Running your own business can be financially and personally rewarding. The right type of self-employment can add flexibility and opportunity to your life. There are potential risks, however, especially when it comes to hiring. Financial and legal responsibilities can be surprising to those who are not prepared. Here are five of the most important human resources considerations for small business owners.
Filling Vacancies May Be Tougher Than You Think
In today’s economy, good workers are scarce. Unemployment levels are historically low, so it is less likely that your job vacancies will be met with a shower of resumes. Because of this, you should be prepared to sell the benefits of your workplace. And, you’ll have to be creative about finding workers on your own.
Leverage Your Social Circles To Find Employees
If you rely on outside resumes and applications, you probably will not find the best candidates. In order to find good workers, reach out to those you know for recommendations. Post job openings on your social media accounts and communicate with other business owners about potential employees. Just resist the temptation to hire those friends.
But Be Careful When Hiring Friends And Family
Hiring friends and family may seem like a good idea. You may feel that you can trust them more, but it is often difficult to separate a friendly relationship from a business one. Small business owners sometimes get burned by letting their professional guards down around those they know well. Focus on making hiring easier by maximizing benefits.
Pay Well And Think Of Creative Ways To Reward Workers
Since the job market favors job applicants, small businesses may have to think of different ways to lure in workers. It may be financially difficult to pay more than other employers, so if that is the case, consider adding fringe benefits or flexible work arrangements. Be careful, however, to ensure that you are following employment rules.
Remember Employment Laws Are Complex And Probably Apply To You
Legal regulations present a big risk for small businesses, often because many believe these laws only apply to larger companies. Find a good general business lawyer and ask for a compliance review. Keep up-to-date on regulations in your industry and make sure you comply. Cost of non-compliance can be deadly to your small business.