One of the biggest decisions you’ll make after the initial huge choice to start your own business, is hiring your first staff member. Until you bring someone else in to work for you, you have full control over every little aspect of your company and work. Employing someone to share the workload, and whom you will be financially responsible for, is therefore a pretty huge deal. However, there comes a point when a business is growing when the only options are to halt growth and continue functioning at the same pace, or to hire someone and continue to expand. If you are hoping to bring on your first team member here are some useful tips.
For a time it will be just you and this other person involved in your company, so you will want them to be a perfect fit for your working practices. Get a clear idea of what you are looking for in a potential employee and write up a job specifications, along with a list of questions you want to ask prospective staff members. Don’t worry if you can’t find an exact match – often different types of people work well together as they can pool some varied ideas and skills. As long as their core goals and work ethic is a match you should be able to work well together. Try not to hire in haste. Instead, call good matches in for a trial day or formal interview, and don’t be afraid to do as many of these as you need until you find the perfect person to allow into your business.
Employing someone involves being financially responsible for them, and ensuring their wage is paid regardless of the takings that month. You are also responsible for informing HMRC that you have employees and who they are. Failure to do either of these things can land you in big legal troubles, which may force you to cease trading or pay hefty fines.
Another legal obligation for anyone that has one or more members of staff is employers liability insurance. You are directly responsible for your employee’s health and well-being while they are working for you or in your business space. Should they have an accident whilst on your property, you could have to pay thousands in legal fees and compensation, but if you have employers liability insurance this will all be taken care of for you. This insurance also covers for any sickness or injury such as RSI that your employee could develop through doing their job. As this is a legal requirement, the repercussions for operating without this policy are severe. You can find out how to get employers liability insurance online and you can get liability quotes from Hiscox online quickly and easily.
You will have given a huge amount of thought to taking on a first staff member, as often this means cutting profit until the growth catches up with the new addition. Make sure you give just as much thought to the processes involved to ensure that it’s a great business decision rather than a regret later on down the line.