For most businesses, people are one of their most important assets. It is a good practice to periodically review the structure of your human resource and incentive programs that your business may have in place. Especially now this can be a very timely and worthwhile exercise.
Some items to consider:
1. Do you have written job descriptions and human resource policy guidelines? It can be relatively simple, but it is a good practice to have something. If you do this is a good time to review descriptions and guidelines. You can ask employees for their input and feedback. Maybe even have them write up their own job description or dream job description. Remember, some states have very specific rules regarding these topics.
2. This is also a great time to do a full-scope review of your benefit compensation plans. Maybe implement some new plans or make changes. The straightforward things to look at are retirement plans, insurance plans such as group disability and life plans, as well as health and work compensation plans. Do you have a way and a program in place to help employees understand their benefits?
3. Separately this can be an ideal time to consider incentive compensation plans. You can grant outright bonuses, but you should also consider group long-term incentive programs. There are plans you can put in place that can give incentive bonuses to employees and the payment of the bonuses occurs in the future, often at retirement or after some period of continued service. Total compensation packages could also include more time off, autonomy in the workplace, and even working from home a few days a week to help reduce stress.
Contact Wealth Advocacy to help get started on organizing these resources to help your business grow and recover faster.
Helpful Links:
Best Practices and Business Guide from the SBA
Many states, like CA, offer guides to operating a business in the state