Putting off HR tasks can become so habitual that you don’t even notice when it’s happening or how it’s affecting your business. While it may not directly affect the performance of your business today, over time HR neglect can stunt your company’s growth dramatically.
Here’s a list of five of the most often overlooked HR responsibilities that are crucial to your company’s future success and profitability:
1. Finding a new medical insurance provider
The ever-increasing cost of medical insurance premiums can really cut into a company’s profits. By finding the time to negotiate a better rate with another medical insurance provider, a company could reap the benefit of increasing working capital that could be used to grow the business.
2. Attracting, hiring and retaining great employees
There is a fine art to recruiting and retaining employees. It’s a painstaking process that requires true diligence — something many business owners don’t have the time for. Knowing how vital it is to their business, more and more companies have started outsourcing their hiring duties to a professional HR outsourcing company.
3. Complying with federal, state and local employment laws and regulations
The number of employment-related government regulations has doubled since the 1980s, and as a business owner, you have to give constant attention to staying compliant in order to steer clear of business-crippling fines and lawsuits.
4. Providing valuable retirement benefits and services for employees
As much as you like being in charge, selecting and managing a retirement plan for your company and your employees may be a bigger job than you’re prepared to handle. Filing paperwork, tracking contributions and enrolling new employees can be a full-time job. There are lots of decisions to make, time-consuming responsibilities and strict compliance requirements to consider.
5. Ensuring the employee handbook is up-to-date
One of the biggest HR-related headaches requiring constant attention is the development and maintenance of the company’s employee handbook. Because it requires so much time and attention, it’s no wonder that this HR responsibility is one of the top five most overlooked business and HR priorities.
HR outsourcing has grown in popularity in recent years, with more and more businesses seeing the value of handing over their HR responsibilities.
Outsourcing helps relieve companies of all the time-consuming administrative duties associated with the human resources department, including creating employee handbooks, managing compliance-related reporting tasks, filing unemployment and workers’ compensation claims, assisting with recruiting and providing termination advice to processing payroll.
Stay on top of all your HR responsibilities and focus your time and attention on growing your business. See how Insperity can help you get started today.