Whether your business is a boutique store or a corporation, one factor you will be involved in is human resources. It begins when you hire the first employee and will involve shift scheduling, employee compensation and benefits. In today’s climate with Covid 19, a majority of businesses are dealing with human resources remotely since employees are working from home.
With more employees at home, businesses may consider contacting a professional financial service in order to help their company effectively deal with human resources and the challenges they face in a changing work culture. When working with a financial services company, you gain a staff of experts who can support your employees while making sure your business is compliant with human resource standards. This would be beneficial during a time where so many employees are working remotely.
Since human resources is essential to the success of your venture, here are a few things to consider when deciding whether to use a professional financial service.
Ready Made Materials
A financial service will have the resources to inform employees on important human resource matters. Those would include employee guidelines, management guidelines, codes of conduct and safety training. The financial service may also have HR handbooks that can be customized for your company.
When using a service you can count on their experts to reinforce proper conduct codes for your employees including interactions between managers and their staffs. The training can help to prevent HR conflicts and complaints, hopefully avoiding any lawsuits.
Human Resource Experts
Your HR department must have the proper training and expertise. If not experienced, they will be gaining that through on-the-job trial and error. When using a service, your business will gain a team of experts with years of experience at the ready.
Comparing what you spend in house on HR employees including your own time devoted to HR will need to be compared to what you would spend if using a service. Small businesses are especially in a position to gain financially by using a service while relying on their experts and materials. Other companies may find that having their own experts in house is more beneficial when dealing with large numbers of employees.
Outsourcing Human Resources can save time. If you go with a single company that offers a full range of services, your HR can be streamlined with customer service provided by the company you choose. This can save an immense amount of time especially if you as the business owner are trying to grow your business and handle your HR.
One of the most time consuming and challenging factors in HR is the recordkeeping and documentation. Using a financial service will guarantee that your company will be up to date on the proper records and forms in the case of a dispute, audit or inquiry.
A survey conducted with executives in the U.S. showed that over 80 percent of companies outsource major HR functions. HR most often fully outsourced includes 401(k) programs; pensions/benefits; stock options administration; and health benefits. Most often partially outsourced are health benefits, training and development and payroll.
As a business owner or CEO, you’ll have to decide whether you keep your human resources in house or outsource with a financial service. Your decision should ultimately help you to focus on and grow your business while best serving your employees.