If you are a startup business in the UK, then you’ve got your sights set on expanding your business to take advantage of the growth in the economy.
Expanding your business means increasing the number of people your company employs and as such, expanding your business isn’t just a financial or corporate issue but also a specifically Human Resources one. There are a few things for you to look out for so that you will be able to successfully manage your company’s growth.
First, make sure that you recruit your employees with care. This is probably something that you have already done in the early stages of your company, but it’s all too easy to let employees that won’t be of any value to your company slip through during a period of expansion. An organisation stands and falls on the quality of its employees and this is true for small businesses and big corporations alike. Added to this is the fact that the costs of employing someone new in your company can come to over £6000, and should you have to replace someone in your company, you could be paying double.
A successful business constantly innovates and changes and for your company to properly practice that ethic. Training and development are essential to helping your new employees keep up with the speed of change in the modern business world.
While the economy and the competition from other companies are the obvious examples of challenges your company will face, be especially wary of challenges you could face that come from inside your company. Employee tribunals are a growing issue for many companies, with numerous companies being forced to pay out money and suffering other such losses as a result of not following proper employment laws. It’s good to know the basic employment laws and understand the kind of changes your company might have to make to avoid the risk of legal damages.
Expanding your business can be an exciting time. Take a little time to explore the latest recruitment software in your HR process so you have the foundation for future growth.