MBA 2022

  Advantages of Contracting Human Resources Functions Figure 01 Outsourcing your human resources function is useful if you don't have the time to handle the tasks yourself. You can contract with a professional HR company to perform personnel-related duties, such as hiring, training, discipline and termination. If you don't have the skill to perform the functions, and you don't need a human resources department, outsourcing the work can have advantages for your company. Save Time and Money Running your business may require you to procure sales, fulfill orders and deal with customer service issues. In addition, you may be in charge of updating your website, acquiring equipment, purchasing products, contacting manufacturers and a variety of other duties. Taking the time to screen employee applications, conduct orientation for new staff members and handle payroll can become a burden. If you want to delegate these responsibilities but can't afford to hire a full-ti...

   Figure 01   Staffing Payroll Factors Your payroll staff is an essential aspect of your business, as it ensures that all your employees are paid accurately and on time. Depending on the size of your business, you may need only one payroll person. During the staffing process, consider all factors that affect your decision. Selection Figure 02 Your payroll person should have keen understanding of federal, state and local wage and hour laws and employment tax laws. If the size of your payroll is minimal, she may perform dual roles that include payroll and bookkeeping or accounting duties. If you have an accounting department, you may hire one payroll administrator who reports to the finance or accounting manager. If you do not have a human resources department, you may hire a staffing agency to help you find the right payroll professional. Payment Figure 03 Factor in the amount of wages the payroll professional should be paid. This depends on her ...

    Rolle of HR on staff retention Description Employee retention is employees choose to stay on with their current company and not expecting other job prospect. For a company to succeed, employers need to keep their best employees on board. This is the goal of employee retention: an organization’s concerted efforts to retain their existing staff Why staff retention is important for a business 1)      Sustained productivity flow Professionals who work for long periods in an organization add significant value to the company. They understand the company’s vision at a deep level and know well how to fulfil their role’s expectations. 2)      Reduce company costs. Retaining skilled and reliable employees is financially beneficial for an organization. Recruiting new staff is expensive and time-consuming with lower employee turnover costs, companies can invest to more other parts of the business. 3)      Re...