When the economy takes a turn for the worse, businesses that can stabilize costs, lower risk, and increase productivity have a clear advantage.
Obviously, the health of your employees and your business is the most important thing right now. For Hawaii business owners this also means thinking strategically about the future. While it may not be at the top of your to-do list, now is a good time to revisit the advantages that human resources outsourcing can offer.
How does HR outsourcing help your business during tough times?
Throughout the coronavirus pandemic, companies with an integrated human resources information system have a huge advantage. Unified payroll, time and attendance management, and benefits offers peace of mind to employers and employees alike.
Currently, our experienced team of experts is working overtime to provide pandemic support, including:
- Assistance with unemployment claims
- Safety training and recommendations
- Customized Payroll Protection Plan (PPP) loan reporting
- A rehiring module to help as you bring back employees.
With personalized support and guidance from a dedicated, Hawaii-based team, clients of simplicityHR by ALTRES can be stronger and more resilient in the face of challenges ahead.
When does shifting to HR outsourcing make the most sense?
The best time to make a switch to your human resources operations is before a big benefits renewal. Before your next open enrollment, consider if your employees are happy with their healthcare. Workers’ compensation is another area where partnering with simplicityHR by ALTRES will provide numerous efficiencies, such as bottom-line savings and long-term pricing stability.
We believe that HR outsourcing is the most important thing to do to ensure the health of your business, increase productivity, and stabilize costs. In one very short meeting, we can help determine if HR outsourcing makes sense for your business.
If you’re still not convinced, here are five more reasons why it makes sense to consider HR outsourcing.
1. Take advantage of this rare opportunity to reset
Many businesses will come out of the coronavirus pandemic leaner and meaner. As staff are phased back in, you have an opportunity to set up new systems that are more efficient and help keep overall labor costs consistent and low.
In a recent survey of HR leaders, Forbes magazine asked how the virus outbreak might be advantageous to business. The top response was “rethinking assumptions about current business practices” (Source).
How that shakes out in daily operations remains to be seen, but this is one crisis that will spell opportunity for many. By outsourcing your HR, you build resiliency for your business as you focus on growth.
2. Let your employees know they’re valued
During the best of times, a solid benefits package is a key to success in employee recruitment and retention. During tough times, a solid benefits package can help people feel less anxious and more secure.
For the employees that stay with your company, what better way to show they are valued than with upgraded benefits? Besides top-of-the-line healthcare options, clients of simplicityHR by ALTRES are able to offer their employees a suite of benefits that includes perks more commonly found at Fortune 500 companies than small businesses.
Benefits help attract and retain quality talent, giving companies a jump start when competitors are still staffing up. With what is likely to be a changing job market, prepare your company to compete for quality talent.
3. Be ready and able to ramp up at any speed
With new beginnings come new challenges and new opportunities. As tough as things are now, and as hopeful as we are for the future, the employment landscape is radically changed.
Challenges include keeping up with news laws, staying compliant with workforce management practices, coordinating more staggered and variable scheduling, and understanding new types of paid and unpaid leave.
As businesses reopen, a deciding factor for success will be your human resources capabilities and technology. Technology brings stability and efficiency in many ways.
If you’re rehiring employees, for example, HR Symphony offers a quick rehire module to help make remote onboarding fast and easy. Day-to-day, having a modern way to manage schedules and time and attendance is a lifesaver. HR Symphony offers a variety of time tracking options, allowing managers to see at a glance, which of your employees are clocked in or out.
4. Don’t let workers’ compensation costs upset your cash flow
Outsourcing with simplicityHR by ALTRES gives you the opportunity to merge payroll and workers’ compensation insurance together. Say goodbye to annual payroll audits and the confusing mix of annual pricing variables used by carriers (safety credits, premium discounts, deductibles, etc.).
simplicityHR by ALTRES has streamlined the workers’ compensation process making it more understandable and affordable. With us, the workers’ compensation premium is accurately calculated each payroll period. Any changes in the number of employees or wages paid are immediately accounted for and accrued for each pay period.
In an uncertain economic landscape, the last thing you need is to be paying up front for workers’ compensation coverage that you don’t even need.
5. Rely on a team of Hawaii HR experts
For over 50 years, the team of experts at simplicityHR have served Hawaii businesses through thick and thin. In these turbulent times, we are proud to be standing shoulder to shoulder with the community—taking care of each other and getting business going again.
From the front lines of safety to HR guidance tailored to Hawaii business, simplicityHR by ALTRES is the team you want behind you in good and bad times.
Drop us a line and let’s work together to make your company’s new normal the best it can be!
This material is provided for informational purposes only. It is not intended to constitute legal advice, and reader should consult with their advisor or counsel before taking any actions based on the information contained within this material.