It has been nine months since you opened your business, and you are off to a flying

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Question:

It has been nine months since you opened your business, and you are off to a flying start. You have hired and trained your team, your prospects look good and it is clear you will need to bring on more people to handle the expected increase in business. Your angel investor has approached you about the possibility of expanding your operation. But before he will commit further capital, he wants to see a plan for how you will manage such an expansion. Specifically, he would like to know how you are going to attract and retain the top flight human capital that will be required to get your firm to the next level of profitability.

The business is a small restaurant serving only local Hawaiian cuisine and I would need a manager, 2 cooks and 1 waiter and 1 cleaner.

To attract good employees, you will have to compete with other businesses looking for similar skill sets. What are those businesses, and what are they paying their people? With this information, put together a market-competitive pay plan, which will include your current positions, plus any positions you don’t currently have, but expect to need within the next 24 months. (Make sure to reference where you get your competitive information). Be specific. Format it so it is easy to read and understand.

A comprehensive benefits package. What will it include (insurance options, vacation/sick leave/PTO, retirement benefit, etc.), and what would the costs look like? Will each level of employee (manager, hourly) receive the same benefits package? Why or why not? (Be specific. For example, don’t say you will offer medical insurance – are you offering Kaiser, HMSA PPO and/or HMO, HMAA etc.? Will you cover the employee only, or family? Will the employee share in the cost? If so, how much? How many days of vacation are you going to offer? If you are going to match a 401(k) contribution, how much will you match?). Compile a spreadsheet that lists the costs for each that you decide upon.

An employee engagement/retention plan that you feel will best relate to the employees in your type of business, and estimated costs, if any, associated with the different parts of the program. Again, be specific.