The U.S. Chamber of Commerce Small Business Index has shown that the fourth quarters are essential to the profitability of small businesses. Quick hiring often ensues to support the increased demand on small business’s operations during this time. Increased growth is welcomed by these small businesses, which may come with increased anxiety.
Here are four must have tools to support hiring needs and address the increased risks of a growing company.
HR Platforms
Bringing on employees is more than saying “you’re hired.” Employee onboarding and training, company policies, and labor law compliance are all a part of being a small business owner. Some examples of HR compliance platforms are Bambee or Rippling. They provide small businesses resources and tools to automate and simplify the employee hiring and retention process.
Worker’s Compensation Insurance
It is essential to consider a workers’ compensation policy if your business is hiring employees. Worker’s compensation is a form of insurance that provides protection to small business owners and their employees when work-related injuries or illnesses arise.
Employment Practices Insurance
Employment practice liability insurance provides protection against the risks associated with hiring, firing, and employing workers and staff. Small business owners have obligations under state and federal employment as well as meeting labor laws.
Employee Spending Accounts
Offering employee benefits, through flexible or lifestyle accounts, may be what someone may need to accept your offer of employment. Organizations such as HSA Bank and Peoplekeep are developing unique solutions geared toward small businesses and the needs of their employees.
Therefore, with the right tools and resources, small businesses can leverage fast-paced growth as a winning strategy. The careful orchestration of modern tools and traditional risk mitigation processes can support potential fourth quarter growth. This can alleviate the uncertainty of acting as an employer. Utilizing tools and resources provides the foundation for sustainable small business growth in the fourth quarter and beyond.
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