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Why All Businesses Need to Think About HR

Friday, March 10, 2017 21:46
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If you run a small or medium sized business, you probably have a huge number of commitments and priorities. Sometimes, HR can unfortunately start slipping to the back of the queue. This may be because you are channeling funds into other areas of the business or it may be because you don’t see the true value of HR to your company (and you certainly won’t be alone in this).

Even if you don’t choose to employ a full time member of staff in this area, you always have the option of outsourcing it to a firm such as http://www.elliswhittam.com/. Here are just a few of the key functions of a HR department and how they can positively impact the finances of your business.

Recruitment

Your HR department can be placed in charge of the recruitment of new members of your team. With a huge amount of experience in this particular area, they often have the insider track when it comes to going to the right place to find quality employees. This can free up your time to concentrate on other areas of your business which is essential if you are focused on growing your company.

Performance Evaluations

The HR team can keep track of each one of your employees, running performance evaluations and making sure they are on track to hit their targets. They can also provide various training programmes which are essential in the ongoing development of your team. Again, this is all about freeing up your own time to focus on taking your business to the next level.

An Employee Resource

Problems in the workplace can arise no matter how big or small the business. Your HR department can provide a vital sounding board for employees to talk through their issues. They can then decide if any further action needs to be taken. Resolving conflicts efficiently is one of the cornerstones of running a successful company. Businesses with strong HR departments tend to hold on to employees for longer, which saves valuable funds when it comes to recruitment.

Record Keeping

Many businesses entrust all their record keeping to their HR department. You should have detailed information regarding your income, expenses, purchases and business transactions to hand, which they can be in charge of. They can also maintain employees’ records and individual tax forms. Business licenses, inventory statistics and insurance records can also be monitored by the HR department.

Ensuring Compliance with the Law

Businesses all have to comply with a certain set of laws, and your HR department can be tasked with making sure your company keeps on top of any changes as they arise. Labour laws are one of the key areas they focus on. They should know all about key issues such as how many breaks to give based on the number of hours worked and holiday allowances. This can protect you from any potentially problematic and expensive employment issues that may occur.     

The post Why All Businesses Need to Think About HR appeared first on 20s Money.



Source: http://20smoney.com/2017/03/10/businesses-hr/

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