You don’t have to be sold on the importance of hiring and retaining the best employees. You already know that hiring mistakes are costly, not only to your financial bottom line, but also to morale and ultimately, to your image and employer brand. And you also know that once you land top talent, it’s imperative to keep them – which can be extremely challenging in today’s candidate-driven marketplace.
- U.S. unemployment in December 2019 was 3.5 percent, the lowest in 50 years. Job seekers in virtually every area can pick and choose where they want to work – or whether or not they want to stay at their current jobs. It’s tough for even Fortune 500 companies to compete. So, where does that leave you, as the leader of a small to mid-sized business?
Partner with a Pro
Think about your most successful strategies in building your company: You can’t be an expert in everything, so when you need to, you contract with the right professionals to ensure that your business goals are achieved. In the HR arena, for a growing number of organizations, this expertise can be found in outsourcing to a professional employer organization, or PEO.
- When you work with a PEO, you enter into a co-employment arrangement. Your PEO becomes the employer of record for your workforce, yet you regain overall control and strategic direction.
- You can offload as few or as many HR tasks and functions as you wish to the experts at your PEO. Whether it’s payroll management, benefits administration, the nuts and bolts of hiring, onboarding and training, or compliance with myriad laws and regulations, you can turn the legwork over to your PEO partner. Then, you can direct your own energy to driving core business functions.
As noted by the National Association of Professional Employer Organizations (NAPEO), your employees benefit as they gain access to big-business benefits, thanks to your PEO’s group purchasing power. Candidates and current team members also feel better, knowing that their needs are being handled by experienced professionals. In other words, you don’t have to be an HR expert – just a business expert.
- What may be unfamiliar territory to you – namely, hiring and retention best practices – is what your HR outsourcing partner does best. In fact, HR management is all they do. When it comes to talent acquisition and management, from recruitment through retirement, you can offload any or all of it to them. In the process, you can focus your time and energy on building your company.
PEOs currently provide services to between 156,000 and 180,000 small to mid-sized businesses, employing between 2.7 million and 3.4 million people. Maybe it’s time you gave it some thought.
Are you looking for a strategic partner?
To help you decide if HR outsourcing is right for you, contact Lyons HR today. We work with hundreds of employers across the U.S. – and we can customize a strategy to address your people-related challenges and position your business for future growth and success.