While HR management has always been challenging, it has become even more complex and regulated in recent years. Companies of all sizes and in all industries have had to realign their strategy when it comes to this arm of their business.
It takes a lot of time to handle all the aspects of your growing company. And your expertise lies in your business and your industry – not in HR. Rather than think about this as a weakness, consider it a strength that you know when it may be time to delegate, just as you would with any other business priority, to someone who is an expert in the field.
The Solution Lies in Outsourcing
Outsourcing some or all of your talent management functions may be the answer to those HR worries that devour so much of your time and energy. Your outsource firm will become a seamless extension of your in-house team. They can assume myriad responsibilities including those related to:
- General HR services: consultations, audits and recommendations; management and employee training; job descriptions; handbooks; unemployment claims; labor law compliance, and the development of policies, procedures and forms.
- Risk management: workers’ compensation coverage and procurement; OSHA reporting; accident and fraud investigation, and employment practice and worksite liability insurance.
- Benefits administration: plan negotiation and open enrollment; ACA, COBRA, HIPAA and ERISA compliance; management of medical, dental and vision, as well as supplemental and voluntary benefits; retirement plan options, and premium reconciliations and payments.
- Tax and payroll services: processing; direct deposits, checks and cash cards; FICA, FUTA, SUTA and W/2/W-3 payments and filings; time and attendance interface; new hire reporting and immigration verification; tax liens and garnishments, and HRIS and file maintenance and storage.
How Does Outsourcing Work?
An increasingly common outsource solution for small to mid-sized businesses is a partnership with a professional employer organization (PEO). Your PEO becomes the employer of record for your workforce, while you continue to manage employees’ everyday business responsibilities.
- In addition to handling HR administrative tasks, a PEO offers you the added benefit of group purchasing power. PEOs pool employees from their various clients together for benefits purposes. As a result, they are able to offer health insurance and other attractive options typically available only to larger companies. When it comes to recruiting and retaining talent, this enables you to compete on a level playing field.
- The National Association of Professional Employer Organizations (NAPEO) recently enlisted the services of an independent analytics and research firm to determine areas of significant value provided through PEO services.
Outsource Your HR With A Trusted Partner
Lyons HR is a PEO founded in 1995 and serving hundreds of employers nationwide. Lyons has earned full accreditation by the Employer Services Assurance Corporation, a distinction achieved by only five percent of all PEOs, and is accredited by the Internal Revenue Service. Contact us today to learn more about PEO services and how we might help address your company’s growing HR needs.