3 Things You Can Outsource to Maximize Human Capital and Grow Your Business
How do businesses get an edge over competition? In today’s competitive landscape organizations are trying to find creative ways to stand out and are realizing the importance of outsourcing non-revenue producing activities so time can be spent expanding market share. Imagine maximizing your human capital by focusing on ways to drive profits versus being piled under the administrative burden of paperwork. Here are some items you can outsource for your business:
(1) Payroll & Taxes
Sure, payroll and taxes can be prepared through purchased software, but the question becomes: what is the cost affiliated to produce payroll in-house in regards to human capital? What are the costs to maintain the changes that occur within your State or Federal Government to make sure your business remains compliant? In addition to keeping up with the latest tax, wage and hour laws, there are often other costs associated with payroll such as check stock, printer ink, envelopes and maintaining licenses to keep the processing software. Having to track and comply with court-ordered garnishments and other deductions can sometimes prove daunting for businesses. Outsourcing payroll not only improves accuracy and compliance, but saves time and money for the business owner by freeing up their human capital to focus on other revenue producing areas for the company.
(2) Human Resources & Benefits
Confused about ACA Reform, FMLA, or ADA requirements? In recent years, compliance has become more difficult for employers. Benefit administration can be very time consuming and many organizations have turned to outsourcing to improve accuracy. Some popular items to outsource in Human Resources & benefits include:
- Employment forms, personnel file maintenance, and related documents
- COBRA administration
- Employee Handbooks
- New hire reporting & employment verification
- HR Consultation for Employee Management, Best Practices, and on-
- site assistance
- On-site and web-based HR Training and Development
- Employment Relations investigations
(3) Workers’ Compensation & Risk Management
Insurance costs are on the rise, and workers’ compensation can be a large ticket item for businesses. Outsourcing workers’ compensation can switch the liability from your business to the outsourcing firm, alleviating issues such as high experience modifiers, claims and risk management concerns. In addition, your business can also save on costs through economies of scale as the outsourcing company aggregates the premium of hundreds of small businesses to get larger discounts on their workers’ compensation programs. Other highlights include:
- Claims and accident reporting
- Claims co-ordination with client and WC carrier
- Drug-Free Workplace Program administration
- Return to Work Program
- Loss Control Professional to conduct work-site safety visits
Companies go into business because they have a passion to deliver a specific product or service. The paperwork and liability often associated with running the business can keep companies from maximizing human capital. Outsourcing non-revenue producing functions to a company like Anthros Inc. allows the business owner to focus efforts on growing their business.
About the Author:
Janet Pells joined the Human Resource Outsourcing Industry in 1995 after serving in a management capacity in the medical industry for 23 years. Ms. Pells has been acknowledged as a top producer within the outsourcing industry and was responsible for acquiring some of the largest clients at Employee Services, Inc. After the acquisition of Employee Services, Janet joined Anthros, Inc. as a sales leader managing 13 sales professionals nationwide. Since then, Ms. Pells has been responsible for generating revenues in access of $200 million with a keen focus on healthcare & hospitality industries.
About Anthros, Inc.:
Anthros provides expert back-office solutions in human capital management-from payroll and human resources, risk management and workers’ compensation to business consultation and beyond. Anthros focuses on “Human Capital” so businesses can focus on profits.