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As the economy bubbles with opportunities, it could signal growth and expansion opportunities for your business. However, amidst the excitement of scaling operations, it’s crucial not to overlook the backbone of any successful venture – Human Resources.

Your company’s investment in HR till now may have been just best practice. But as you move from being a fledgling startup to a profitable venture, not having an effective HR team can seriously hold your small business back.

This 6-point HR checklist will give you a roadmap to prime your growing consumer goods firm for the next milestone.

1. Review hiring and selection

An organization is only as good as its people – and your burgeoning beverage small business is no different. So, you must optimize your recruitment practices, procedures, and processes as soon as you start looking for new team members. This entails identifying your hiring needs and devising tailored job adverts accordingly. 

Further, you’ll be required to create a streamlined and effective interview process that helps you identify the perfect candidates for your company.

2. Devise a competitive benefits package

Now that you’ve optimized your hiring process, you’ll need to devise a strategy to retain your top talent. This is all the more crucial with the beverage companies facing hiring challenges. Ensuring your firm establishes competitive compensation and corporate benefits can help you get there. This entails:

• Establishing a fair and competitive company pay structure based on your insights from the consumer goods market and industry trends.
• Crafting a comprehensive corporate benefits package including essential benefits such as retirement accounts, paid time off, and flexible hours. 
• Extending mandatory benefits such as workers’ compensation, unemployment insurance, and disability insurance. 

3. Establish formal performance management processes

Your company may have handled employee performance and review informally until now. But now is the time to codify the process and establish its mechanics. This can be accomplished by adopting continuous feedback or establishing traditional annual review programs.

4. Set up a benefits administration system

As you prepare to roll out a robust employee benefits program, you’ll need a system that helps you manage them so your employees can utilize their perks effectively. Ensure you choose a platform that prioritizes ease of use and provides personalization options. 

5. Implement policies to meet compliance requirements

As your company grows, you will likely face federal, state, and local compliance requirements. Two critically essential requirements are as follows:

• Affordable Care Act (ACA): This act mandates companies with 50 or more full-time employees to offer affordable health insurance to full-time employees.
• Family and Medical Leave Act (FMLA): This law requires eligible employers to provide job-protected, unpaid leave to employees for qualified medical and family reasons.

Additionally, suppose you deal with manufacturing alcoholic beverages. In that case, you must adhere to the guidelines outlined by the Alcohol and Tobacco Tax and Trade Bureau (TTB) and US state agencies.

6. Opt for outsourced consumer goods HR services

If you are still deciding whether to commit to a full-time HR team, consider bringing outside help. Outsourced HR services can provide a convenient, cost-effective way to address the evolving needs of your growing business. These seasoned professionals can guide your company’s ongoing expansion and growth with great attention to efficiency and compliance. At the same time, their dedicated service teams can deliver day-to-day hiring, payroll, and benefits support.

The final word

As your firm expands, remember that a well-structured HR framework supports your current needs and is a foundation for future success.

Want to know more about setting up effective HR processes? Full Stack Finance provides integrated and scalable support to startups and small businesses. Our essential business solutions include accounting, finance, taxes, CFOs, and HR services. Talk to an expert today.

Author

Kanika Sinha

Kanika is an enthusiastic content writer who craves to push the boundaries and explore uncharted territories. With her exceptional writing skills and in-depth knowledge of business-to-business dynamics, she creates compelling narratives that help businesses achieve tangible ROI. When not hunched over the keyboard, you can find her sweating it out in the gym, or indulging in a marathon of adorable movies with her young son.