HR, when used strategically, can unlock plenty of opportunities and growth for a business. However, HR is also often burdened by administrative work, which can potentially hinder strategic planning.
Local labour laws in Asia Pacific can differ vastly, and hence, is a challenge to navigate. This is just one of many HR challenges that a PEO can help businesses solve. With that being said, here are just three ways in which engaging a PEO can help unlock your business’s full potential.
1. Ensures Compliance and Minimises Risks
Risk is inevitable in any and every business endeavour. However, how a business chooses to handle these risks can make all the difference in how long it stays afloat. Risks range from being caught off guard when injuries happen, or lawsuits and fines that may result from any accidental non-compliance that may occur. Without a plan in place, companies can be caught off guard when risks like these arise.
A PEO acts as a co-employer for their clients, and is well-equipped with the necessary information to advise clients on the best course of action should such risks arise. A PEO also keeps you up to date with all necessary laws and regulations that need to be followed. This saves you a whole lot of time, money and trouble.
2. Solid HR Infrastructure
Usually, growing your business goes hand in hand with re-evaluating current structures and also scaling up on manpower. As the size of your workforce increases, you too will need more sophisticated, developed HR policies and procedures to keep everything on the right track. This means going over current practices with hiring, onboarding and employee engagement. Here are just a few ways a PEO can help solidify your HR infrastructure for more stable upscaling.
A good onboarding process can significantly impact how new employees perceive the company, and can also impact how long they plan to stay. A PEO helps you with the necessary paperwork and handbooks for the onboarding process. Moreover it also provides you with the necessary training and self-service technology for a comprehensive and efficient onboarding.
With a PEO, you can offer quality benefits based on the economy of scale. Not only will this keep employees happy, it will attract a wider pool of benefits
c. Claims Management
As a company grows, so does the potential for workers compensation and insurance claims. A PEO will help your company manage these claims from beginning to end, protecting your business from any lawsuits and also keeping up the satisfaction of your employees.
3. Frees up time for you to focus on your business
According to the National Association of Professional Employer Organizations (NAPEO), working with a PEO can help your business grow 7-9% faster. This is largely due to the fact that you will be able to focus solely on running your business and paying attention to growth activities such as campaigns and product development.
The weight of the administrative HR details will then be taken care of by your PEO. Significant progress can be made with all one’s time and energy focused solely on making strategic decisions instead of worrying over HR tasks.
If your business is growing, so are your HR needs. To avoid fatigue, burnout or even financial risks, partner with a PEO to keep your business secure.
To learn more about our HR solutions and how we can help you, contact our PEO experts