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2 Posts authored by: Ebong Eka

As your business grows, you may need more people to support the growth. Yet it is no secret that hiring the right talent has been a challenge for small business owners.

 

Hiring the right person can accelerate your small business growth. On the other hand, hiring the wrong person can ruin your growth, impact sales and deteriorate employee culture. In my experience providing leadership training to companies, I’ve learned an important lesson:

If you want to improve your sales and culture, hire slow, fire fast and reward current employees through promotion.

 

Here are four steps to hiring top talent for your small business.

 

1. Personality, Attitude and Enthusiasm. When seeking to hire employees for your small business, screen for good personalities, attitudes and enthusiasm. You can always teach new employees you hire the skills required for the job but you cannot teach an amazing personality. 53110373_s.jpg

 

Additionally, attitude and enthusiasm are infectious and transferable traits. For example, when someone is in a bad mood, the customers and colleagues they come in contact with may be affected by their bad mood. Unfortunately, this experience can hurt sales and employee morale. In my experience, when working with someone with a bad attitude, colleagues avoid that person., an approach that likely hurts the business.

 

 

2. Improve Your Job Descriptions. According to researchers for a Wall Street Journal article, job descriptions were re-written based on two approaches:

 

Needs-Supplies focuses on job descriptions that express what the company can do for the applicant.

 

Demands-Supplies focuses on what the company that is hiring can expect from the applicant.

 

 

Those who responded to the Needs-Supplies approach were rated higher than those who responded to the Demands-Supplies approach. In other words, consider writing job descriptions in a way that shows how the applicant can fit the company’s culture and future.

 

3. Improve Your Interviewing Process. Applicants are already nervous. Start the interview process and experience on a positive note. Have your staff greet interviewees on time and make them feel welcome by smiling, offering them something to drink and maintain eye contact as much as possible.

 

Try to avoid rushing through the interview. No one likes to feel rushed, especially if it wasn’t their fault. As an interviewer, if you don’t have time to interview them, will you have the proper time to answer their questions when they are stuck?


The fact of the matter is a talented candidate is evaluating their fit with your company just as much as you’re evaluating them. They are assessing the culture, how other employees respond and the overall vibe of the working environment. At the end of the day, the new employee has to commute to this location every day, so how they feel is important.

 

4. Be aware of Digital and Social Media Trends. How a person behaves on social media and how they represent themselves at the business are important for your business. Does the job candidate exhibit a social media behavior congruent with your company’s values and missions? If not, then this may be another factor to consider when extending an offer of employment.

 

Be sure to speak with your legal counsel to determine whether it’s lawful to evaluate the social media profiles of your applicants. 

 

The right employees can take your business from mediocre to meteoric. Using these tips to improve your hiring process can alleviate your leadership duties and help you grow your business.

 

Related Articles:

6 Things Entrepreneurs Can Do to Attract and Retain Good Employees

Payroll services for small businesses

 

About Ebong EkaEbong+Eka+Headshot.png

Ebong Eka is no stranger to the world of personal finance. As a certified public accountant and former professional basketball player he offers a fresh perspective to small business planning and executing. With over fifteen years of accounting, tax & small business experience with firms like PricewaterhouseCoopers, Deloitte & Touche and CohnReznick, Ebong provides practical money solutions tailored to the everyday person, the aspiring entrepreneur or the small business owner.

 

Ebong is the founder of EKAnomics, a sales, pricing and leadership firm. He is also the founder of Ericorp Consulting, Inc., a tax and management consulting firm. Ebong is the author of “Start Me Up! The-No-Business-Plan, Business Plan.

 

Web: www.ebongeka.com or Twitter: @EbongEka.

You can read more articles from Ebong Eka by clicking here

 

Bank of America, N.A. engages with Ebong Eka to provide informational materials for your discussion or review purposes only. Ebong Eka is a registered trademark, used pursuant to license. The third parties within articles are used under license from Ebong Eka. Consult your financial, legal and accounting advisors, as neither Bank of America, its affiliates, nor their employees provide legal, accounting and tax advice.

     

Bank of America, N.A. Member FDIC.  ©2017 Bank of America Corporation

Affordable healthcare has long been a sought after benefit for small business owners to offer employees. In fact, affordable dental and healthcare could be the deciding factor in attracting a highly talented and skilled workforce.

 

Yet, selecting the right healthcare for your employees can be a confusing process. Here are four considerations every small business owner should take to heart before offering healthcare to employees.

