Highlights
- Small and mid-sized businesses (SMBs) need to stay competitive by offering well-crafted benefits packages and opportunities for employee growth.
- To focus on higher-value, strategic activities, HR teams can delegate time-consuming tasks such as payroll processing or benefits administration.
- Synuity is a professional employer organization (PEO) supporting SMBs with payroll, employee benefits, compliance, and more. Contact us to get started!
It takes a village to run a business — and your HR team has a leading role, from ensuring all your employees are paid on time to keeping them motivated and engaged. But are your HR best practices up to date for this new year’s workplace challenges?
Effective HR practices are more than just policies on paper, they are the baseline for building a thriving workforce. To help you plan this new year the right way, we’ve compiled 4 essential HR best practices that your SMB should keep in mind.
Let’s dive in!
1. Outsource Payroll to Save Resources and Costs
Payroll processing is one of the most time-consuming activities for SMBs. Your HR team needs to calculate employee wages (including overtime, bonuses, and PTO), deduct benefits, and apply taxes, among other tasks.
Outsourcing payroll can be a game-changer if you have a small team, taking off their workload and minimizing the risk of errors.
“The average company makes 15 payroll corrections per period”.
— EY
By delegating payroll to a group of experts who are up-to-date with the latest changes in tax codes and labor laws, your HR team can have more time to focus on higher-value activities.
To streamline your payroll, process this year, consider this:
- Partner with a Professional Employer Organization (PEO). Choose a PEO with a strong payroll solution to relieve the burden of administrative tasks, while keeping your business fully compliant.
- Implement payroll software. Invest in a payroll platform to automate processes, reducing the likelihood of errors and ensuring compliance with tax regulations.
- Use a reliable time-tracking system. Tracking time and attendance is key to paying your employees accordingly and staying compliant with labor laws.
2. Design a Strong Employee Benefits Package
To thrive in a competitive labor market, businesses need to expand their employee benefits offer. By carefully reevaluating your benefits package to adapt to different lifestyles and evolving needs, SMBs can be more successful in attracting and retaining top talent.
53% of employees say they would likely accept a job offer with slightly lower compensation but a more robust benefits package
— AFLAC
However, as healthcare costs keep rising, small and mid-sized businesses are struggling to remain competitive while staying within budget.
Here’s how to enhance your benefits offering this year:
- Survey employee preferences. Understand your workforce’s unique needs and preferences through surveys, enabling you to tailor benefits packages that resonate with employees.
- Prioritize mental health & well-being. Create a supportive environment in the workplace by allowing flexible work arrangements, Employee Assistance Programs (EAPs), or access to counseling programs.
- Access affordable and tailored healthcare plans through a PEO. The world of health insurance can be complex. By partnering with a PEO provider, you can get nationwide medical coverage for your employees at better rates.
3. Reduce Legal Risk by Keeping up with Labor Laws and Regulations
Keeping employees and the business safe should be a priority for any company. But for SMBs, staying compliant is also key to avoiding higher costs and penalties.
″For a small business, you have a higher cost per employee when it comes to complying with regulations than your larger business competitors.”
— Tom Sullivan, vice president of small business policy for the U.S. Chamber of Commerce.
With so many local, state, and federal regulations to watch, it might be hard for smaller companies to stay on track. Here are a few tips for staying compliant this year:
- Keep your employee handbook updated. Include information on the latest legal requirements that might impact on your business and make sure that employees are aware of their rights and responsibilities.
- Provide ongoing training programs. Keep your HR team ahead of regulatory changes, fostering a culture of compliance within the organization.
- Delegate compliance to a specialized partner. Save valuable time by outsourcing compliance to a trusted partner. Check out our HR Services to learn how we can support your specific business needs and ensure you are always aligned with the latest labor regulations.
4. Invest in Employee Growth through Training & Development Programs
When you provide opportunities for employees to grow their skills and unlock their full potential, you are investing in your company’s future success. You also contribute to a more engaged and satisfied workforce.
This year, your SMB should prioritize training programs to upskill your workforce and drive innovation. Here’s how:
- Individual development plans. Work with employees to create personalized development plans, aligning their goals with your business’s strategic objectives.
- Mentorship programs. Cultivate a culture of continuous learning and collaboration by implementing mentorship programs, allowing more experienced employees to guide and support their peers.
- Leverage online learning platforms. Give employees access to a variety of online courses and educational webinars to keep their skills relevant.
For your SMB to stay competitive and relevant this new year, it’s important to reevaluate and update your HR best practices.
By outsourcing administrative, time-consuming tasks like payroll processing or compliance, your HR team can have more time to focus on strategic initiatives, like designing strong training programs or improving employee benefits.
Synuity is a PEO providing flexible, long-term solutions for businesses of all sizes. Whether you need to outsource payroll processing, benefits administration, or any other HR services, we can be your strategic partner.
Contact us to find out how we can help you be more efficient and save precious time while implementing HR best practices!
