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Operations, People & Careers
Hiring, onboarding and running a team, plus career moves such as an MBA: step-by-step explainers and every operations, people and careers guide on FintechZoom Pro.
Hiring your first employee
The main steps in the US; other countries have similar duties. Step through them.
Step 1 of 5: Get an employer ID and register
In the US, an Employer Identification Number (EIN) from the IRS, plus state registration for payroll taxes. In the UK, register as an employer with HMRC.
Step 2 of 5: Check eligibility to work
US employers complete Form I-9 for every new hire; UK employers carry out right-to-work checks.
Step 3 of 5: Set pay and follow wage rules
Minimum wage, overtime and record-keeping rules apply. Decide whether workers are employees or contractors carefully: misclassification is costly. Flexible staffing can help early on; see flexible staffing and working with employment agencies.
Step 4 of 5: Payroll, insurance and benefits
Withhold and pay taxes, arrange required insurance such as workers' compensation, and consider benefits. See digital benefits platforms.
Step 5 of 5: Onboard and track time
A clear first week and fair, accurate time tracking build trust. See time and attendance tracking and team building.
Is an MBA or career move worth it?
An MBA or executive programme is a large investment of money and time. The return depends on your goals, the programme and whether your employer contributes. Compare total cost (fees plus lost earnings for full-time study) with realistic outcomes, and check accreditation. The BLS Occupational Outlook Handbook shows typical pay and job outlook by occupation. Read executive MBAs andonline MBAs.
Career checklist
Before you commit to a programme
0 of 5 Start with the goal: what should the programme change for you?
All Operations, People & Careers guides (10)
Every article in this topic, A to Z.
- A Guide for Toronto Employment Agency Employers and Job SeekersLooking to hire fast or find your next job? A trusted Toronto employment agency connects employers and job…
- Breaking Barriers: How Online MB Empowers Business ProfessionalsDespite the fact that they are online, these programs can actually offer some great opportunities for…
- From Manager to CEO: Executive MBA as a Catalyst for Career AdvancementFrom a purely monetary point of view, most EMBAs are more than worth the investment when you consider…
- From Startup to CEO: How an Online MBA Can Fast-Track Your SuccessCareer coaching services match you with experienced executives who provide personalized guidance for your…
- How Digital Benefits Platforms Enhance Employee RetentionEmbracing digital benefits platforms is a strategic move that transforms how employees perceive and engage…
- Innovative Team Building: How Games Can Enhance Workplace DynamicsNext time you're looking to boost workplace dynamics, consider putting down the spreadsheets and picking up a…
- Maximizing Workplace Efficiency with Time and Attendance TrackingAI-powered automation, biometric tracking, and real-time analytics are transforming the way companies manage…
- The Impact of Startup Consulting Services on Early-Stage BusinessesEarly-stage startup consulting catalyzes substantial growth and sustainable advantage by infusing strategic…
- The Innovation Mindset: 5 Leadership Habits That Encourage Creative Problem SolvingFocus grows when routines run smoothly, leaving room for ideas that breathe. Learning becomes real when…
- The Role of Flexible Staffing in Company FormationBy incorporating flexible staffing into the company formation process, startups can reduce costs, and…
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Sources
- Hire and manage employees (U.S. Small Business Administration)
- Wage and Hour Division (U.S. Department of Labor)
- Employing staff for the first time (UK) (GOV.UK)
- Occupational Outlook Handbook (U.S. Bureau of Labor Statistics)
- College Navigator (U.S. National Center for Education Statistics)