Owning a Business…and Ohhh So Much More

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Business ownerRemember when you first turned on the “open” sign at your business? Wasn’t that day one of the most exciting moments of your life?  Suddenly, you’re an “official” business owner, doing what you love, and pursuing your passion! But then…not only are you responsible for growing your business, hiring and training a team, building relationships, marketing, finances, and ohhh so much more… there are also employment regulations, handbooks, job descriptions, wages, benefits, and yes, ohhh so much more.

Whether you opened your doors two years ago or 30 years ago, it’s clear that regulations keep growing and changing.  Have you heard about the new wage and hour issue? What about the transgender bathroom issue? Legalizing marijuana?  Was keeping up with these issues what you wanted to do as a business owner?  Is this your idea of doing what you love? Your answer is probably a resounding, “NO!”

Good news:  there is a solution! Partnering with a Professional Employer Organization(PEO) will allow you to focus on your core business and let a team of professionals help you in areas such as HR compliance, payroll, benefits administration, workers’ compensation, timekeeping and more.

The Society for Human Resources Management (SHRM) conducted a survey that identified the six most common reasons for outsourcing:

  • 26% of companies outsource to save money
  • 23% …to focus on strategy
  • 22% …to improve compliance
  • 18% … to improve accuracy
  • 18% …due to lack of experience in-house
  • 18% … to take advantage of the technology

Increasing productivity and focusing on growth, profits, and areas that generate revenue is where your focus should be. Worrying about staying compliant with handbooks, job descriptions, wage issues, benefits, the Affordable Care Act (ACA), 401(k) administration, and workers’ compensation claims are reasons to outsource, as are the six reasons listed above.

“According to a recent study by noted economists Laurie Bassi and Dan McMurrer, small businesses that use PEOs grow 7 to 9 percent faster, have 10 to 14 percent lower employee turnover, and are 50 percent less likely to go out of business.”  View it as an infographic here.

Questions about how HR outsourcing can help your business grow? Contact the author directly at celia.deleon@staffone.com.

Image: Ian Allenden