As a business owner, you must master the art of juggling many different jobs at once, and being an HR manager is one of those jobs. When things are going smoothly, it’s easy to forget about all those HR-related tasks like workplace safety, risk management and benefit administration, but doing so could lead to costly mistakes for your company.
If you’re like most small or mid-sized businesses, you’re probably spending most of your time on growing your business instead of worrying about human resources. It’s only common to do so, but unfortunately human resources is crucial in running a successful business. Knowing this, we have created these 5 valuable HR tips below to help your business run more smoothly.
HR Advice: 5 Tips for Business Owners
- Employee Management: Well-managed employees meet sales goals and help make your business successful, but if you aren’t following the U.S. labor laws as they apply to your business, you are leaving the door wide open to risk. In fact, by missing important employment laws and regulations, you could actually end up paying penalties or fines. The Department of Labor enforces more than 180 federal laws that businesses of all sizes must adhere to. These regulations cover many workplaces for about 10 million employers and 125 million workers. As a business owner, it’s your responsibility to make sure that you have hcp speaker bureau management to ensure you are up-to-date on all these laws or your company could be subject to penalties, court costs and attorney fees. Acknowledging this, business owners can sign up for email updates from the Department of Labor to ensure their company is adhering to all applicable labor laws.
- For more information on labor laws, you can also visit the U.S. Department of Laborfor a list of regulations, and can also check to ensure you’re in compliance with your state laws.
- Workplace Safety: Ensuring workplace safety is important for any company both small and large. In 2013, OSHA reported that 4,585 workers died on the job, with contractors accounting for 16% of all fatal work injuries. While no business owner is anticipating a fatality, the risk is there. As a business owner, you can minimize the risk of injuries by creating a safety manual for all your employees or amend your existing one with new and pertinent information. A good rule of thumb is to revise your safety manual yearly with new laws or any safety changes that may have happened in the company. It’s also recommended to allow your employees to discuss their safety concerns without fear of discipline. Since many staff members spend the majority of their time around safety hazards, they have a clear understanding of what could potentially bring harm to themselves or other coworkers.
- Lastly, make sure you and your company are covered by having Workers’ Compensation coverage. It can alleviate you from spending company dollars to compensate employees for medical expenses and work-loss funds if he or she gets hurt on the job.
- Employee Benefits & Benefits Administration: As the leader of your business, you have the responsibility of ensuring that employee benefits are being managed properly. For example, by offering a 401k plan you are tasked with fiduciary responsibilities such as:
- Acting solely in the stead of employees with their best interests in mind
- Carrying out duties prudently
- Following the plan documents (unless inconsistent with ERISA);
- Diversifying plan investments
- Paying only reasonable plan expensesHowever, offering benefits can help you retain quality employees and attract top talent. In fact, according to a survey by Towers Watson, 60% of employees who plan to stay with a company until retirement also identify their retirement programas a very important reason for staying. But as a small business owner, who needs to spend time generating leads, it’s hard to manage a plan with the responsibilities of a 401k.
- That’s why many business owners have decided to outsource their employee benefits administration. With outsourcing, you no longer have the responsibility of administering benefits to employees or the liability of ensuring you are carrying out all the duties of a 401k fiduciary.
- These types of responsibilities are too overwhelming and time-consuming for most business owners.
- Payroll: Along with employee benefits is the also very time-consuming payroll administration. In fact, 1 in 10 small businesses report that they spend 10 hours per month on payroll taxes alone. This time that is being spent on payroll takes away from the core responsibilities of driving a successful business. Utilizing payroll software or outsourcing your payroll can be beneficial for small business owners needing to dedicate their time to business goals. You can ensure your employees are paid in a timely manner, and when you outsource your payroll responsibilities, you ensure your employment taxes as paid to avoid penalties.
- Staffing: Having the right employees is paramount for company growth. Even more so for a smaller companies with staff members wearing many hats. When hiring new employees, it’s important to make sure he or she has the skills needed to complete the job. Creating a skills assessment test can alleviate any concerns you may have for a potential new staff member. Pre-employment skills tests should include basic questions for their industry or field. If you need clerical staff, you would include a typing test and computer skills assessment. Alternatively, you could hire a staffing agency to conduct these tests for you and find the perfect staff member.
- For existing employees, it is also important to ensure that they are up to speed on what their duties are and how to perform those duties. Continuous training and certification programs are advised in order for staff to stay up-to-date on their specific industry or software changes and upgrades.
At UniqueHR, we understand that as a successful business owner you may not have the time to deal with all the HR duties that come with running a business. We can help you train your staff, assess your risks, handle your payroll and administer your benefits. For more information on what UniqueHR can do for your business, download our free eGuide.