How to Be More Efficient in Managing Your Business
Time is money is an oft-repeated phrase, so much so that it has lost its meaning. The reality is that time is the one asset we cannot make more of, so anything that makes your SMB more efficient – ie, reduces time spent on tasks – is extremely valuable.
Business process optimization (BPO) touches all areas of your organization, including the way you manage your business and your people.
To gain a competitive advantage while achieving sustained growth, many small- to medium-sized businesses turn to outsourced HR and PEO services to help them handle human capital tasks most efficiently.
Improving Business Efficiency Through Outsourced HR
Change of any kind is hard. Even changes that will save you time and money can be met with some resistance, yet changes are necessary if you want to grow your business.
For many organizations, one area of change that can yield significant returns is leveraging an outsourced HR provider or professional employer organization (PEO) to manage their people functions.
Managing HR tasks in-house can be time-consuming and resource-intensive. Relinquishing some day-to-day control and management in this area can help you scale your business operations most efficiently as it keeps your management team from getting bogged down in (necessary) administrative tasks. Not only can you be confident your HR tasks are being handled professionally, but you also have more time to focus on what you do best – growing your SMB.
Key Benefits of HR Outsourcing
When you partner with an external service provider to help you manage risk, employee benefits and other HR functions, you gain clear advantages.
- Reduced costs – Outsourced HR services generally cost less than maintaining an in-house HR department. Additionally, PEOs have greater buying power when it comes to health insurance and workers’ compensation packages so you’re saving money in those areas as well.
- Increased time to focus on core competencies – The most efficient way to manage a business is for all employees to focus on what they do best and be rowing in the same direction. Outsourcing HR services allows you to refocus your energy and resources on strategic initiatives that will grow your bottom line.
- Improved benefits packages – PEOs offer economies of scale when it comes to benefits packages so you can offer better benefits to your employees and executives at a lower cost and improve employee retention.
In addition to these areas, you’ll also gain access to advanced HR technology which can further improve efficiency. Plus, you can rest easy knowing your HR partner is up to date on all compliance regulations and employment laws that can affect your business.