Start-up companies are created to respond to and leverage off changing technological and economic environments. Acquiring the right information, reading and understanding the change from a new perspective and responding quickly in a competitive environment requires a flexible business model. Adopting flexibility for a constant re-invention of a business model is necessary but so is the foundation structure that helps negate risk, especially when it comes to the type of staff that you will employee.
Human resources are your greatest asset regardless of any business model. It only takes one person to be employed for a business to comply with employment law and do to do the right thing. A flexible business leverages the strength of its workforce as well as environmental change. Implementing a HR solution can be one of the most misunderstood aspects of getting your enterprise up and running. The philosophy is that it isn’t really necessary in a small start-up or that a structured HR strategy does not fit in with a flexible workplace environment.
All companies should invest in HR as they are experts in employment relations, workplace relations, employee matters, Fair Work compliance, talent acquisition, on-boarding, training and development, performance management and so forth, thus ensuring your business does not get fined or caught out doing the wrong thing. The maintenance of your talent’s culture and positive psychology and knowing the company mission, can create and integrate a flexible work environment that allows your company to operate the way it needs to. Building a HR solution which meets your company needs while maintaining flexibility, ensures you have the readiness for the foundation of change and growth.
Here are some of our HR thoughts for business start-ups:
Policy Creation & Company Handbook Development of a company handbook is an essential practice. This document actually sets the tone of your mission and ensures that everyone is on the same page. Employees are informed as to what is expected of them and what your responsibilities are as well. Within this handbook are the policies that will guide the actions of your staff and a list of company benefits offered. With this reference to refer to, you’ll be able to address any issues that may crop up in the future. This handbook can be revised and updated as needed to reflect any change.
Compliance & Legal Protection For an organisation to achieve long term success, it needs to engage its staff and be able to resolve any issues that arise quickly before it has a negative effect on the organisation. All organisations must comply with employment law, rules and regulations where they are based. A primary role for HR within any company is staying up to date and making sure you are complying with state and federal laws and regulations so you’re protected from potential lawsuits. As organisations strive to become ever more efficient and productive, the importance of having skilled and knowledgeable HR has become increasingly clear.
Creating and Maintaining Culture
One of the greatest things about start-ups is that they have the freedom to be different. They’re not attached to a large corporation where things tend to be done as they’ve always been. Start-ups are innovative. Your HR department can be incorporated into the unique culture you decide to create from the very beginning of operations. Your company philosophy needs to be present in all your staff interactions.
Talent Acquisition & Training
HR will also ensure they structure their hiring practices to acquire talent who exemplify your company values and culture. A good HR department will help you acquire the right talent and ensure there are structured on- boarding procedures in place.
Benefits – Salary Sacrifice/Packaging
In order to entice quality talent to your new venture, you may want to offer some unique benefits. Like other aspects of a start-up, you have the freedom to think outside the box in this area. HR can assist with new ideas, see what other companies are doing and ask your employees what they’d like to have.
Documentation & Record Keeping
Another great thing about start-ups is that you can begin everything fresh. One of the first things you’ll want HR to manage is the amount of paperwork that tends to pile up when it comes to managing human resources in a start-up company. Personnel files need to be set up right away. Whether it’s actual files in a cabinet or through a paperless digital system, putting together a place for all official personnel documentation is imperative.
Ignoring the importance of a human resource strategy is a major undoing of start-ups. In fact, many start-ups fail because they don’t have the right people working on their team. A solid HR solution for start-ups can solve this problem. Hiring the right people to do the job and implementing solid practices will help you acquire and retain your talent.