While COVID-19 has hit many businesses and industries hard, there are some that are doing well and may be looking to expand into more locations. Bike shops are currently thriving in Hawaii, for example. But expanding a business is a big deal; to be successful, expansion requires careful planning and capital as well as the best use of all the business’ assets such as its HR team.
We are going to look at three HR functions business owners should focus on if they are planning to expand their business.
Focus on these 3 HR functions if you are expanding your business
1. Compensation structure
Expanding a business is good time to evaluate the current compensation and bonus structure since you will be relying heavily on certain employees to help you carry out expansion plans. Those employees many be deserving of a raise or bonus. Another factor to consider is that expanding inevitably means hiring new employees. Are the wages and benefits you’re paying your existing employees competitive enough to attract the new employees you will need? If not, it’s time to reevaluate your compensation structure with the help of your HR team.
2. Recruitment and hiring
Your employees carry out your vision and interact with your customers or clients, making them a very important part of your success. You will want to make sure that any employees hired to work at your new locations are as committed and talented as the employees you already have. Your HR team is in charge of the recruitment and hiring process. You will need to trust them to create an effective recruitment strategy and to understand the types of people who will be the most successful working for your business. They should look for personality traits and an attitude that will fit into your company culture, as well as the defined skill set and/or credentials needed for each position.
3. Training and orientation
Thorough training is extremely important to setting up new employees for success. When new hires don’t understand how to accomplish the tasks assigned to them, they may become frustrated and they will certainly not be very productive. Orientation is important for helping new employees feel like they are part of the team. This means showing them how you do things like clocking hours and tracking productivity and who they can bring an issue to in their chain of command. You will also want to explain the company policy on employee reviews and promotions. Providing plenty of instruction and information makes employees feel useful and like they are part of a team, which sets them up to be loyal to your business.
Do you need HR support as you expand your business? We’ve got you covered through HR outsourcing! When you partner with Makai HR you can get on with the business you are trying to grow while we take care of your employee needs from payroll to taxes, health insurance/benefits and worker’s compensation. You also gain peace of mind that you are in compliance with all of Hawaii’s employer laws (if you’ve ever looked you know that the list is very long). When choosing a PEO to partner with, there are many things to consider including cost, services and technology solutions.
With the cost of doing business in Hawaii at record highs, we know how important it is to keep labor costs in line with revenue. Our plans are priced competitively and include value-added services like time-in/time-out systems. Our three tiers of PEO service plans are tailored to the size of your business and specific needs. We offer a 100% paperless solution which means that your employees can manage their needs through a computer, tablet or phone. We can truly improve your employees work benefits while freeing you up to run your business.
What are you waiting for? Companies that partner with a PEO benefit from 7-9% faster growth, 10-14% lower employee turnover; and they are 50% less likely to go out of business. Contact us today to get started!