Launching a new business is hard work, but much more work is entailed for companies that are in growth mode. Many business owners start to feel overwhelmed once their business starts earning a large increase in profit and see the need to hire more employees. They understand that they need more help with managing employees and operational duties as their business continues to see a high growth trajectory.
So when a company is in growth mode, it must have proficient software and HR systems to keep up. The likelihood of employee burnout and company-wide disorganization is higher when these systems are not in place. Fortunately, outsourcing can help!
When is it Time to Outsource Your HR?
The ideal time to outsource your HR functions is well before anyone starts feeling overwhelmed to the point of quitting. The Payroll Company (TPC) offers complete HR solutions for businesses of all sizes.
By outsourcing your HR functions, you can feel assured that your business will continue to thrive in each of the areas described below.
No business can operate in growth mode for long without highly skilled, dedicated employees. However, finding them is not always easy. Here are just a few statistics about businesses that do their own employee recruitment:
The average cost of hiring and onboarding new employees ranges from $4,000 to $7,650, with the price tag running much higher for executive positions.
The typical open position goes unfilled for 40 to 52 days. The longer it takes a company to hire a replacement, the greater the workload other employees have to take on due to the unfilled position. Some may feel so stressed and overburdened that they quit, which only compounds the original problem.
TPC uses a streamlined recruitment process that enables us to attract top talent in an efficient manner, which results in your company filling positions faster.
Employee onboarding is a time-consuming process that involves each person filling out a multitude of paperwork and learning basic information about the organization. TPC can establish a paperless onboarding process that allows new employees to work through requirements at their own pace with the option to contact someone within the company if they get stuck. Our systems can also handle distributing employee handbooks and collecting signatures indicating proof of receipt.
Job Descriptions and Role Definitions
Before your company can recruit the best candidates, it needs to publish accurate job descriptions. We include this process as part of employee recruitment. TPC can also help your organization write more concise role definitions for existing positions to ensure that everyone understands what management expects of them.
There is more to running a payroll than calculating earnings and deductions and distributing net pay. Federal and state governments also require regular payroll reporting and remission of monies withheld by a certain date. Not following these guidelines could cost your company thousands of dollars in fines, even if you were legitimately unaware of them. TPC keeps up with these payroll requirements to allow you to concentrate on the growth of your business.
Training and Development
Initial and ongoing training and development of employees is necessary but time-consuming and costly. TPC supports your business by printing and distributing training materials. We can also develop and process employee surveys that provide valuable feedback to management regarding future training and promotion opportunities.
You may have just opened your business, but having a succession plan in place is critical for business owners at any stage. TPC is available to provide feedback and prepare the forms that make your succession plan official.
If you see that your company is starting to grow, or if you are in the midst of a high growth trajectory, the time to make sure your HR systems are sufficient and in place is now! By prioritizing this structure in your business, and by outsourcing key areas, you will be setting up your company for even more success in the future and be able to recruit and retain a top-performing team. Reach out to our team of HR experts today to see how we can help!