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Enterprise Bank

Operations

Top down view of meeting over coffee 

HR and Employee Management

The first moment you decide to take on an employee or outsource work to a sub-contractor, you need to know about human resources.  Human resources can be an ambiguous term, but it really entails everything regarding the hiring, service, and termination of every staff member you work with.

Almost every business owner comes to a point where they find that additional help can yield exponentially greater profits.  When you reach this point, you will want to consider:

  • What tasks you need someone to accomplish on a daily, weekly, monthly, and yearly basis?
  • Does it require a full-time or part-time employee to accomplish those tasks?  Or maybe a temporary consultant or freelancer?
  • What level of education and experience is needed to accomplish those tasks?
  • What kind of compensation are your competitors offering for similar positions?
  • Can you afford to hire someone to complete the work?
  • If it makes sense for you to hire an employee, you will want to consider several things before you place an ad in the newspaper.  
  • First of all, how will you obtain their service?  Not only will you want to offer an hourly rate or salary that is comparable to similar positions in the industry, but you will also want to offer benefits.  
Several kinds of benefits are:
  • Insurance, including health, vision, dental, life, etc.
  • Paid and unpaid out of office time


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