When you welcome a new hire there are many steps to take in ensuring they are a good fit. Most importantly, you want to make certain they are successful at becoming a valuable member of your team. After recruiting the best talent for the position, it is imperative to make sure that your company has covered the bases in the hiring process.
Here are two checklists to help with the important aspects of recruiting and retaining the best people for your company.
New Hire Checklists for Small Business Owners
Choosing the Right Candidate
At your company, the hiring process may look different. Therefore, modify the steps to best suit your needs. For example, if the position requires driving, then you will want to make certain that your new hire has a good driving record. To ensure the security and safety of your clients and workforce, background checks may be essential. Keep good records of the selection process. Likewise, keep records about the rationale for hiring the selected candidate. This can minimize future risks in case of a legal challenge. Also, it is a courteous gesture to notify all applicants about the outcome of the hiring decision. You may have additional openings later for which those candidates could be considered.
Great, you have selected the best candidate for the position! It is now time to guide them on their path to being a successful team member.
New Hire Checklists
Welcoming Them For Success
The Small Business Administration has additional information on its website. Independent Contractors are treated differently than employees and the SBA’s site addresses this, too.
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Employment Practices Liability Insurance
One last consideration with employees, not just a new hire, is having liability insurance called Employment Practices Liability Insurance (EPLI.) The International Risk Management Institute (IRMI) explains it this way:
A type of liability insurance covering wrongful acts arising from the employment process. The most frequent types of claims covered under such policies include wrongful termination, discrimination, sexual harassment, and retaliation. In addition, the policies cover claims from a variety of other types of inappropriate workplace conduct, including (but not limited to) employment-related: defamation, invasion of privacy, failure to promote, deprivation of a career opportunity, and negligent evaluation. The policies cover directors and officers, management personnel, and employees as insureds. The most common exclusions are for bodily injury (BI), property damage (PD), and intentional/dishonest acts. EPLI policies are written on a claims-made basis. The forms contain “shrinking limits” provisions, meaning that insurer payment of defense costs—which are often a substantial part of a claim—reduce the policy’s limits. This approach contrasts with commercial general liability (CGL) policies, in which defense is covered in addition to policy limits. Although EPLI is available as a stand-alone coverage, it is also frequently sold as part of a management liability package policy. In addition to providing directors and officers (D&O) and fiduciary liability insurance, management liability package policies afford the option to cover employment practices liability (EPL).
If you have any questions about EPLI please reach out and talk to us at Smith-Kenyon Insurance. Also, there are other types of coverage that are available to protect your company and its financial future. Call us today to have your questions answered.