These are some of the perks that will attract highly qualified candidates.
The cost of hiring employees is one of the largest expenses a small business must incur. Make sure you only hire top talent who can contribute to specific goals and milestones. When you give talented people the perks they desire, it’s a win-win situation. These are just a few:
- Flexible work hours, and even flexible pay depending on how many hours worked.
- Hybrids and other work-from home models. Working from home expands your talent pool for hiring.
- Additional time off
- Equity or stock options can give you ownership. You give them the feeling of ownership and importance that a corporate job can’t.
- You might consider a 1099 arrangement instead of employment when, for both the employee and you, the IRS guidelines are possible to be met.
Bonus tips
- Even if you are the only person involved, create a company organization diagram. To ensure buy-in, a well-thought-out organization chart clearly identifies who is responsible for what.
- Your company culture should reflect strengths-awareness. By increasing confidence and skill growth, strengths-awareness can bring out best in employees.
- Once your employees are hired, make sure they have everything they need to succeed. Remote workplaces need additional measures such as training and constructive feedback.
- In the unlikely event of things not going as planned, it is important to have a clear exit strategy. A “work-for hire” arrangement is one that allows the employer or employee to give written notice of termination for any reason. If you offer stock options or equity, you should not start vesting equity until the minimum period of six months has passed. Then, you can start equity vesting over the next few year (a two-to-three-year equity vesting plan is common).
