As an employer, you’re well aware of the responsibilities that come with hiring people to work for you. You must stay up to date on employment legislation, as well as confirm you have the right insurance, among other tasks. Payroll, employment contracts, and even employee benefits all have to be considered.
Your responsibilities increase with each new market you decide to enter. As your business expands globally, so too does your workforce and your obligations to those workers.
You might wonder if it makes sense to outsource employer services. As it turns out, there are a number of reasons you should consider partnering with an expert team to deliver your HR activities.
1. Outsourcing Employer Services Improves Compliance
Complying with employment legislation is a challenge for companies that operate in just one marketplace. Laws are always changing, and you need to ensure your team is in step with the requirements. You may also have to keep records, which could pose its own challenge.
As soon as you expand your business to another marketplace, you take on additional compliance responsibilities. Your team now must learn additional sets of employment laws. Your policies and procedures will have to be reviewed and revised for each new country or state.
Outsourcing employer services can help. By bringing an expert team onboard, you’ll get the knowledge and advice you need to make sure every move you make is in line with the law.
2. Offer More with Expanded HR
Sending employer services out of house is a smart move for many small and mid-sized businesses, because it allows them to offer more to their employees.
You might be concerned with payroll, but working with the right team can also give you access to the insurance and banking services you need in an international marketplace. You may even be able to offer more training opportunities or employee benefits that you couldn’t offer on your own.
3. Working with the Experts Saves Time
One of the reasons you can offer more with outsourced employer services is that you’ll have access to the experts. Their knowledge lets them work more efficiently, which means it’s easier to get more done in a day.
This time-saving effect translates into efficient operations, which also affect your bottom line. With both more time and more money in hand, you could ask the team to carry out another task or fund another training and development workshop.
4. The Advice You Need, When You Need It
Did you know that companies who work with a professional employer organization are 50 percent less likely to close their doors?
There’s an easy explanation for this. When a business expands to a new country, there’s a steep learning curve. You may not be familiar with the laws, but you may also lack the information you need to make informed business decisions.
A PEO can help with more than the administration of payroll. They can offer insights into tax efficiency or the job market in your area. Since the PEO’s already been operating there for some time, they have the knowledge you might otherwise spend years gathering.
5. Get Back to What You Do Best
Perhaps the best reason to outsource employer services is to free up your time. If you’re a small business owner, your time might be better spent on interviewing job candidates or even working on the new marketing campaign.
Outsourcing employer services can also free up your HR staff’s time. Instead of leaving them to wrestle with payroll on a weekly basis, let someone else handle it. Your team can then turn their attention to the tasks that truly need their expertise.
If you’ve been thinking about outsourcing employer services, don’t hesitate to talk to the experts. They could help you assess your business needs and determine if outsourcing is the best move to help your business grow.