A look at the 360 degrees of business management
By: Connie Laughlin
Business owners must constantly tweak essential strategic initiatives. A well-defined human resources (HR) structure better protects assets and allows a business to run more smoothly with better employee morale.
When you ask business leaders what drives productivity and profitability, they automatically think of products or services. But they’re missing the big picture – it’s their employees. Without giving their most valuable asset (employees) the attention they require, they’re setting themselves up for failure before they even turn on the lights.
Unique business resources that help with HR
Partnerships The word, “partner,” means to join with another or others, especially in a business or company with shared risks and profits. It’s a wise idea to partner with another that offers things you can’t personally provide. A word of caution: Ensure each have shared skin-in-the-game.
If you’re looking for help creating and/or streamlining your businesses, or you need an experienced partner to dissipate the burden you have riding on your shoulders, a relationship with a professional employer organization (PEO) would be an excellent choice. While you have the business expertise, a PEO is the proven resource for employee administration, which is instrumental to the success of the business.
Risk management strategies
Where do you start? There are a multitude of areas for evaluation:
» Workers’ compensation and benefit insurance policies
» Tricky claims administration
» HR administrative details and policies
» Safety and risk management procedures and training
Every business leader (not in a PEO arrangement) needs to spend a minimum of one week per quarter in training for various areas of employment law, claims management and other expensive and time-consuming coursework. And you’ll still need to deal with all your various venders for workers’ compensation, payroll, etc. – or outsource it to save money and precious time.
You can optimize your HR on a shoestring budget! Ensuring your bases are covered takes time in the beginning because you don’t know what you don’t know until you know it. If you’re operating on a tight budget, that’s all the more reason to ensure your plan is appropriately designed and in place, with minimal labor and time. When you work with a PEO, it’s one source for everything. And they rein in all the employee costs – a huge added benefit!
There’s much more to HR than saying, “Yes, my employees are getting their paycheck each week and I have workers’ comp, so I’m good in that area!” Areas to thoroughly examine are:
» Employment law
» Professional safety programs
» Efficient payroll administration
» In-depth HR solutions
» Employer risk management
» Workers’ compensation coverage
Make a conscious effort to protect your business now! One solution every business should investigate is a PEO. The bottom line: You must implement comprehensive HR strategies in your small business.
Connie Laughlin is a business consultant for UniqueHR. For more information on outsourcing human resources, payroll, workers’ compensation insurance, safety training and, optionally, benefits, contact her at 361-852-6392 or firstname.lastname@example.org.