HR Hiring Options for Your Startup - Spark Hire

HR Hiring Options for Your Startup - Spark HireMost small geschftslebenes have questions surrounding HR such asWhen should I hire an HR professional?Do I need a full-time or part-time HR professional?Should I outsource my HR?As your business starts to grow, you should consider developing some type of HR function in order to ensure that your startup is conducting business legally when it comes to staffing, benefits, and the touchy areas such as firing or letting go employees.There are several options for startups when it comes to HR and choosing the best one for your company can affect your bottom lineFull-time HR ProfessionalMany startups immediately think that they need to hire a full time HR professional in-house. While this could be the best option for some startups, its not necessarily the best option for your startup.My observations, from a previous experience is that there isnt always enough to keep a full time HR professional busy in a small startup. Many times you may find th at the individual is not engaged and is underutilized. However, having a full-time HR professional does allow you the flexibility to have an HR expert on pranke whenever needed. One thing you must take into consideration when considering hiring a full-time HR professional is whether your startup has enough HR needs to justify paying a salary for 40 hours a week.Part-Time HR ProfessionalAnother option, when hiring an HR professional in-house is to consider hiring a part-time expert versus a full-time. This means that you will cut your cost in half, while still obtaining the expert advice and knowledge that is important to your companys success.If you have a sister or parent company that your startup is associated with, consider sharing an HR expert. I have worked for a startup in the past where this was a great cost-saving solution, offering our company access to an expert when needed.Outsourcing HR FunctionsMany companies have started to see the benefit of outsourcing their HR to a Professional Employer Organization (PEO). Business News Daily points out many of the pros to outsourcing such asLegal protectionLarger selection of benefitsAbility to handle remote employees in different statesEase of accessDepending on the company that you select, outsourcing your HR functions can be very streamlined, allowing you the ease of having the expert knowledge while also being able to concentrate and focus on your startup. This option also eliminates the need of hiring additional HR staff as your company grows, saving your startup money in the long-term.However, there are some cons to outsourcing your HR. Business News Daily mentions that giving up all of your HR functions to a PEO will limit your control when it comes to HR decisions. Typically, small business leaders are accustomed to being very hands on and involved when it comes to different functions of the business. While outsourcing your HR department will allow you more time to focus on the business itself, it can be difficult for some owners to step back and become less involved in certain areas of the company. When the PEO makes changes to benefits or policies, there is little that you will be able to do.In addition, utilizing a PEO is less personal than having your own HR professional or expert onsite. When you or your employees have questions, you may speak to a different person each time when calling to the PEO. Some PEOs will have an assigned employee to work with your company. However, you have no control over that persons happiness or satisfaction with their job, nor their job performance. The personal touch of having your own in-house expert is lost when using a PEO.All in all, whether you decide to hire direct or outsource your startups HR functions depends on what works best for you and your business. I will say that based on my research, outsourcing seems to be less of a headache, saving you time and money. However, perhaps in the beginning stages of your startup, the best option would be a part-time professional until you have reached a decision to hire full time or outsource.What has your experience been with your startups HR needs? Please share your experiences below.Image maxexphoto/BigStock.com

How to apply for public service loan forgiveness in 5 steps

How to apply for public service loan forgiveness in 5 stepsHow to apply for public service loan forgiveness in 5 stepsThink you might qualify to get your federal student loans forgiven under the Public Service Loan Forgiveness (PSLF) program? Heres a step-by-step on how to qualify - and how to get your loans forgiven.1. Get a full-time job with a qualifying employerPSLF exists to reward people who work in public service, so the determining factor in whether you qualify for PSLF is who your employer is.Generally, the following types of employers qualify for PSLFFederal, state, local, or tribal government organizations.501(c)(3) nonprofit organizations.Non-501(c)(3) nonprofits that provide public services as their primary mission.You generally have to be employed full-time at a qualifying organization to qualify for PSLF. However, if youre a volunteer in the Peace Corps or AmeriCorps, you can also qualify.2. Enroll in a qualifying repayment planTo qualify for PSLF, you have to be enro lled in one of four income-driven repayment plans. These have a payment term of 20-25 years.Technically, you can also be enrolled in the voreingestellt Repayment Plan- which is the default plan you get enrolled in when you start to pay off your federal loans.The issue with that, though, is that the Standard Repayment Plan is a 10-year term. And under PSLF, you have to make 120 payments to get your loans forgiven - which takes about 10 years. That means your loan forgiveness kicks in just as you make your last payment.Bear in mind, too, that the Standard Repayment Plan for Direct Consolidation Loans is different than the 10-year Standard Repayment Plan- and it doesnt qualify for PSLF. If you have any doubts about whether youre in the right payment plan to qualify for PSLF, call your lender ASAP.3. Make 120 qualifying paymentsWhat is a qualifying payment? Were glad you asked. To qualify, your payment must beMade after Oct. 1, 2007.Made under an income-driven repayment plan.For the to tal payment amount shown on your bill.No later than 15 days after the bill is due.While youre working full-time for a qualifying employer.You cant make qualifying payments toward PSLF whileWorking for a non-qualifying employerYour loans are in deferment or forbearanceYoure in school, orYoure in a repayment grace period.4. Complete the employment certification for PSLF gestaltThis form needs to be completed and sent in both once a year and whenever you change employers.This form documents and ensures that youre working for a qualifying employer while you make payments. If you dont do this, you could apply for forgiveness in ten years only to find that none of your payments qualified.You also have to get your employer to certify this document. Usually, the appropriate person is either someone in your Human Resources department, or your direct supervisor. Check with your employer to find out whos authorized.Once its ready, send the form to this addressUS Department of EducationFedLoan ServicingPO Box 69184Harrisburg, PA 17106-9184Once the government receives your form, it will notify you whether your employer and loans qualify, or whether they need more documentation. Theyll also tell you how many qualifying payments youve made and how far you have to go.5. Submit your PSLF applicationOnce youve made your 120 qualifying payments, your loan wont automatically be forgiven. To start the process, youll have to submit another form after youve made your 120th qualifying payment.That form is the PSLF application.To qualify, you have to be working full-time for a qualifying employer- both when you submit the form and when your loan is forgiven. So yes, youll need to have your employer certify your employment on this form as well.Getting your student loans forgiven under PSLF is a decade-long odyssey. But its possible. Follow these instructions, and hopefully youll get your loans forgiven.Dont qualify for PSLF? Learn about refinancing your student loans to lower your mont hly payment or pay off your debt faster.Thisarticlefirst appeared onComet Financial.