There are a number of essential systems that every business needs to stay on top of in order to be successful.
In a nutshell, systems are the way things are done at your company. They provide the right framework for how your business operates. They guide priorities, create predictability, generate accountability, and provide accurate ways to measure results.
- Among your key business systems is human resources, aka your people – or talent – management system. Your employees are your greatest asset. Their performance and happiness equate heavily to your success or failure. Your HR system encompasses a wide range of management including recruiting, ongoing talent support and direction, training and development, retention, compliance, benefits administration, safety and risk management, and payroll and taxes.
How to Handle the Many Facets of People Management
Many small and mid-sized business owners don’t have the time or expertise to manage all the aspects of their HR systems – and that’s okay. It’s your job to keep all your systems running smoothly, so you may need to connect with the right outsource partners so you can focus on the strategic, revenue-building aspects of your company. When it comes to talent management, often that partner is a professional employer organization, or PEO.
Here are some ways a PEO works for your company and its people:
More competitive benefits at affordable costs:
When you work with a PEO, you enter into a co-employment agreement whereby your PEO becomes the employer of record for your workforce. As part of this relationship, your PEO assumes responsibility for negotiating and managing employee benefits. A PEO pools all its client employees together, and this group purchasing power results in your company having access to Fortune 500 level benefits, which would otherwise have been out of your budget reach.
Payroll and tax administration:
Your PEO can take responsibility for handling your payroll processing, management and related tax matters. You can rest assured that your employees will be paid accurately and on time, without you having to work late into the night to get it done.
In payroll management and numerous other areas, PEO subject matter experts stay up to date on all employment laws and regulations. They can help you develop a strategy to address all of them, including those pertinent to unemployment insurance, workers’ compensation, the Affordable Care Act (ACA), paid leave and disability laws, Ban the Box requirements, OSHA and more.
PEOs also offer a wide range of additional HR services including recruiting, onboarding, training and development, employee handbooks, communications, employee relations and engagement.
Looking For Solutions? LyonsHR Can Help!
If you think a PEO partnership might enhance your company’s talent management system, contact Lyons HR to learn more. Another resource is We Are HR, a comprehensive guide to working with a PEO, authored by our founder and executive chairman Bill Lyons.