Saving Your Business a Lot of Hassle and Complication through HR Outsourcing

Saving your Business a Lot of Hassle and Complication through HR Outsourcing Most small to medium-sized business owners know the frustration of spending more time than they want on non-revenue generating activities from payroll to human resource management to benefits and compensation. The answer for many businesses maybe to outsource part of their HR functions to third party providers so that they can focus on their core business. The Most mmonly Outsourced HR Functions (Outsourced completely) Background/criminal background checks 49% 47% Employee assistance or counseling Flexible spending account administrations 43% Consolidated Omnibus 38% Budget Reconciliation Act Health care benefits administration 24% 21% Temporary staffing Pension benefits administration 19% 17% Retirement benefits administration Employee relocation 13% 13% Payroll administration The Reasons for HR Outsourcing Save money/reduce operating costs 56% Control legal risk/improve compliance 55% Gain access to vendor talent/expertise 47% Streamline HR functions 45% offer services the organization could not otherwise provide 44% Allow the company to focus on its core business 42% Reduce the number of HR staff and related staff expenses 41% Provide consistent/improved service delivery 36% Allow HR staff to focus more on strategy 33% Make up for the lack of in-house talent expertise 27% Gain access to vendor technology 23% Avoid the costs of major investment in technology 18% Make up for a reduction in HR staff 13% Improve metrics/measurement 10% Cost Savings Due to HR Outsourcing The Future of HR Outsourcing Market for HR Outsourcing will continue to grow over the coming years 40% The increasing integration of business and technology may encourage 30% more businesses to outsource multiple ocesses to a single provider which makes it easier to link HR 20% several different systems together creating a more seamless delivery 10% With the increasing complexity of health care reform, it is becoming essential for businesses of any size to utilize an HR specialist in order to remain compliant and remove legal risk 0% Achieved Cost Saving Costs Remained About the Increases Same Incurred Cost Do Not Know www.professionalemployer.net References: https://www.shrm.org/Publications/hrmagazine/EditorialCon- tent/Documents/Human%20Resources%200utsourcing%205urvey%20Report.pdf http://smallbusiness.chron.com/impact-hr-outsourcing-business-performance-2505.html