Are you ready to hire your first employee? We understand that it can be intimidating. The main question you ask yourself at this point is, where are going to find an employee who can work as hard as you do? But guess what, the right candidate for you is out there. The thing is, there is a lot that goes into the hiring, including insurance requirements, different tax forms, as well as government regulations, all of which need to be strictly followed. Below are some helpful tips on how to go about the hiring process:

Apply for your employer identification number and register with the Labor Department

When hiring a new employee, there are several things that you need to get squared away. For instance, the very first step is to get an employer identification that you will use when filing your taxes. What’s more, given that you are a new employer now, you will need to start paying unemployment compensation taxes. The state uses these funds to compensate workers who lose their jobs.

Apply for worker’s compensation insurance and come up with a payroll system

Covering your employees against injuries in the workplace is very crucial, especially as a new employer. Also, because of Social Security and Medicare payment, you will have to make a deduction from your employees’ salary. This means that you will need to have a payroll system up and running, as it will enable you to manage all these payments, effectively.

Streamline and focus your recruiting process

Now that you’ve decided you want to hire, you need to outline the role you are hiring for, clearly and comprehensively. You must ensure that the job description gives indicates clear job requirements, benefits packages, compensation details, and any other relevant information. The idea here is to attract the right candidates to apply for the role.

Conduct a phone screen

After narrowing your pool of applicants down, you may want to conduct some phone interviews. This is an additional filter that narrows the applicants’ list even further, ensuring that you only invite the right candidates for the in-person interview. Also, it is through the phone interview where you know whether the candidate meets the basic requirements, understanding his or her experience, and also figuring out whether the candidates understand his/her role in the new position.

Complete the employee’s paperwork and then report the new hire to the

For every new employee, there is quite a bit of paperwork that he or she must fill out prior to beginning the work. This includes tax forms, employee handbooks, and so on.

Final thought

You may not know this, but when you run your own company, each and every decision feels critical – and it sure is. And if we are being honest, as a small business owner, the decisions that you make are amplified given that you are running on narrow margins compared to a large company. However though, with the right hire, there is always a very big chance that your business will reach newfound levels of success. So, hire right!