Outsourced HR Support: A Smart Move for Small BusinessesMay 2, 2023
Categorised in: News
When you have a small business, it is often easy to think outsourcing your HR isn’t necessary; however, managing payroll can quickly become complex and time-consuming. As a small business owner, your time is even more critical, and you likely juggle multiple responsibilities.
More Time For Needle-Moving Tasks
As a small business owner, your time and energy are invaluable; you need to focus that time on your core competencies. These needle-moving tasks that directly grow your business include:
- Product development
- Customer acquisition
- Business strategy
By using an HR outsourcing company, you can concentrate on the activities that directly affect your bottom line, knowing that your payroll and vital employment administration is taken care of, and your compliance is assured.
Handling payroll in-house comes with extra costs that can significantly impact your budget, from paying for full-time staff to the additional office space and equipment required. Outsourced HR support radically reduces these costs, directly benefitting your bottom line.
Using an HR outsourcing company gives you access to specialised tax and payroll expertise offered by payroll service providers who know what they are doing. The best bit? It’s at a fraction of the cost of an in-house team.
Compliance And Accuracy
Compliance with tax regulations and labour laws is critical to payroll management. However, these regulations aren’t easy to understand, and their complexity in an evolving business landscape means that they are also subject to frequent updates.
Outsourced HR support ensures that your payroll processes are compliant, efficient, and current with the latest legal requirements. An HR outsourcing company will have all the experts on board with the most up-to-date training on complex tax codes and compliance, reducing your risk of penalties.
Data Security And Confidentiality
Payroll data is sensitive and confidential as it contains identifiable information about your employees; if it gets into the wrong hands, you could have a severe data breach claim within your business.
Safeguarding your employees’ information is of utmost importance to protect your business’s reputation and maintain your workforce’s trust. A reputable HR outsourcing company invests in robust security measures, including encryption, secure data centres and regular backups, meaning your employees’ information is safe and secure.
Scalability And Flexibility
Small businesses often experience fluctuations in their workforce size, whether it’s due to seasonal demand or natural growth. Using an HR outsourcing company offers the flexibility to scale your payroll up or down, depending on the evolving needs of your business.
HIVE360 offers comprehensive outsourced HR support, which includes full access to our Engage Employee Benefits app. Get in touch with us to see how you can save money, boost productivity and free up time to take your business to the next level.