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Many of the businesses we support begin life as 'one-man bands', but with hard work, determination, and mentoring, they can blossom into larger enterprises. When this happens, it can mean that it's time to recruit staff...
Hiring new people, often to take on the day-to-day duties required to keep the operation running smoothly, is indicative of a business that's ready to grow. It makes sense that the more customers you attract, the more pairs of hands you'll need to keep up with demand. Clearly, this is a positive step, but it's also a process that must be managed carefully.
There are a great many factors to consider, not least the why, who, and how of recruiting new people. Then there are issues such as tax and National Insurance, HR policies, and employment law to be borne in mind.
X-Forces Enterprise is an official Delivery Partner of the Government’s Start Up Loans scheme, administered by the British Business Bank. Our friends at The Start-Up Loans Company have produced a practical, down-to-earth guide to successfully finding, interviewing, and recruiting employees for your small business.
Before hiring someone, you must work out why your business needs them. If you’re employing someone to handle basic admin such as email, answering phone calls and managing meetings, does it, for example, need to be a full-time or part-time role?
If you’ve identified a need for more specialist skills such as sales, marketing and IT, think about the exact requirements you’re looking for in your ideal employee.
You must then make sure you have enough money to pay them. Consider different scenarios, such as full-time, part-time and fixed contract staff, and calculate how much you need to pay, factoring in National Insurance and pension contributions as well as National Minimum Wage/National Living Wage requirements and any training costs. Work out how much additional revenue your company will generate with the extra resource the new employee provides.
As a start-up, you may not be able to match the salaries of bigger competitors. But consider what other benefits you can offer to attract employees. That might include days off on their birthday, social events, access to technology or equity in your business.
To learn more about candidate attraction, interviewing potential recruits, and a whole lot more, read the full article on The Start-Up Loans Company website.
