Steps to Create Best Practices for a Start-Up
1. Set up basic processes depending on the size of the organization to begin with, e.g., recruitment, performance management system, increments, bonuses, and budgeting processes.
2. Create scalability in the processes.
3. Look at potential employees' catchment areas for your business while considering costs, both salary and recruitment, as salary costs will keep increasing over time. Hire according to the paying potential of the business and its ability to grow in the near and long-term future.
4. Hire for experience initially.
5. Decide the scale of the business at which you can afford to hire for potential. This is where you can save on costs for both recruitment and salary.
6. Tweak and change processes along the way of business growth.
7. Create a strong compliance methodology and respect for the law of the land.
8. Develop a detailed induction process for new hires.
9. Subject to budgetary constraints, create a robust training procedure to enable new hires to "hit the ground running."
10. It is critical to link overall company objectives with the performance measurement parameters of individual employees working at the ground level.
I hope this helps.
Regards,
Anirudh