Having a successful small business with multiple employees can come with an expensive problem – the need for a full host of services that must be supplied by a human resource department. As a small business owner, you often end up playing the role of the HR department as a necessity to save money, but this can divide your attention and hurt both your employees and your business. Fortunately, there are a whole host of services you can lease out to save money and time. The following list can help you get started.
The most obvious service that can be leased out is payroll. An outside company will handle every aspect of payroll, from figuring overtime to keeping track of and administering vacation and sick pay. This can free you up from a lot of weekly work, since employee accounting can be time consuming and fixing an error can take up even more of your time.
#2: Medical Insurance and Associated Benefits
Keeping on top of employer-provided insurance needs and legal requirements can be a full-time job, especially with the new government strictures due to the American Care Act. If you provide more than base medical, such as dental, vision, disability, or life insurance, then you have even more products to juggle. Another issue is finding a good deal on all of these benefits when you are only a small company. By going with an employee leasing company, they can combine your staff with those of other companies so they can secure an even better group rate for everyone.
#3: Workers Comp and Unemployment Chores
Eventually most small business owners will have to deal with workers compensation or unemployment claims. An employee leasing company will make sure your compensation and employment insurance plans are sufficient and up to date, and they will also handle and manage any claims that do come in. This will once again free up your time, plus you will have their experience in these matters as an additional resource.
Your best option is to go with an all-in-one service via an employee leasing program. They will handle payroll, insurance and benefits, and worker claims for you, so you are left with a minimum of paperwork. This can also result in a cost savings, as well as a time savings, since you will have both their expertise to rely on and their ability to bargain for group discounts by combining your numbers with those of other businesses.Share