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In fact, your company’s strategic HR expertise is nothing less than critical in facilitating business growth and helping to avoid common pitfalls and challenges that can plague organizations trying to scale. So, what do we mean by “strategic HR?” It’s much bigger than the tactical HRfunctions we tend to first associate with HR.
Designed to highlight critical industry developments, ExtensisHR’s 2024 Trends Report features insight from our professional employer organization (PEO) subject matter experts. Here, we summarize the report’s 10 key points, from the need to focus on an increasingly diverse workforce to the growing role of artificial intelligence (AI) in HR.
ExtensisHR’s PEO Premier® delivers HR services with an edge, complete with a personalized approach, saving time, costs, and sanity. As a people-first PEO, ExtensisHR understands the importance of delivering a comprehensive solution which serves as an extension of an SMB’s team and is tailored to meet specific HR demands.
Professional Employer Organizations (PEOs) help businesses manage essential HR tasks like payroll, employee benefits, and compliance. By partnering with a PEO, companies can focus on growth while outsourcing time-consuming administrative work. One major advantage of working with a PEO is access to high-quality employee benefits.
All these activities govern how satisfied employees are and influence the quality of their work output and retention. When implemented well, HR is the key that unlocks success. On the other hand, if HR is not implemented well, the consequences can be disastrous. As it turns out, it’s not enough to simply have an HRfunction.
Meanwhile, as employee headcount rises, your HR infrastructure must scale and become more specialized. Otherwise, everyday tactical HRfunctions will consume your team. Ignoring strategic HR initiatives would be a mistake for many reasons, some of which may impact your bottom line. So, let’s take a closer look.
What is a PEO and how can it help solve these workplace hurdles? One solution is a professional employer organization (PEO) , an HR outsourcing option that performs the most comprehensive set of HRfunctions. First, what is a PEO? In this blog we’ll cover: What are the challenges of midsize businesses?
There are many misconceptions about professional employer organizations (PEOs). Often, one of them is that PEOs only deliver value for smaller businesses. But what about PEOs for midsize businesses with operational challenges? These business owners may ask: What value does a PEO bring to midsize businesses?
Quick look: There are hundreds of professional employer organizations (PEOs) in the country that aim to help small- and medium-sized businesses alleviate the burden of daily human resource-related tasks. However, not every PEO approaches transparency and trust the same way. And, like any relationship, transparency is a necessity.
Explore the rapid growth of the HR outsourcing market, the top 10 advantages of outsourcing HRfunctions, and what to look for when evaluating providers. Why outsource HR services? Here are the top 10 advantages of outsourcing HRfunctions: 1. government and the PEO industry’s financial assurance program.
These factors have also caused small- and medium-sized businesses (SMBs) to emphasize employer branding and company culture within their talent acquisition and retention strategies. This appreciation creates a sense of pride and belonging, significantly reducing turnover rates and increasing employee satisfaction.
With limited resources and staff, small businesses often need help attracting and retaining top talent, managing complex human resources (HR) tasks, maintaining compliance, and creating a positive workplace culture. National Small Business Week The U.S. Consider these eye-opening statistics : 99.9% of all businesses are small businesses 33.2
Struggling to understand the benefits of hiring a PEO vs. HRO for your company’s HR needs? Because the decision you make will change—perhaps significantly—how your HRfunctions operate, you need to make sure you understand how both types of HR outsourcing options provide value to your company. GenesisHR is a PEO.
In this complex landscape, which HR trends do you need to be aware of? Most importantly, which HR budget line items are absolutely crucial for businesses to prioritize if they want to succeed and avoid falling behind? In a tight labor market, salary increases are simply a savvy move to remain competitive and combat turnover.
But with so many HR metrics available to measure, which are the most important? From turnover rate to revenue per employee, let’s explore the 14 most critical HR metrics for today’s SMBs. Turnover rate. Turnover metrics can be beneficial in gauging a company’s culture, recruiting strategy, and more.
But as we honor these businesses, it’s essential to recognize and address the unique HR challenges facing SMBs and provide them with the support they need to succeed. And since workforce management and labor account for nearly 70% of the business costs, it’s wise to explore how a PEO can help. National Small Business Week The U.S.
