With a booming economy, companies poised for growth have a unique opportunity to take advantage of the tailwinds. The National Federation of Independent Business (NFIB) is reporting historically high optimism amongst small business owners citing strong sales, regulatory relief and the new tax law that is expected to push profits higher. This optimism about the business climate is generating new jobs, along with increased wages and benefits. This is a prime opportunity to focus senior leadership on taking business to the next level by partnering with a professional employer organization (PEO).
When building a company, HR related tasks are oftentimes handled by the owner to save money and because they have a vision for the culture they want to create. Once owners realize it’s more advantageous to spend their time elsewhere, they delegate or hire additional staff who may not be prepared to manage all the HR responsibilities of a growing company. Investments should be focused on revenue generating functions that can help capitalize on the favorable market. HR is a cost center and can be outsourced to a PEO that helps clients stay focused on their core functions. With access to a team of HR outsourcing experts, companies can:
- Save money – Small to mid-sized companies will save a minimum of 21% on HR administration with a PEO.
- Free up time – Recent market research from NAPEO found that many PEO clients didn’t realize the amount of time and brainpower required to run their HR functions in-house. With daily HR requests directed to the PEO, time is freed up for strategic initiatives.
- Enjoy peace of mind – Having a trusted resource to ensure your employees’ needs are being addressed is invaluable. Increased employee satisfaction makes it easier to attract and retain top talent and gives leadership the freedom to grow the company.
The United States is enjoying the longest period of economic expansion in history. At an expansion rate of 2.2%, how long will this recovery last? Business leaders should explore how working with MidwestHR, an IRS Certified Chicago PEO, could help take their business to the next level. By focusing all your energies on revenue generating functions, you can maximize this historic growth cycle. Give us a call at 630-836-3000 to learn more about what is HR outsourcing and how it can benefit your company.