Hiring family members is always an interesting debate to have with people. There are so many varying opinions along with many different pros and cons, both personally and financially. We’re here to address the positives of hiring a family member as a way to step outside the box and prove there is good behind what others think is bad.
Undoubtedly, a benefit of hiring a relative is that you already know their strengths, their weaknesses, and their potential. Rather than learn the personality of a new employee, you can skip this step and move forward into how to strengthen their weaknesses and productively utilize their strengths. With new employees, you’re busy treading water, figuring out how well they can swim.
Because you know your relatives and their history well, background checks are not necessary. You also know how well you can trust them and which confidential information to pass on. Your level of trust has already been built, you don’t have to wonder if they will break it.
Relatives want to see each other thrive, which results in them wanting to see the business thrive. They have your best interest in mind and will push themselves to the limit in order to help you reach both your goals and their goals. They’re typically willing to put in extra work and energy, fully investing themselves to the business to do their share in seeing it succeed.
Financially, hiring a family member can also be a positive. If you pay for their health insurance, whether it’s a spouse or a child, they are tax deductions. If you hire your spouse, this will help build up your Social Security earnings.
In the end, hiring a family member is up to you and how you treat the situation. It will be as appositive or as negative as you make it. But, why hurt your business when you can prosper from hiring a relative?