tour the facility and introduce them to their coworkers.
Ensure your new hires can easily find their team members by providing them with a directory, a facility map, and any other information they might need. It's also a good idea to pair them with a buddy who can help them assimilate and serve as a point of contact for any questions or concerns they have throughout their first week and beyond. This is especially important if you have a large number of remote employees.