 

1. Tax credits can save you a considerable amount of money52314670_s.jpg

For eligible small businesses, the maximum credit is 50% of insurance premiums paid by small business employers.

 

To be eligible for the credit, a small business employer must pay premiums on behalf of employees enrolled in a qualified health plan offered through a Small Business Health Options Program (SHOP) Marketplace. The credit is available to eligible employers for two consecutive taxable years.

 

Here are additional details about the health care tax credit according to the IRS:

      • You have fewer than 25 full-time employees.
      • You pay average wages of less than $52,000 a year per full-time employee.
      • You pay at least half of employee health insurance premiums.
      • You offer coverage to your full-time employees through the SHOP Marketplace. Note: you don’t have to offer coverage to dependents or employees working fewer than 30 hours per week to qualify for the tax credit.


2. Consider using an insurance broker

Small business owners have the option to enroll their company and employees into a health insurance plan directly, or they can use an insurance broker. An insurance broker can help simplify the process of enrollment.

 

There are many small business health insurance plans available. As such, it can be an overwhelming process without proper guidance. While an insurance broker earns a commission selling health insurance, he or she will likely save your business money in the future. The last thing you want is to inadvertently choose the wrong insurance for you and your employees.  Before you speak with a broker, you should have the following information about your business on hand:

      • Employer name
      • Business start date
      • List of employees (full time and part time)
      • FEIN (Federal Employer Identification Number or Tax ID)
      • Payroll records from your payroll processing provider
      • NAICS or Industry code

 

CLICK HERE TO READ ARTICLES MORE FROM SMALL BUSINESS EXPERT EBONG EKA

 

3. Look at your business’s bottom line

How much can you afford to spend on health insurance for your employees?

 

As a CPA, I encourage all small businesses to hire an external or internal accountant whose primary role is to manage the financials of their business. In my experience, employers have based their health care costs on a percentage of payroll for each employee.

 

The advantage of this method is that you can identify true labor and healthcare costs per employee to determine salaries.

 

Deciding how much you can comfortably afford to spend on employee health insurance will help narrow your plan choices in the marketplace.

 

4. Visit the SHOP Marketplace
The Small Business Health Options Program Marketplace (SHOP) on the Healthcare.gov website is for small business owners who want to provide health and dental insurance to their employees. You can use the SHOP Marketplace if you have 50 employees or fewer.


According to Healthcare.gov, SHOP Marketplace offers the following insurance plans: Bronze, Silver, Gold, Platinum. The categories represent how the insurance company and your employees will split the costs of care.

      • Bronze:  The health plan covers about 60% of the total costs of care. The employee pays about 40%.
      • Silver: The health plan covers about 70% of the total costs of care. The employee pays about 30%.
      • Gold:  The health plan covers about 80% of the total costs of care. The employee pays about 20%.
      • Platinum:  The health plan covers about 90% of the total costs of care. The employee pays about 10%.

 

As a small business owner, offering affordable healthcare options to your employees does not have to be a confusing experience. With the right guidance, you can maximize your tax credits and deductions while providing your employees excellent benefits.

 

RELATED ARTICLE: The importance of employee perks and how you can offer more than you think

 

About Ebong EkaEbong+Eka+Headshot.png

Ebong Eka is no stranger to the world of personal finance. As a certified public accountant and former professional basketball player he offers a fresh perspective to small business planning and executing. With over fifteen years of accounting, tax & small business experience with firms like PricewaterhouseCoopers, Deloitte & Touche and CohnReznick, Ebong provides practical money solutions tailored to the everyday person, the aspiring entrepreneur or the small business owner.

 

Ebong is the founder of EKAnomics, a sales, pricing and leadership firm. He is also the founder of Ericorp Consulting, Inc., a tax and management consulting firm. Ebong is the author of “Start Me Up! The-No-Business-Plan, Business Plan.

 

Web: www.ebongeka.com or Twitter: @EbongEka.

You can read more articles from Ebong Eka by clicking here

 

Bank of America, N.A. engages with Ebong Eka to provide informational materials for your discussion or review purposes only. Ebong Eka is a registered trademark, used pursuant to license. The third parties within articles are used under license from Ebong Eka. Consult your financial, legal and accounting advisors, as neither Bank of America, its affiliates, nor their employees provide legal, accounting and tax advice.

       

Bank of America, N.A. Member FDIC.  ©2017 Bank of America Corporation

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