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Hiring Employees
Has anyone had their own company and took the step into hiring employees? or considered a partnership?
Views: 76
Replies to This Discussion
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Permalink Reply by Relax & Rejuvenate on
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We have dozens of employees.
What do you want to know?
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Permalink Reply by Tom West on
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Are there any pitfalls you would avoid when going about the process of hiring? What would you look for in an employee?
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first you should figure out if you are prepared to deal with being an employer
1) Taxes -- it costs you about 10% of their pay -- including tips -- in payroll taxes to have an employee
2) Hassle -- you have to file monthly tax withholding payments with the Feds, and monthly or quarterly with your state. Same for unemployment taxes, which tend to be quarterly. Forget to pay? Get fined, up to 20% of the tax due.
3) Educating your employees on what it means to be an employee vs. an IC, which is what most MTs go through life as. NOt everyone is cut out to be an employee -- they need to learn, love and live your philosophy and your way of doing things and they have to act like this is their business too -- which it is to the extent that if the business does not thrive, they are out of work. Too many people think if they have to be like that, then the should get some outrageous % of the income, because, after all, they are the ones doing the "work". You have to spend a lot of time educating employees about the risks of owning a business so they don't resent you "taking" more than 1/2 of what they make
4) Other compliance hassles and costs. YOu have to have Workers Comp insurance. YOu also are legally required to post minimum wage and OSHA regulations in your workplace. You have to document performance in the event you dismiss someone and they try to claim unemployment. You also need employers liability insurance and a commercial liability policy that covers your ;employees. Having your employee covered by AMTA /ABMP offers you no real protection, because anyone suing will sue the business first since they are responsible for their employees
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