For managers of small to medium sized businesses, the question of whether to outsource hr management deserves serious consideration. Human resources outsourcing is a strategic move that can improve the quality and flexibility of your workforce.
A good HR management provider will guarantee on-time, accurate submissions of tax payments. Also, look for a provider that offers a wide variety of HR services, from payroll, benefits administration and regulatory compliance to value-added employee services such as college tuition assistance programs and discounts on transportation, shopping, fitness club memberships and flu shots. Most HR management providers can offer your employees online access to view their benefits and conduct basic transactions.
Consider the credentials of the firm’s consulting staff. Have their HR professionals earned credentials such as the PHR, awarded by the Human Resources Certification Institute, an affiliate of the Society for Human Resources Management?
Seek out a provider that maintains strong relationships with other reputable professionals who are involved in the HR industry, such as CPAs, attorneys and insurance providers. Be sure the company you choose follows the insurance industry’s best practices in cost containment, workers’ compensation and risk management.
A quality HR management company will place strong emphasis on risk management and will fully adhere to all federal, state and local regulations. This compliance should be manifest in the provider’s risk management programs and safety assessments, which should be conducted by certified risk managers.
The company should also provide training programs to ensure its employees’ adherence to various regulations and standards, such as the Fair Labor Standards Act, COBRA, Title VII, Wage and Hour Laws, Americans with Disabilities Act, Family Medical Leave Act and OSHA.
To make the transition easier, you can begin by outsourcing a simple function such as COBRA compliance. Maintaining compliance with COBRA regulations is vital, and violations can be costly. Flexible Spending Accounts is another function that can be easily outsourced, relieving you of the administrative burden.
Outsourcing HR functions can greatly enhance your company’s resiliency and ability to adapt to ever-changing market forces. To simplify the vendor selection process, experts at InsideUp have carefully selected top, national firms that provide high quality outsourced HR services to businesses at significant cost savings.