Consider a Professional Employer Organization (PEO), a key outsourced HR solution for startups, small businesses, and established companies alike. Jump to a specific section: What is a PEO company? Jump to a specific section: What is a PEO company? How does a PEO work? How much does a PEO cost?
Consider a Professional Employer Organizations (PEO), a key outsourced HR solution for startups and established companies alike. This comprehensive guide breaks down everything you need to know about PEOs, including benefits, costs, alternatives, and more to help you make the right decision for your business.
Finding the right tools to manage HR tasks efficiently is crucial for small businesses looking to scale. Human resource information systems ( HRIS ) empower HR teams to automate and streamline essential HRfunctions, save time on admin work, and focus on strategic initiatives that drive growth.
It can also reduce your organization’s exposure to certain risks, such as: Widespread employee dissatisfaction Sudden increase in turnover An unexpected talent gap Failing to meet goals and falling behind. The more loyal your employees feel to your company, the less you have to deal with frequent turnover and its associated costs.
As you consider whether to outsource your company’s human resources (HR) function s, some of the big questions you’re likely focused on are: How will this decision bring value to my business ? Some HR outsourcing savings are pretty straightforward. How much money will I save?
Many HR management systems help keep track of hiring, monitoring employee attendance and performance, and many other aspects of HR. Following are three ways technology is shaping the future of HR. One of the critical aspects of the HRfunction within an organization is identifying the right candidate for the job.
The trouble is, there are thousands of KPIs that an HR pro can potentially monitor, so it can be hard to decipher which are most important and then figure out how to track them. In the HR world, there’s no apparent standard of metrics for HRfunctions—what is measured is dependent on what matters to each organization.
Examples of strengths: Education, specialized knowledge and skill sets within your team Access to certain technologies Intellectual property or patents Efficient, proven-successful business processes Effective business strategy Good location Positive workplace culture High employee retention. Weaknesses.
Before examining what information HR can arm leadership with, let’s dive into the strategic programs under the HR umbrella. Strategic HRfunctions. So many functions lie under the HR umbrella. 1) Recruitment and retention. HR will set the tone for DEI. Employee turnover analysis.
In-house staff solely focused on HRHR outsourcing A combination of 1 and 2. Using a PEO to outsource HR lets you focus on your mission and operations to deliver the best products and services to your clients. What is a PEO? How does the PEO model work? What services do PEOs offer? What is a PEO?
Improved Employee Retention: A robust employee benefits platform can improve employee retention by offering comprehensive benefits packages. This can help organizations attract and retain top talent, reducing turnover and associated costs. However, the packages should meet the needs and expectations of employees.
Small and medium-sized businesses (SMBs) invest in Human Capital Management (HCM) tools to drive productivity and efficiency across all HRfunctions. Analytics can help improve hiring, employee engagement, talent development and retention, and Performance Management. The question is how.
And when it comes to managing these complex, Human Resources (HR) functions in-house, the time, cost and potential risk add up fast. Ernst & Young found the average, single HR task or entry of data costs businesses $4.39 RELATED: What’s a Professional Employer Organization (PEO)?
Additionally, many HRIS programs feature mobile apps, meaning you can perform HRfunctions from home or when you’re offsite during work hours. The different types of HR software If recruitment consumes most of your time at the office, you’ll want to look for an applicant tracking system (ATS) instead of an HRIS. Why is that?
Similar to general outsourcing, HR outsourcing occurs when such an organization decides to hire an external company or contractor to take on the responsibility of certain HRfunctions and perform them on behalf of said organization. What Are Examples of HR Outsourcing?
HR acronym usage example: “Key benefits of DTO include the fact that it increases job satisfaction and improves retention.” HR acronym usage example: “For most organizations in the U.S., There is no limit on the amount of paid time off per year. OT only applies on a workweek basis, as required by the FLSA.”
Quick look: Hundreds of thousands of small- and medium-sized businesses are involved in a co-employment relationship, or the contractual sharing of employer responsibilities between a company and a professional employer organization (PEO). As the administrative employer, the PEO contractually assumes specific responsibilities.
If you don’t have the desire or the resources to hire an HR generalist, then you or one of your staff should be designated to handle these issues. What are the essential HRfunctions, what laws must you abide and what are the nice-to-haves? Essential HRfunctions. Essential HRfunctions.
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