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What To Know About Hiring for Your New Business

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As you begin establishing your new business and making a name for yourself, you’ll quickly find that there’s simply too much for you to handle on your own. So, naturally, you’ll do what all businesses do—hire employees. How do you find the right people for the job, though? To help you develop a process, here’s what to know about hiring for your new business.

Get Your Paperwork Sorted

You’ll need to get ahold of an Employer Identification Number (EID) and ensure you’re aware of all national and state requirements when it comes to hiring, such as whether you need state or local tax IDs. Then, you’ll need to establish pay and compensation practices for pay cycles, holidays, and vacations before you can consider hiring anyone. Lastly, your potential employees will need to return a completed W-4 form to even be considered for employment. All this paperwork for taxes and financial necessities may be intimidating at first, but government resources will help clearly outline everything they need from you to make the process as smooth as possible.

Conduct Background Checks

Due to the competitive nature of the job search, it’s not uncommon for people to exaggerate or leave out little details in their resumes that could be promising to a different person from the one you’re hiring. Without thorough background checks, many job applicants may become a negligent hiring lawsuit if they do cause harm to your customers or other employees. You should always investigate a potential employee’s public records and even request a drug test to ensure the safety of your business and that you’re hiring someone reliable.

Prepare to Offer Benefits

Once you have a secure hiring process, the next step to know about hiring for your new business is how to make the job offer look attractive and cover any required employee benefits mandated by the law. This includes benefits like social security tax, worker’s compensation, leave benefits, disability insurance, and unemployment insurance. While adding extra benefits may be difficult for a new business, it’s something to seriously consider, as it will make your business much more attractive to potential employees and convey that you have their health and interests in mind. Though applicants may be competing to work with you, the hiring process is still give and take, and should reflect in what you’re offering your employees in return for their hard work.

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