For many small and medium-sized businesses, operating an entire Human Resources (HR) department can feel out of budget. Every business, regardless of size, needs some type of HR program. In fact, having the right HR program can elevate your business by helping to be more efficient, cost effective, and focused on growth. Check out the following reasons to invest in an HR program for your business…Avoid expensive mistakes. Some of the more common HR mistakes can result in enormous financial losses, such as…
- $7,000 penalties for each OSHA violation
- $10,000 penalties for each wage and hour violation under the Fair Labor Standards Act
- $50,000 (estimated) lost on each bad hire, through lost productivity, rehiring, onboarding, and training of a new employee
When you budget for an effective HR program, the above expenses are often avoided. In fact, for every dollar you invest in HR, you will save ten dollars in long-term investigation and litigation costs.
Use HR to generate more revenue. HR doesn’t just work to reduce mistakes and the associated costs. A good HR program helps to keep your employees more engaged and active. And the downstream effects will look like:
- Lowered employee absenteeism
- Fewer safety incidents
- Higher customer retention
- Improved productivity
- Increase in referrals
- Growth in operating income
All of those factors add up to higher sales growth, faster profit growth, and lower employee turnover.
Access a HR program to save time. What is more valuable than a business owner’s time? Rather than spending hours each week searching for answers, access an organized HR program so that you can devote more time to profit-generating activities. Our HR Support Center offers time-saving tools such as:
- A policy library and law alerts
- HR forms, documents, and templates
- Employee handbook tools
- HR trainings
- HR fitness tests to assess HR gaps
- A monthly newsletter
- …And much more
We Can Help!
Did you know that we have put together an HR package that we can implement with almost any business. It’s a turnkey program intended for businesses who don’t require a full-time HR department. We’ll help you to simplify the HR process and make it affordable. Contact us to learn more, and we’ll explain how it all works to protect your business and help it grow.
Submit Your Comment