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Typically, the first few people who join your start-up company will end up being partners or something very close to them. It takes a while before you get to the stage where you’re hiring rank and file employees. Of course, in the interim, you might be more likely to hire an independent contractor or freelancer for non-executive labor. One in ten workers in the US is an independent contractor now, according to the US labor department.
Getting ready to add to your staff
As a small business, you can’t afford to make many mistakes at this juncture. Here’s a quick checklist of things to take into consideration:
How much can you spend on compensation, and is it a competitive wage?How do you propose to train them so they enter their productive phase as soon as possible?Do you have measures in place for assessing qualifications, such as running a background check?What perks or packages can you also offer?Are you prepared to take on all the legal obligations of becoming an employer?
Compensation is a tricky number to arrive at. Today’s job market is highly competitive, with unemployment holding at 3.5%. It’s the worker’s call since most qualified candidates have multiple employers to choose from. On top of that, it takes a special person to look at your garage-sized company and decide to hitch their future to your business. You should try to impart your business vision and why you’re destined for success.
The low unemployment factor means that you also have to think beyond a mere paycheck for compensation. For permanent, full-time employment, you’ll have to think about health care, 401K, family leave, and much more. This list offers some ideas to make your company more attractive to job-seekers.
Testing yourself out like a boss
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Pick up tips on how to generate more money. An extra job, work from home and create numerous passive income streams that produce enough money. Get your side hustle on.
