As a small business owner, you’ve likely thought of ways that you can cut business expenses to save money. One of these ideas may involve whether you should invest in outsourcing HR or hiring in-house HR professionals.
HR just isn’t that important when you don’t have many employees, right?
Wrong. Every business needs to deal with critical HR functions, whether it’s a major corporation or a five-person business. Here’s what you need to consider the next time you think about whether your business needs HR management.
Every day (well, at least Monday through Friday), I get a chance to meet with small business owners. Some of these business owners started their company because no one would hire them. Some started because they were tired of working for someone else. Some because they saw an opportunity to do what they wanted to do and how they wanted to do it. Many found a niche doing something no one else was doing and turned it into a lucrative business.
In my travels, I get one common concern from employers that reaches across all industries and sizes: It’s hard to find and then keep good employees.
You’ve heard of all the offerings companies provide to help them address this issue: better benefits, more pay, flex time. The list goes on and on. What’s the best one that’s out there? That obviously depends on who or what you’re looking for.
"Keeping the plates spinning," is an idiom many small businesses use to describe the way they manage their human resource responsibilities. Some outsource HR functions to various companies while some tasks are handled by an in-house team member who has many other job duties
There's no need to juggle between outsourcing tasks to multiple companies and attempting to have them work together on your behalf. Professional employee organizations, or PEOs, can help minimize the stress, time and costly resources you spend administering your HR functions by managing:
Next to salary, employee benefits are a key asset to attract and retain talented workers. While most companies offer standard health, 401(k) and other supplemental benefits, there are some non-traditional benefits that can set you apart from the competition and help you sign the best and brightest to your staff.