Despite financial and economic challenges, 2023 was an incredible year for start-ups with over 900,000 new businesses coming to life.
The record-breaking number of new companies in the UK was an 11.8% increase on 2022 and demonstrated the resilience of business-minded Brits. Online retailers, property and street food stalls were the largest growing sectors.
With 2024 forecast to be another record year, it’s vital that start-up businesses have their important business functions in place to succeed past their first year.
Product ideation, sales, marketing and finances may initially come to mind when starting a business, but businesses must have an effective HR function in place.
A company’s HR department contributes to the growth of the business. They’re primarily responsible for:
- Recruitment drives, including drafting job advertisements
- Hiring the right people for the business
- Onboarding new members and making sure they’re comfortable
- Training colleagues to make sure they understand the way a business works
- Organising any future employee development
- Conduct disciplinary actions when required
- Firing staff if necessary.
They’re also a key party in payroll, administrating any employee benefits and making sure paperwork and contracts are up-to-date.
This could be vital for a growing start-up that needs to attract the right people to flourish. As well as hiring and promoting smart, a good HR function means a start-up can attract future employees through company benefits, not just wages.
But hiring HR staff can be an expensive investment, with the average wage for an HR Manager said to be over £40,000 in the UK. Outsourcing, on the other hand, is a much more cost-effective way to keep on top of changes in Employment Law and HR.
HR Assist is our resolution to business’ HR problems. It gives businesses access to a team of specialist Employment Law Solicitors and senior CIPD-qualified HR professionals who can handle a range of workplace issues. From checking and updating employment contracts to practical advice when it’s needed, HR Assist can act as an extension to an existing team or be a fully outsourced option.
To learn more about HR Assist and see if it’s right for your business, speak to one of our specialist team.
