If you find yourself with more work than you can handle, congratulations, you are running a successful business. Now for the bad news: you probably feel overwhelmed just trying to keep your head above water by wearing many hats including business professional, boss, salesman, human resource expert and much, much more. Thankfully, at Consolidated Personnel Services (CPS, Inc.), we can take your human resource responsibilities off your hands, allowing you to focus more on the daily tasks associated with running a successful business. Read on to learn more about how to recognize when it’s time to outsource your HR administration.
You Want Your Business to Thrive Even More
While a booming, growing business is ideal, leading a business in an upward trajectory comes along with an increase in administrative tasks. Therefore, if your business is booming right now, chances are you need help with your HR administration. Thankfully, according to stats from the National Association of Professional Employer Association (NAPEO), your business is likely to grow some 7-9% faster if you partner with a PEO service. Therefore, your already fast growing business will likely enjoy an even greater boost in business because you are freed up to focus on business growth while we handle your HR administration.
You Need to Save Some Money & Reduce Turnovers
A study by NAPEO found that small businesses who work in partnership with a PEO like CPS, Inc. can expect to enjoy cost savings. In fact, according to this specific study, businesses netted an annual savings of around $1,755 per employee. In addition, you will enjoy lower cost of workers’ compensation and unemployment insurance, reduced HR expenses, lower health costs, reduced turnovers, greater employee retention and more. Speaking of employee retention and experience…
You Aren’t Seeing Employee Engagement
If you have a small business, investing enough resources into creating a positive employee experience can become more than you can handle. Large corporations often invest significant resources into creating positive employee experiences. Thankfully, if you are a smaller business who doesn’t have the ability to determine what your employees need or want, a PEO can help you immensely. They utilize their extensive knowledge of the industry to implement competitive packages and other employee assistance that can create a desirable working environment that reduces turnover. In fact, small businesses usually enjoy a reduction in employee turnover rate of around 10% to 14% when they partner with a PEO.
You Want to Reduce Your Operating Costs
Let’s face it, the cost of running a business can be astronomical. The cost of HR alone is significant, with some estimates putting the cost of in-house HR at $200,000. A skilled PEO can save you as much as 21% on these HR costs, cutting your operating costs significantly and allowing you to put your hard earned money towards other business promoting endeavors.
You Don’t Understand All The Employment Laws
There are a plethora of complex federal and state compliance laws. Knowing them all and ensuring they are properly implemented can become a job in and of itself. PEOs know all the laws, procedures, and regulations your business needs to follow and understands how to put them into action.
Need More Insight?
At CPS, Inc., we don’t just help you with your HR administration. CPS, Inc. is a Professional Employer Organization (PEO) that provides a wide range of services including payroll administration, workers’ compensation, risk and claims management, benefits administration, and so much more. Call us today to learn more about how we can help your business thrive.