HUMAN RESOURCES BEST PRACTICES GUIDE
This guide features insights on the challenges faced by today’s business owners and leaders, and the tools a PEO can offer to help solve these problems.
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Increasing complexity of employment regulations
- Since 1980 the number of labor laws increased by over 60%
- Sampling of laws that have changed recently
- ADA, COBRA, FMLA, HIPAA, Immigration, Unemployment Benefits, Lilly Ledbetter Fair Pay Act
Managing HR is time consuming and expensive
- Employee administration paperwork handling is a huge burden:
- On average business owners spend 7%-25% of their time handling employee paperwork
- When adding time spent on all HR tasks, this figure rises to 35%-45%
- High cost of regulation and tax related compliance:
- Businesses with less than 500 employees spend about $5,000 annually per employee
- Businesses with less than 20 employees spend 60% more per employee than large firms to comply with federal regulations
Small business are challenged with finding and retaining star employees
- The limited buying scale of small businesses make it cost prohibitive for them to offer comprehensive benefits to help attract and retain their top performers
- The number one small business issue is cost and availability of insurance
- Access to a 401(k) retirement savings plan for small business employees has dropped from 28% to 19%
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