Introduction to HR Outsourcing
In times of change, whether it’s opening up a new branch or hiring a new employee, many businesses look for solutions that can help make any transition as smooth as possible. Providing both a vast knowledge of business operations and compliance, along with the tools to simplify back-office administration, HR outsourcing organizations can often deliver the keys to success.
So what exactly is HR outsourcing? According to Inc.com, HR outsourcing companies help manage a whole range of human resources functions, including “everything from payroll processing and benefit plan management and administration to recruiting, training and more.” Rather than managing these administrative tasks in-house, or outsourcing them to a variety of vendors, business owners are looking to the one-stop-shop that is an HR outsourcing organization.
Should I be Outsourcing?
Many business owners wear far too many hats, meaning that they are managing back-office administrative functions, such as payroll and hiring, rather than focusing on the businesses’ next big project or decision. Business owners that want to concentrate more on growing their business should align themselves with an HR outsourcing partner. Not only do these organizations provide the necessary support with day-to-day HR, such as background screenings and performance management, but they also provide support with the ever-changing compliance and regulatory changes that cause stress for business owners around the U.S. If you’re a business owner that loses sleep over these types of responsibilities, you should consider outsourcing.
What Can I Outsource?
In a standard HR outsourcing partnership, clients enjoy guidance and HR support, assistance with employment law and employment liability coverage and management, payroll services, and support with state and federal tax administration. Other services can include risk management, client sponsored medical plans, benefits technology, and a variety of insurance solutions.
With many of these services come a variety of digital tools that help business owners create new efficiencies within their organization. Benefit technology can help with the administration and management of internal benefits enrollment, while payroll technologies can digitize time clocks and administer time off requests.
What if I Don’t Need Help with Administrative Tasks?
Even business owners that have their HR and payroll operations under control can benefit from an HR outsourcing organization. From workers’ compensation to 401(k) retirement plans, HR outsourcing organizations can provide business owners with insurance services and perks that they might not have access to.
HR outsourcing organizations can provide even the smallest business with large-scale insurance solutions. Many organizations, such as GIGA Solutions, specialize in providing these types of services, arming their clients with workers’ compensation, employment practices liability insurance (EPLI), commercial property insurance, professional liability, and more!
Better yet, organizations such as GIGA can help businesses become more attractive to employees by offering well known medical benefit options. These services can include fully insured, self-insured, and captive plan options, along with supplemental and worksite programs. Other perks include affinity programs, such as employee discounts and pet insurance offerings, and 401(k) plans and executive benefits.
HR outsourcing can help business stay compliant and safe, alleviate back-office burdens, and create a variety of internal efficiencies. With these large concerns out of the way, business owners can focus on their business, overcoming any change or challenge that may be impacting their growth and success.