Being a business owner in this environment is a mystery at times. There are so many pieces to the puzzle. So many buttons to push and levers to pull to get the secret formula to thrive and see your dreams come true.
One of the many areas where finding the right piece is instrumental, is Human Resources. The department has evolved so much over the past several years and what was formerly called the personnel department has turned into managing human capital.
When it comes to the HR aspect of your company, do you use in-house? Do you outsource? What about using both?
Your HR Team
If you are a company with the extreme fortune of having an in-house HR team member, hold onto them. They are a valuable member of your team and an excellent resource for managing your human capital.
For the rest of us, in the environment that we live in, it is becoming harder and harder to find good quality HR staff. They are either fresh and green or have to be headhunted using high wages and great benefit packages.
The United States economy machine is driven by small to medium-sized businesses and often family-owned businesses. This demographic of employers often can’t afford to attract talent with these competitive wages and benefit offerings.
There’s good news!
With the help of technology, your HR experts can now be a phone call or an email away and don’t come with the expectation of high wages, paid time off, benefit packages, and 401(k)s.
The emergence of the outsourced HR team makes this possible. Many entrepreneurs have jumped into the flow of utilizing HR experts to be outsourced to these small companies in need at a budget-friendly price.
According to talentlyft.com, Glassdoor reports the national wage average for an HR Professional in the United States is $58,000, with the bottom tier earning around $40,000. With the concept of outsourcing your HR team, you can get a team of certified experts for anywhere around $2000-$20,000 a year. This is significant cost savings. Let’s face it, business owners are looking for as many cost savings options as they can because the cost to operate has certainly gone up.
Here are some more interesting stats from smallbizgenius.net.
Key Outsourcing Stats:
- It is estimated that 300.000 positions are outsourced every year.
- In 2018, the global market for outsourcing was worth $85.6 billion.
- Government and Defense sectors are the two biggest users of outsourcing in the Americas.
- 59% of businesses use outsourcing to reduce their expenses.
- 65% of businesses that outsource application hosting say they would increase their outsourcing efforts in the future.
- 78% of respondents in Deloitte’s survey say they feel positive about their outsourcing relationship with other companies.
Value your HR person or team, treat them right, and get them involved in the business conversations. For those that can’t find the diamonds in the rough, there are great opportunities to get a professional staff for a fraction of the cost. The small business was top of mind in the conception of this model.
Want to learn more? Click here to discover how My HR Pros can become an extension of your team!
Written By: Kyle Morris, Business Development Manager
For questions or additional information contact us! | (800) 940- 8706 | learnmore@myHRpros.com |