Running a business involves a variety of responsibilities for an employer. Employees must be managed. Sales must be made. Business development and strategy must be implemented and executed. The list could go on. In the midst of it all, employers must ensure that compliance with state and federal regulations are met and that employees are compensated and taken care of in an effective and timely manner. This involves having Human Resources professionals in place to keep things in order—whether in-house or through HR outsourcing.
For employers who need assistance with HR-related tasks and might not have the means to employ a full-time, in-house HR team, HR outsourcing can be a wonderful solution. So, how do you know when the time is right for HR outsourcing? Here are four key indicators.
- Number of Employees—Whether a company has 10 or 100 employees, an employer’s focus should be on the employees and their responsibilities to the business, not distributing the employees’ paycheck every two weeks. As the number of employees increases, so do various compliance requirements, in addition to employee benefits plans, training needs, and people management. HR outsourcing can coordinate and manage these processes, keeping you in compliance and free to focus on growing your business.
- Better Benefits—Along with a growing number of employees comes the need for a better benefits pool for those employees. Especially for smaller businesses, healthcare benefits costs for employees can be high. HR outsourcing can open the door to a full-service employee benefits broker that can provide your company access to the most competitive benefits package rates available.
- Cost and Efficiency—As the number of employees and the need for better benefits increases, so does an employer’s business costs and demand for time and attention to all these things. HR outsourcing organizations can pick up the moving pieces of HR-related tasks to keep everything moving on time and within budget, providing employers a more efficient, cost-effective approach to running a business.
- Compliance—In all the above categories, it is essential for employers to maintain compliance with everything from employee classification to taxes to timekeeping. HR outsourcing will ensure that your business is abiding by regulations and statutes, as well as keeping you up to speed on important regulation changes and updates.
It’s no secret that all companies have different needs. Providing unique and tailored treatment, LBMC Employment Partners offers customized or combined HR services to meet and exceed your expectations. Our Human Resources Outsourcing (HRO) services provide employers with one single point of contact to coordinate and manage a selection of HR processes with a flexibility that best fits your business. Contact us today to learn more!