It’s the human element that makes or breaks a business – and as you plan for the future, it’s important to keep that top of mind. Your employees are your best ambassadors, your most valuable asset, and your most important customers. Keeping them satisfied and engaged equates with keeping your business efficient, compliant, profitable, and poised for whatever tomorrow brings.
Four Pillars of Profitability
The key to being prepared for any and all future business challenges is to ensure that HR is a top strategic initiative at your company, one that not only helps build productivity, but also protects the assets that generate it. This value is delivered through a wide range of services that can all be linked to one of four pillars of productivity. When all your pillars are strong and continually reinforced, you can confidently focus on other profit generating activities like customer service and business growth.
Here are those four pillars, in a nutshell:
1. Payroll and Payroll Tax Administration
Outsourcing payroll and related tax responsibilities helps ensure that your employees are always paid regularly, accurately, and within the parameters of all applicable laws and regulations. Your outsource partner can also prepare quarterly tax returns, handle unemployment and garnishments, process W2s, and take on myriad other payroll functions. This lifts a major administrative burden off your plate. Moreover, it helps ensure that you stay legally compliant and that your superstar performers stay right where they are: working for an employer they can trust to take care of them.
2. Employee Benefits
Offering competitive benefits can be a huge challenge for small to mid-sized companies. And yet, it’s benefit offerings – sometimes, even more so than salary – that are the trump card when it comes to landing desired candidates. Here’s where outsourcing to a professional employer organization (PEO) can be the solution you need. Not only is a PEO able to leverage economies of scale to secure lower rates on benefit plans, but it is also able to offer multiple plan designs, allowing each employee to choose options best suited to their individual needs.
3. Safety and Risk Management
Safety first! But how much control can you truly have over keeping everyone on your workforce safe and risk free? When a PEO enrolls a new client, it typically accepts the safety risk associated with that client’s operations. Your PEO can also help develop, implement and maintain ongoing safety programs and training, prepare for audits, work in lock step with OSHA, manage workers’ compensation, and more.
4. HR Compliance
HR compliance demands ongoing monitoring and feedback. Unlike the more immediate savings associated with health insurance and workers’ comp premiums, those associated with HR compliance can take longer to be realized. But in the long run, they are by far the most valuable. Businesses that partner with a PEO give themselves an extra layer of insulation from employment liability through a co-employment relationship. In essence, a PEO shares the liability of a client’s employment practices, so it’s not all on you.
Looking for better solutions?
Do you want to hear more about securing the future of your business? Trust the experts at Lyons HR to help you keep all your profitability pillars strong, fill your business-critical positions strategically, and retain top talent by providing better benefits and customized, full-service solutions. Because, we are HR.