It’s a great feeling when business is going well and something that all companies strive for. It’s in these moments that you have the opportunity to expand your business which, although an exciting prospect, can present its own set of unique challenges. We’re here to provide you with some HR tips to help support your growing business.
What might change?
Business growth can happen rapidly which means that you’ll have to cope with quickly changing demands – this might mean making some changes yourself. You may find that you need to recruit more experienced staff to support the growth of your business. It could also be a time that staff performance, which has been on your radar to deal with, is suddenly unavoidably exposed. You may also find that the roles you originally recruited for no longer seem to suitable for your growing company. How can you overcome these challenges?
Having the right contracts in place
When thinking about the demands your company faces, it’s important to consider what sort of workforce you will need in both the short term and the long term. The time frame of your needs will determine the types of employment contracts you require. There are three types of contracts to consider: permanent employment contracts, fixed term contracts and casual contracts. You might also need to review your existing and future employee contracts, as having up to date contracts will help you protect both current and future business demands. Looking over these as they can help protect your business, manage relationships with your employees and help your business grow smoothly.
Having the right policies in place
Having the right policies and procedures in place is essential for a business of any size but as your company grows they become even more important. Employment policies can give your business structure. They play a key part in communicating rules, standards and procedures to your employees – this in turn supports the business to run effectively and efficiently at a time of growth. This is also a great way to show that your company acts with fairness and consistency towards staff.
Poor performance can be a real hindrance to business growth, so it’s important to manage this effectively. If your team are not performing then the productivity of your company can easily drop. It’s best to deal with performance issues as quickly as possible. When you become aware that an employee is not performing, we recommend raising your concerns with them. This can be done informally at the start. You can provide training and coaching (if it’s appropriate) to help them improve. If this still does not improve their performance, then you may need to deal with it formally, which is a process our HR experts can happily advise you on. Remember, not dealing with poor performance can cause resentment among the team and create lower morale. It can also mean you are paying an employee who is not working at the expected level and not delivering results.
Restructuring and redundancies
At a time of increased costs and higher interest rates it can be difficult for a business to grow its profits. In the current economic climate, restructuring is a tool that many firms are using as a way to keep their companies sustainable. Restructuring may result in redistributing the workload or even redeploying employees into different roles. In some cases it can also result in the loss of roles through redundancies. Ultimately, this can help your business to maintain profitability and continue to grow. However, it’s important to be aware of the risks involved when navigating restructuring and redundancy, otherwise you could find yourself as the recipient of an unfair dismissal claim. Making sure you in the know when it comes to the protected characteristics under the Equality Act 2010 can play an essential role in avoiding a potential discrimination claim. This is something our team of HR experts can advise you on.
Recruiting the right talent
When the demands of your business have changed and you are an in need of expertise that you don’t have, recruitment is the obvious next step. Recruiting the right person for the role is crucial for the growth of your company. It is important to be clear about what the job will involve and it’s important that you communicate this in the job advert, job description and interviews. Equally, it’s important to ask the right questions as this will help you identify the right person for the job. Asking the right questions will enable candidates to show you that they have the knowledge, skills and experience to succeed in the role. It’s also important to be aware of the risks when recruiting in order to not to fall foul of employment legislation. The Equality Act 2010 is key legislation to follow to make sure that you are treating you candidates fairly.
Do you have concerns about how growth is impacting your business? Do you need more guidance on this topic? Get in touch on 0333 014 3888 or email email@example.com for more information about our expert HR services and friendly advice.