With more than 12% of the population involved in startups in Australia, there is no question it’s an exciting time to be swept up in a new enterprise. But for startups, the rate of failure is over 50%.
While some failure can be expected when launching a new enterprise, entrepreneurs should take much care to help their cause. Focusing on employee welfare and human resources is just as important as a great idea.
If you don’t have the right team and take care of employees your business is doomed from the start. But with the right HR tips, you can rest assured your startup is positioned for growth.
Follow these tips to avoid mistakes:
1. Consider Culture
Every company thrives on talent. Without the right employees, it is impossible to develop, sell, and measure goods and services.
But while you may be tempted to hire on skills alone it is important to think about your company culture before making a hire.
When creating your screening and interview process evaluate based on the fit each candidate brings to your company. They may do more to hurt morale and productivity if they aren’t right for your team,
The startup culture isn’t for everyone. You should be sure you are hiring for culture fit as well as skills.
2. Create a Solid Onboarding Process
Startups are an exciting environment because of the thrill of fast growth and creativity. But many entrepreneurs get so caught up in the chase they forget the details.
Your onboarding process should be clear and cover the essentials of your company’s needs. For example, a non-disclosure agreement (NDA) might be a central requirement of new hires.
What about vacation time? Initial training on company policies and local laws?
You want to take care to bring every employee on in a thorough and methodical manner. Don’t let the thrill of new talent cloud the need to protect your company.
Plus, good onboarding means starting new hires on the right foot.
3. Master Payroll
Even if you get the best employees and start a development plan they won’t stay f they aren’t getting paid. Many startups struggle with the administrative aspects of payroll and tracking payments.
In these cases, it is only a matter of time before employees become dissatisfied and leave. And even if your employees do stay around they won’t be motivated to perform.
There’s no question that payroll can be a chore. You may be working with a bank to cover your weekly payroll and have to balance record keeping and taxes at the same time.
Payroll is a great service to outsource. You can visit payroll services Australia for more information.
4. HR Tips and Taxes
Putting the right HR tips into practice will allow you to have a staff that helps your cause rather than hurts it. Unfortunately, the wrong personnel can often spell disaster for a company.
But HR isn’t only essential for startups in getting work done. You’ll need great sales, business partners, and solid operations for those functions too.
However, the right HR plan will also help you in tax time. All that planning for wages, payroll tracking, and development will pay off down the road.
Learn more now about paying taxes for your small business.
