Start-ups need a different kind of HR support than larger businesses. With smaller budgets and unique needs, there is no one-size-fits-all approach to human resources for start-up companies.
However, ignoring HR strategies and practices for your new venture could prove costly. We’ve created a one-page tip sheet for start-up companies and have published a new white paper, all with customized advise for new businesses. Whether you have one employee or one hundred, it’s vital to pay attention to these areas.
1. Start With the Fundamentals
Ask these vital questions:
- How much will I pay my employees?
- How many employees do I need?
- What’s my workforce budget?
2. Develop Your HR Strategies
Pay special attention to these areas:
- Compensation (lead, match, or lag)
- Recruiting methods
- Employee training and development
- Company culture development
Your compensation strategy will depend on your budget and goals. You may choose to lead, match, or lag behind the market in terms of salaries. Evaluate your compensation strategy carefully and don’t forget non-monetary perks.
3. Stay Compliant
Regardless of employee headcount, you need to be aware of potential risks to your company. Choose one employee to manage your compliance and stay aware of employment law changes.