You may not realize it, but your company’s human resource department is the most valuable asset of your business. Not only does this department make sure all internal workings of your company run smoothly, it is also who is responsible for ensuring your employees get paid in a timely manner.
Because HR is so valuable, you don’t want to trust this job to just anyone. This is why we recommend you let experienced professionals manage your human resources by choosing HR payroll outsourcing for your company.
To find out all the benefits associated with outsourcing your company’s human resources, read below!
1. Saves You Money
When it comes to operating a successful business, finding ways to save money is key. However, you don’t want to sacrifice the quality of your services or the value of your employees by cutting corners. This is where HR payroll outsourcing comes in. It is the easiest way to save your company money without reducing the quality of your work or your workforce.
The first way an outside human resource company helps you save money is it replaces your need to hire additional staff. Now, instead of hiring someone and paying the additional salary, you can hire INVO PEO to take care of your needs for a much lower annual cost.
In addition, it allows you to keep your focus on revenue-generating priorities for your company. For example, if you were to hire additional employees, you would have to dedicate much of your time training, finding required software, and possibly expanding your office space. Although all of these are important to ensure you have a successful in-house human resource department, it doesn’t generate any money for you. In fact, it costs you money, an expense you can avoid by choosing HR payroll outsourcing for your business.
Now, you can focus all your attention on growing your business and enjoy having a lower overhead operational cost.
2. Reduces Risk
Over the last few decades, a lot has changed with human resources. Between changes in legislation, new policies, new procedures, and keeping up with your employees’ needs, there is a lot to do. Not to mention, if you fail to stay on top of new industry standards and requirements, you are actually putting yourself and your company at risk for potential lawsuits, something no one wants to deal with.
The good news is you can take away this headache by choosing to outsource your human resources payroll with a reputable and reliable company like INVO PEO. We will take on this important responsibility for you, and you can get back to what matters most–growing your company.
In addition to monitoring changes in labor laws, we can also audit your company’s policies to make sure both you and your employees’ best interests are protected. We can give you tips on ways to improve how your team works with one another, which in turn will result in a stronger workforce that can better serve your customers. This is a win-win for everyone involved.
Other ways HR payroll outsourcing can lower your liability include:
- Checking your employees’ records meet all I-9 requirements
- Handle all EEO reporting and claim resolution
- Manage Employee Practice Liability Insurance (EPLI) claims as they relate to your employees
- Ensure all federal and state taxes are handled correctly
3. Allows You to Provide Better Benefits to Employees
One of the biggest benefits an employer can offer employees is a quality benefits package. In fact, depending on what all your benefits include, this may be the deciding factor that puts you in front of the competition for potential hires. However, if you are a small business, this may be hard for you to achieve because of the pricey premiums you face without a group discount larger corporations are able to offer. However, it doesn’t have to be.
If you choose to incorporate HR payroll outsourcing into your company’s business model, you are allowing yourself to take advantages of the additional benefits offered by the company.
4. Improves Workforce
We have already mentioned how HR payroll outsourcing can improve your workforce in terms of saving you from hiring additional employees with a limited return on investment, but that is not the only way it can enhance your team. Hiring an outside company also ensures your company won’t come to a halt in the event someone leaves or transfers position.
For example, if you rely on one employee to do all your payroll and human resources, you are dependent on that person staying with the company. If for some reason he or she decides to leave, take a vacation, a sick day, or an extended leave of absence, you will need help.
During this time, you have two options if you choose to keep these services in-house. You can either quickly train someone else in your company to take over in the time being or you can put your faith in a temp agency to send you someone reliable. Either way, you will have to take time out of your busy schedule to train and monitor the new employee, which will lower your productivity rate.
However, if you choose to outsource your payroll, you will never skip a beat. INVO PEO will make sure your payroll checks go out on time, your employees receive the right benefits, as well as stay on top of industry changes, no matter what is going on in-house with your company.
Ready to help your business reach its full potential? Learn how INVO PEO can fulfill all your HR payroll outsourcing needs today by giving us a call!