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Guide To Hiring Employees For Your Business < Business Articles By Mast Business Directory

Any kind of business is it home or corporate cannot be managed and handled by a single individual or group of persons. You desire for more amount of work to come to you which has opportunities to earn more money. However, you fall short of resources thereof. Being a human being, you cannot work like a machine 24 hours a day. If your burn out yourself by stress working all day long, you may alienate your family and welcome stress to overwhelm you. Hence it is advisable and a sensible decision to hire help from human resources. In this article we are going to explore various aspects of guide to hiring employees. These include hoe to find the right kind of candidate to suit your needs, what benefits to provide your employees with, what are the tax benefits and responsibilities in hiring employees for your business.

Decide the status of employee

There are two ways to get the work done with others’ services. These are hiring someone on contract basis or keeping someone for long term as an employee. It is very essential to preplan what the status of your employee is going to be in your business at it can reduce the cost for you and also the expectations in terms of bonuses and perks that the employee has. The real cost in hiring someone as an employee is involved in your tax responsibilities, employee benefits and training the employee. It is upon you and very much necessary that you estimate the costs in advance. Such employee costs are called as Cost to Company or simply CTC. Not paying the benefits to the employee and instead hiring help from the contractor will cause an increase in hourly rates to be paid to the contractor. But you save money because you do not have to provide training to professionals and the responsibility of employees’ career development is not upon you.

Finding employees according to your needs

Finding that “right kind of guy” is not very easy and takes time and patience. Described below are some ways you can adopt to find right professionals:

Job portals

Do research on some good job sites. Post your vacancy on sites that professionals visit frequently. Review their resumes there itself and decide what is best for you.

Placement interviews

Conduct campus interviews at local colleges, high schools and training centers in the relevant field. Every educational institution has a career center. Go and talk to their placement officer if he can recommend a suitable candidate.

Approach the Government

Government training programs, labor department can provide you with insightful information about finding qualified employees.

Employment agencies

Make a quick search on the web. You will get a lot of companies to whom you can outsource your work of finding the right candidate for you. These companies have a lot of contacts in the market and can be of help to a great extent.

Word of mouth

Spread the news in your personal and private network that you are looking out for hiring someone for a specific kind of job profile. Perhaps someone can either recommend you out spread the news further. Getting a wide range of employees to select from is very essential to know the market and find you best man. Friends and family, colleagues and even social networks can help for looking the right candidate.

Human resources outsources

A recent trend has come into existence from small companies to outsource their human resources with a company that can manage their pay structure, tax filing, basic, health and family insurances etc. This increases efficiency by saving time and costs to the company. Being a small company you have to weigh which is more beneficial- saving your precious time or money that you need to pay for outsourcing human resources to relevant companies. Provided that you comply with all tax requirements and employee benefits, an HR outsourcing company can guarantee to file your papers in neat order, without any problems. A third party accounting company is hired to minimize frauds in the accounts. Hence each of the parties can do the work what you specialize in without the need for doing undesirable and unnecessary paperwork.

Understand the laws pertaining to employment

There are several federal and state laws that are enforced upon the employer to ensure that the worker is not getting exploited financially or any other way. You as an employer must be aware of such laws and regulations. Different category of laws exists and is applicable to various scales of business i.e. small, medium or large. It is mandatory to check with the state if any other law requirements are needed to be fulfilled. Be sure that you take formal consultation from employment law attorneys to make sure if you are deviating away from compliance towards all employment laws that are local as well as federal.

Employee tax issues

Keep yourself up to date on any employee taxes and the updates for the same. Here I a small guide towards understanding employee taxes:

Payroll taxes

An employee is supposed to pay the tax on the income that he is getting from your business. The best way to make sure that the employee does not escape from the tax rules is by withholding certain amount as tax to the federal and state governments. This is termed as tax deduction at source or simply TDS. TDS is nothing but the employee tax provided to the state government by the employer himself. Make sure that you tell your employee to fill the appropriate tax form which shall be used by you later to withhold the amount of tax from the employees’ income.

Withholding insurance taxes

The social security and Medicare taxes are applicable to be deducted from the employees’ wages. You also pay the same amount of taxes as your employee towards this type of tax. Unemployment taxes for the state and federal government. You are obliged to pay Unemployment taxes for the state and federal government. It is upon you to calculate what amount of tax under this category you owe the state and federal government. Check with the state for the understanding of what rules are applicable for withholding suck kind of taxes.

Employee benefits structure

Learn about employee benefits

Some employee benefits are made compulsory by the law. You can introduce others on your own so that you can have a guaranteed employee satisfaction.

Voluntary employee benefits

It is a complicated thing to manage employee benefits package. It is advisable to hire a company like benefits Administration Company to take care of the job. Look around in the market to research for employee medical benefits company.

Control risk

Insurance can protect your business and employees from any kind of damage that you have taken policy for. But, prevention of such damage is better than cure. Risk management goals can be reached depending upon what type of business you are into. Appropriate safety programs should be built to ensure you reach safety goals. There are companies which specialize in consultation of such services.

Mandatory employee benefits

As a corporate citizen, it is an abiding factor for you to comply with the law and provide certain employee benefits such as Social Security accounts, unemployment insurance to workers and workers compensation in case the worker sustains injuries on the field. It is also mandatory to adhere to the taxes for family and health benefits such as leaves. Every worker is entitled to take a certain amount of unpaid leaves in a year for family and health purposes.

Employee training

Training your employees to work for your company requires huge investment. The training period is entirely beneficial for the employees since they get a chance to not only upgrade their skill sets but also get paid for learning something new. Training is essential in cases where your business requirements are specific and employees in the market are short of such skill sets. Employee training makes services provided by your employee better who is bound to ensure better service for the customers and ultimately success and glory for your business. There are a number of areas where the employees can be trained. To name a few, these are related to communication skills, customer service, training on specific tools/ machines/ software, how to keep good relations with your colleagues, computer related training, training on how to avert and react in emergency situations, reporting sexual harassment cases etc. A number of resources are available online which show and demonstrate how to best train your employees. Training modules that are available on the web can be read by employees to get an upper advantage on work ethics.

Thus in this article we have seen the various things to be consider for hiring someone to do your work. We have explored different areas of hiring employees, right from before employing them to what is to be done after employing them. A detailed discussion on placement programs, taxation and training was held to make you understand employee hiring structure.

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