A Quick Guide on What to do Before Hiring Your First Employees
When you constantly feel the need to get help in running your business operation, that is when you know you need to bring in your first employees. Bringing in new individuals in the picture comes with its own risks and you must safeguard yourself and your business from all possible risks. Here are the five things you must do before hiring employees for your business.
First, you shall register your business. Registering your business is in accordance with the law and will facilitate the compliance with other requirements like tax, social security and so on. It is a great foundation that will give your company stability as it grows.
Next, you must take business insurance covers for your company. There are many insurance policies that your business needs to have, but you must include general liability, professional insurance and workers compensation covers in your insurance plan. The workers compensation cover takes care of medical bills and lost wages for employees who get injured or fall ill while at work.
The general liability cover protects your business from any type of claim that can be made against your company. They include; accidents, injuries, claims of negligence, property damage, medical expenses, libel, slander, legal costs, and faulty products. A professional insurance cover will protect your business from lawsuits that may allege that your staff were negligent in providing professional services, made errors or omissions.
Another thing you must do is to come up with a training program for your employees to enlighten them on how you would like them to do their work and the safety precautions they must observe. This will do a great job at minimizing the risks that your business will pay for on insurance covers to safeguard itself. Make sure that you keep a file for their training records and include signed sheets for each training module completed. This is evidence that you train them and use it as leverage for your business.
Generate contracts for your employees before out bring them in. Employee contracts are necessary to illustrate an employee’s terms and conditions of employment, responsibilities, and rights. Contracts are necessary to protect both an employer and employee and they ensure that both parties follow all the rules and regulations applicable.
When employing staff for your business, makes sure that they are completely capable of the roles available. This is important because your interest will be growing your company and having people that know what they need to do allows you time to focus on other things. Knowledgeable staff also give their input where necessary to help improve a business. Make sure that they understand your principles and objectives to ensure that you all work towards the same thing.
Lastly, make sure that you utilize pay stubs for their salaries. A pay stub for your employees’ salaries is important to break down their salary for them and will help you to keep track of their salaries. It is also proof that you pay them and highlights the things that you pay for.