As a small to mid-sized business owner, your plate is full. In fact, on most days, it’s probably overflowing. And HR takes up a lot of that space. Talent acquisition and management are among your most important priorities – but there’s just so much to them. And it’s all important.
Yet, what can you afford to give up in order to meet your HR demands?
The Smart Answer
There is an answer. The best business leaders know when to delegate. In addition to doing this with your own team members, outsourcing some of or all your HR functions gives you the benefit of specialized expertise and cost efficiency, as well as freeing up your time to focus on running your company.
You don’t have to give up anything. You simply need a life net to relieve you of those time and energy-draining activities that pull you away from your core business functions. And there are significant added pluses to partnering with an outsource firm.
Recruitment, Retention and the Employee Experience
Whether you’re courting a prospective hire or trying to hold onto top performers who are being wooed by others, your level of success will be defined by the candidate and employee experiences you offer – and the benefits and culture that go along with them.
- As reported by the U.S. Bureau of Labor Statistics, the U.S. unemployment rate in December was 3.5 percent – the lowest in exactly 50 years, since December 1969. And as noted in the bureau’s recent Job Openings and Labor Turnover Survey (JOLTS), the rate of employees quitting their jobs is at its highest point since 2008. Not surprisingly, time-to-fill statistics have also hit record highs.
- By forming an outsourcing partnership with a professional employer organization (PEO), you can contract for assistance with a broad range of activities associated with your hiring process. These include resume reviews, candidate screenings, setting up interviews, and fine tuning job descriptions.
- Further enhance your brand image with Fortune 500 level benefits. You likely can’t afford them now, but your PEO will offer group purchasing power. They become the employer of record for your workforce, putting your team members in a larger pool with those associated with their other clients. It’s a co-employment partnership, so you remain the ultimate HR decision-maker.
Let’s Talk Compliance
Compliance with local, state and federal laws is an elephant in the HR room. It’s not going anywhere – and its demands will continue to change and grow. Outsourcing compliance and risk management will keep related issues and situations in tow, and potentially save your bottom line and your company reputation as you avoid costly litigation.
Outsourcing can help you ensure compliance in a broad range of areas including workplace harassment prevention, diversity and inclusion, the Affordable Care Act (ACA), equal employment opportunity (EEO), pay equity, minimum wage, sick and family leave, reasonable accommodations for disabilities, Ban the Box, and marijuana legality.
Considering PEO Services?
If you think a PEO partnership may be right for you – or if you simply need more questions answered before making an outsourcing decision – contact Lyons HR today.