Entrepreneurs probably don’t have payroll or benefits packages on their minds when they’re ready to take their idea to market. But when it comes time to staffing up, those two factors are the key reasons many employees choose one company over another.
They can also be two of the most complicated things to manage.
Here are four things to pay attention to when it comes to hiring.
- Weigh whether or not you need a full-time HR pro on your staff.
Salaries are usually a business’s largest expense. So you may want to evaluate your business needs to see if a full-time HR person is justified on your payroll.
However, that’s not to say human resources aren’t important. There are a variety of regulations a business must comply with in order to avoid penalties and an HR staffer can dedicate his or her time to that alone.
- Benefits are everything.
Seventy percent of people leave a company because of a better benefits package, said Jeanene Orlando, a sales consultant for TriNet. So it’s crucial to make sure that your benefits package is able to match with a larger competitor’s.
It may be an expensive aspect of your business, but a full benefits package that includes health care, dental, vision and a 401(k) gives employees a reason to want to join your new company and, more importantly, a reason to stay.