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Hiring new employee? cash reserves?

  • 19-12-2010 3:30am
    #1
    tompadraig
    Closed Accounts Posts: 8 ✭


    Hi

    I am about to embark on hiring my first employee, a sales person.

    Is there an official % of the new employee's yearly salary recommended to put into cash reserve to ensure we always meet pay roll for the employee's trial contract?

    Kind Regards
    Tom Padraig


Comments

  • #2
    Gloomtastic!
    Registered Users, Registered Users 2 Posts: 8,909 ✭✭✭Gloomtastic!


    Congratulations! It's a huge step and a lot of responsibility employing someone.

    There's no official % but it is widely accepted that you 'pay the wages' first with any cash you have in the bank, tax man second, suppliers come third and last but not least, if there's anything left you can have a look!

    Good luck to you!


  • #3
    antoinolachtnai
    Registered Users, Registered Users 2 Posts: 9,817 ✭✭✭antoinolachtnai


    I don't know if there is an industry average or standard, you just have to plan your business and if it isn't working out, either with the employee or the business, you have to be prepared to make tough decisions. You also have to work really hard at communicating clearly with your new employee to make sure they know what is expected.


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