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.
A lack of motivation can really cost your business. Entrepreneur reports that disengaged, disinterested employees have led to a loss of up to $550 billion per year for U.S. businesses. Fortunately, there are ways that you can help motivate your employees so that they’re ready to give it their all every day. Here are three steps that you can take to engage your employees.
A small business’ success can depend heavily on its employees. The National Federation of Independent Businesses notes that “employees at small businesses carry more of the company’s weight on their shoulders than those working at larger companies.” As a result, the failure of an individual employee can make a greater impact at a small business than at a larger organization.
Employee management is one way to help turn an underperforming employee around or prevent high-performing employees from becoming a weak performer. The concept of employee management is more than just making sure that people are doing their jobs; it’s a variety of procedures and strategies that can help you measure, monitor, and interact with the workforce that plays a huge role in your company.
Wellness programs have become very popular in recent years. In its 2017 Employee Benefits Survey, The Society for Human Resource Management (SHRM) found that 24 percent of organizations added to their wellness benefits, which was the biggest increase for any benefit during the year.
While more businesses are investing in wellness initiatives, some owners may ask how effective workplace wellness programs really are. The answer to that can depend on your goals.
After a great year, giving back to your employees can be very beneficial for your business. CNBC cites that “more than half of small business owners say that offering a [retirement] plan helps attract better employees.” A profit sharing plan is one way that you can use your business’ financial success to you and your employees’ benefit.
Flu season is normally bad for businesses, but 2018 may be much worse than usual. The New York Times reports that “this year’s flu season is now more intense than any since the 2009 swine flu pandemic and still getting worse,” which creates havoc both for you and your workers.
You can’t always prevent the flu or stop employees from getting sick, but you can offer them the means to receive quick, affordable attention from a medical professional. Telemedicine is an attractive benefit that gives employees 24/7 access to physicians via phone, video, or internet chat and benefits your business. Here’s why you should consider offering telemedicine to your employees this flu season.
Every year brings new opportunities. Unfortunately, time can usher in big changes that can leave businesses scrambling. Over time, new legislation can leave your company open to legal problems if you don’t take appropriate action. Fortunately, there is one key tool you can use to protect your business – a good employee handbook.
There’s more to a handbook than just basic information for new hires. This document acts as an important compliance document for your business that shares you and your employees’ rights and obligations. Unfortunately, it can be easy to let your handbook become outdated – and an outdated handbook is a serious problem for any business. As time goes on, it’s important to make sure that your handbook evolves as new laws go into effect. Here are five parts of your handbook that you should update (or create if you don’t have one already)..
When you run a business in a competitive industry, it can be difficult to find and retain employees. The Society for Human Resource Management conducted a survey and found that “95 percent of HR professionals rated health care as one of the three most important benefits to employees.” In short, benefits are big.
Of course, every prospective and current employee may have different health needs. While a group health insurance plan provides employees with medical coverage, there may be some additional health needs that don’t fall under your base plan. This is where a supplemental insurance plan can give your business an edge in attracting new talent and retaining quality employees.
When you’re a small business owner, your schedule is never empty. Each year contains several important deadlines that you need to follow to keep your business compliant with important laws and regulations involving your company’s finances and employees. Just a single missed date can lead to problems with the IRS or other government agencies.
Keeping track of all these dates as well as everything else you need to do as a business owner can be difficult. We’ve put together a list of critical dates you need to know to keep your business legally compliant.
Every year presents new opportunities to strengthen and grow your small business. Sometimes it’s just a matter of finding and identifying which of these opportunities make the most sense for your organization.
A good small business conference is a great place to uncover ways to improve your business, whether you attend in person or send key members of your team. While some people may not think that leaving your office to attend an outside event may be all that beneficial, finance website The Balance lists five good reasons why you should consider attending small business conferences:
- Educational opportunities
- In-person networking
- Learn about competitors
- Marketing to potential clients
- Spark creativity and innovation
Whether you’re interested in just one of those benefits or all of them, there are plenty of conferences across the country that may be beneficial for you or some of your employees. We’ve identified some of the top HR conferences to attend this year, but you also need to consider marketing, finance, and other functions. Here are some of our top conference choices for small business owners in 2018.