Are You Ready To Hire Your First Employees?

Two key focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. Once your business is ready to go to the next level, you have to decide if you’re ready to hire help. It’s a critical stage for any business. When hiring employees for your business, there are few keys to consider. The following contributed post is entitled, Are You Ready To Hire Your First Employees?

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Pixabay. CCO Licensed.

Hiring your first employees is a big step. Before you start recruiting, you need to be sure that you and your business are ready. Here are just a few ways to equip yourself for becoming an employer.

Hone your leadership skills

Few of us are born leaders. If you’ve never been in a leadership role before, it could be worth taking a course to develop your leadership skills. On top of building your confidence, such courses could teach you important skills for motivating and organising your team. You can also read self-help guides and watch YouTube videos for leadership tips.

Get registered and insured

You’ll usually need to register with your state and apply for an Employer Identification Number (EIN) to be legally classed as an employer. On top of this, you’ll need to apply for worker’s compensation insurance, which can help to provide compensation if workers are injured or become sick at work. Make sure to shop around for insurance rates.

Set up a payroll

Next, it could be worth downloading payroll software to help manage your employees’ wages. Alternatively, you could outsource an accountant to handle your payroll. Both are better options that trying to manually manage your payroll, which can be time-consuming.

Work out all the costs

There are lots of expenses that come with hiring employees. On top of their wages, you may want to consider employee benefits such as annual leave and bonuses. You may also have to pay to supply employees with equipment – this could be anything from a PC to a company car, depending on how generous you’re feeling. Make sure that you have a clear idea of all the costs that will be coming out each month so that you can budget effectively.

Create an employment contract

An employment contract isn’t compulsory, but can be beneficial when hiring employees. It can help protect your rights as an employer and outline the duties that are expected. Such contracts are best written up with the help of a legal professional.

Write a winning job ad

To help attract applicants, you’ll need to put out a job ad. This advertisement should list all the requirements needed to work at your company, the duties you expect of that employee and the perks that they will gain by working for you. There are plenty of platforms that you can use to post job ads – consider using multiple platforms to attract a variety of talent.

Author: anwaryusef

Anwar Y. Dunbar is a Regulatory Scientist. Being a naturally curious person, he is also a student of all things. He earned his Ph.D. in Pharmacology from the University of Michigan and his Bachelor’s Degree in General Biology from Johnson C. Smith University (JCSU). Prior to starting the Big Words Blog Site, Anwar published and contributed to numerous research articles in competitive scientific journals reporting on his research from graduate school and postdoctoral years. After falling in love with writing, he contributed to the now defunct, and the Edvocate where he regularly wrote about: Education-related stories/topics, Science, Technology, Engineering and Mathematics (STEM), Financial Literacy; as well as conducted interviews with notable individuals such as actor and author Hill Harper. Having many influences, one of his most notable heroes is author, intellectual and speaker, Malcolm Gladwell, author of books including Outliers and David and Goliath. Anwar has his hands in many, many activities. In addition to writing, Anwar actively mentors youth, works to spread awareness of STEM careers, serves on the Board of Directors of the Friends of the David M. Brown Arlington Planetarium, serves as Treasurer for the JCSU Washington, DC Alumni Chapter, and is active in the Dave Ramsey Financial Peace Ministry at the Alfred Street Baptist Church. He also tutors in the subjects of biology, chemistry and physics. Along with his multi-talented older brother Amahl Dunbar (designer of the Big Words logos, inventor and a plethora of other things), Anwar is a “Fanboy” and really enjoys Science-Fiction and Superhero movies including but not restricted to Captain America Civil War, Batman vs. Superman: Dawn of Justice, and Prometheus. He is a proud native of Buffalo, NY.

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