For many workers, benefits are considered one of the most important items in their compensation packages. Prospective employees will often make a decision on whether to work for an organization based on its healthcare, pension and retirement offerings. However, employee benefits administration can be a time-consuming task for owners of small to medium-sized businesses. It's for this reason that HR outsourcing services can be a valuable ally.
Interestingly, not only are benefits offerings attractive to staff, but they can also be advantageous for employers too. My Business wrote that a solid benefits package can help a company increase its worker productivity while also contributing greatly to staff retention and reduced turnover.
In a recent article from the Los Angeles Times, citing a worker poll conducted by Charles Schwab Corporation, 9 in 10 survey respondents stated that companies offering a 401(k) plan far outweighed other attractive benefits such as vacation time, telecommuting and disability insurance.
Business owners looking to make their companies an attractive place for employees to work should take the necessary steps to ensure their benefits packages are strong. However, this task can be both daunting and time-consuming. This is where outsourced HR services can help.
These organizations can not only work to ensure owners are getting the best rate plans possible from insurance providers, but they can also help keep accurate track of 401(k) contributions and provide detailed reports to employees upon request.
There are many other advantages to working with an HR outsourcing services provider to handle back office support functions. Running a successful business requires attention to be placed in a number of areas, and small to medium-sized company owners would benefit greatly from a service that frees them up to focus on daily operations that help with revenue generation.
