TOP 5 HR CONCERNS FOR THE ENTREPRENEUR
Congrats, you are a business owner. You had the idea, you got the funding, you had the courage to take the plunge, you’ve got the game figured out… eh, for the most part.
But here are two things you can count on: You’re strapped for time, and you’re low on headcount when you first start out. That means you’ll have to spend your hours focusing on what you know, and that usually means you’ll be heads-down growing the business and building your product or service. Where you may need help is in the talent department.
If talent is an abyss to you, and you plan to be successful with your new company, here are five human resources considerations that can’t be ignored.
- Recruiting – How do I find the right talent? Assuming you, as the leader of your own business, are clear on your mission and clear on what your company is and what it is not (example – it is hard-working, accountable, team-based, and open), the next challenge is finding talented people who can meet the requirements of the roles you need to fill and can also blend well with your culture.
Many approaches can help you find the right talent, and the right mix depends on what you are trying to do. Ultimately, you want the best people, as fast as possible, within your budget. Knowing which job boards to post on, how to use keywords and boosts to reach the right audiences, and how to write meaningful job descriptions can make or break your talent search. - When (not if) I am successful, how will I meet the sales demand? So you and your business partner are trucking along at your Starbucks-based office, and suddenly people want what you’re selling. Love this for you, but what are you going to do? Beyond supply chain issues, quality concerns, and the countless other factors you need to consider, have you thought about the people you will need to make it happen? Do you have a plan in place to scale capacity? Balancing the hiring process and compensation package against revenue and profit projections is complicated but vital to a seamless growth plan as you ramp up operations.
- Retention – How do I keep the right talent? No matter when you started hiring, you want to make sure the people adding value stay. What are you doing to ensure that? Are they motivated by you? Do you even know how to motivate them? Are they getting calls from headhunters? Temperature checks and ongoing employee feedback opportunities give your team a chance to right the ship if it starts to veer off course from a culture or satisfaction standpoint. Today’s workers expect to feel fulfilled and respected at work, and highly talented folks (the ones you want on your team) know their value and won’t stay on board if they feel underappreciated.
- Firing – How do you know when to cut the cord with the wrong talent? It can seem counter-intuitive, but as the adage says, hire fast, fire faster. You may know Sally’s mom from 10 years back, but if she is creating drag, not consistently meeting her expectations, or creating a negative atmosphere and rubbing off on others and destroying your culture, dragging your feet letting her go will only make the problem worse. Be aware of any legal implications before pulling the trigger (see #5), treat her well on the way out, and move on.
- Don’t do anything illegal. You probably have general counsel. Make sure they are ready to help you navigate the world of employment law. Your counsel should be able to audit where you stand against federal and state expectations and keep up with them. Have someone you can call and access quickly if you don’t know how to handle something from a legal perspective. If you have 50 or more employees and you haven’t done this yet, pick up the phone immediately.
If you’re not ready to hire a full-time HR professional, fractional or contract HR help is available. Either way, don’t skip out on these important talent considerations. When you’re building a business from the ground up, its people are the foundation, and a strong start will help you succeed and grow for years to come.