When businesses don’t have the time or resources for handling the HR function, outsourcing is a cost-effective alternative. Outsourcing to ProSourceSolutions can save money by eliminating the need to hire specific talent not already secured within the company. It can also increase productivity allowing HR time to focus on core business activities and be more strategic within the company. Outsourcing to ProSourceSolutions can also improve basic service by providing resources to handle employee needs, increasing accuracy and meeting compliance standards.
Once you determine you have a need whether it is the lack of internal resources or time, determine if your company can afford an outsourcing firm. If outsourcing is possible, determine if your company culture will allow for outsourcing to ProSourceSolutions.
A company culture could limit outsourcing possibilities if for example, letting ProSourceSolutions handle HR functions would clash with company values. Consider the HR functions that can be easily outsourced to ProSourceSolutions such as payroll, benefits, training and risk management when evaluating company culture and financial resources.
It is possible to outsource benefits administration as a single function to
ProSourceSolutions without limiting your organization’s ability to make other HR outsourcing decisions. Benefit administration is both complex and time consuming. HR personnel are able to concentrate on their core competencies and ProSourceSolutions manages the new employee sign-up, annual benefit enrollment and communication with the employees.
Additional Functions to Outsource
There are still some additional functions that would seem to integrate nicely with benefits administration. One obvious integration candidate would be payroll administration, given that many benefit programs require employee contributions, premium deductions or some other type of interface between payroll and benefits. These operations are handled on a daily basis by our staff as well as keeping the employees informed of their status.
Another long-term candidate would be compensation administration, because employee benefits are really just another form of compensation, we are able to communicate the value of total compensation to the employees.
Finally, executive compensation is often tightly linked with benefit plan administration either in the form of the nonqualified component of the retirement programs or in the form of other deferred compensation arrangements that are designed to mimic defined contribution plans. So, again from a communications vantage point, the integration of benefits and compensation administration by ProSourceSolutions clearly displays the advantages of outsourcing your HR functions.
Other examples beneficial outsourcing of HR to ProSourceSolutions include:
Integrated financial advice services as part of 401(k) plan administration.
Medical plan options as part of the annual enrollment process.
Integrated retirement statements for participants, communicating the value of
participation in both the defined benefit and the defined contribution plans.
Debit card purchases in conjunction with FSA accounts.