{"id":6504,"date":"2024-02-14T22:40:06","date_gmt":"2024-02-15T02:40:06","guid":{"rendered":"https:\/\/parmaks.com\/Resources\/4-benefits-of-strategic-workforce-partnerships\/"},"modified":"2024-02-14T22:40:06","modified_gmt":"2024-02-15T02:40:06","slug":"4-benefits-of-strategic-workforce-partnerships","status":"publish","type":"post","link":"https:\/\/parmaks.com\/Resources\/4-benefits-of-strategic-workforce-partnerships\/","title":{"rendered":"4 Benefits of Strategic Workforce Partnerships"},"content":{"rendered":"

\"Profit<\/a>
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\"Benefits<\/p>\n

Image by Freepik<\/p>\n<\/div>\n

Your company can\u2019t thrive without someone taking care of your human resources responsibilities. Depending on the size and scope of your business, your HR team may consist of only a couple of people. If your company\u2019s gone through a growth spurt, your HR group could be a full-fledged department. Either way, your team is still likely limited in its time and resources.<\/p>\n

Like other employees, HR professionals can only accomplish so much in a day. And while HR departments may be adept at handling certain issues, other tasks might extend beyond their expertise. In these cases, forming strategic workforce partnerships can bring several benefits to your business. We\u2019ll examine four of them below.<\/p>\n

1. Streamlined International Hiring<\/h2>\n

Say your business wants to expand its operations into a new market. On the surface, this doesn\u2019t seem like it would be too much of a strain for your internal HR team. But what if the new market is in a different country? Your HR employees may have little knowledge of the legalities of hiring staff there or paying them once you have.<\/p>\n

It\u2019s a complex situation and one in which your in-house team can benefit from working with the right HR partner. Either a professional employer organization or employer of record service can oversee global payroll and benefits administration for you. An EOR can even handle compliance with local labor laws. You\u2019ll have to assess your particular needs to determine whether working with a PEO<\/a> or an EOR will enable your business to meet its goals most efficiently. This decision will be primarily driven by whether you intend to establish a business presence in the country in question.<\/p>\n

When you work with an EOR, it becomes the legal employer on paper. That means your business can skip the costly and time-consuming hassle of setting up a local legal entity in your new market. EORs are also convenient for onboarding a handful of international employees. You can use the same strategic workforce partner to streamline global hiring in a single country or several of them.<\/p>\n

2. Management of Workers\u2019 Comp Claims<\/h2>\n

In 2022, private-sector employers reported 2.8 million<\/a> work-related injuries and illnesses. This number represents a 7.5% jump from 2021\u2019s tally. Injured employees often turn to their direct supervisor and HR contact when something adverse happens. This chain of command can help get the ball rolling on workers\u2019 comp claims while protecting both employer and employee.<\/p>\n

However, that doesn\u2019t necessarily mean managers and HR contacts are skilled in handling insurance claims. The process can be stressful for point persons who may not have a ton of experience with workplace injuries. Attempting to manage claims and answer questions may take time away from other responsibilities, such as processing payroll.<\/p>\n

Firms specializing in workers\u2019 comp case management can help both companies and their workers navigate workers\u2019 comp claims. These partners guide employees through the paperwork, reporting requirements, and questions about insurance benefits. They may direct injured staff members to specific providers while ensuring benefits for lost wages and medical bills get paid. Strategic partners can also conduct workplace safety audits to mitigate future risks.<\/p>\n

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3. Legal Advice<\/h2>\n

The employer-employee relationship is usually viewed as mutually beneficial. An employer gains skills and tangible results in exchange for compensation. Employees may gain additional advantages other than compensation, such as industry training and meaningful work. While the relationship benefits both sides, it can come with legal complications.<\/p>\n

National and state laws regulate payroll taxes, minimum wages, and time-off policies. These legalities may also govern breaks, including how long employees can work before they must take lunch. Hiring remote staff and onsite employees across state lines may complicate employers\u2019 legal obligations. Strategic workforce partnerships with legal professionals can provide needed guidance to businesses in these scenarios.<\/p>\n

Your existing HR team will get the assistance it needs to administer payroll and benefits in a legally compliant manner. This advice can help shape policies in ways that don\u2019t put your business at risk of a future lawsuit or regulatory penalties. For instance, remote employees<\/a> in one state may accrue sick leave differently than those working in the company\u2019s headquarters. Legal advice may include such issues as how to navigate classification laws and determine performance requirements.<\/p>\n

4. Recruiting Assistance<\/h2>\n

Hiring and retention can be challenging for many organizations, but especially so for small businesses. In a 2023 SCORE survey, 60.7% of small business owners<\/a> report that hiring the right talent is a primary challenge. Plus, 84.3% of small businesses indicate hiring new employees is difficult. Retaining current staff is a concern for 45.8% of smaller companies.<\/p>\n

Strategic workforce partners can come to the aid of business owners struggling to find the talent they need. Writing job descriptions, expanding hiring networks, and training on recruiting techniques are examples of assistance recruiting partners can provide. A company might be operating in an industry experiencing higher labor shortages, making it tough to attract employees and retain them. Workforce partners can act as consultants, helping to uncover what\u2019s driving turnover. They might recommend changes to address the sources of the problem so the business doesn\u2019t remain a revolving door.<\/p>\n

A recruitment partner could also recommend different approaches to hiring as potential solutions. If attracting talent through job boards isn\u2019t working, you might try temp-to-hire or internship programs instead. Another possibility is letting your partner do the recruiting.<\/p>\n

Advantages of Strategic Workforce Partnerships<\/h2>\n

All the responsibilities of managing your workforce can become challenging for your team of HR specialists. If you\u2019re a smaller company, the person in charge of the HR department might be you. It\u2019s nearly impossible for business owners and an HR team of one to handle everything human resources-related.<\/p>\n

Strategic workforce partnerships extend your internal capabilities and sometimes take over critical functions your company needs to maintain legal compliance. Whether you need an EOR to hire across international borders or a recruitment partner to lure job applicants, the right workforce partnerships can become a competitive advantage.
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Related<\/em><\/h3>\n<\/p><\/div>\n

\"Profit<\/a>
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