Growing a business isn’t easy. In fact, most businesses start small and stay small.
So, how do you set your company up for long-term growth and success? A great way to start is with a company growth strategy. Without one, you might stagnate or fail.
If you are currently handling all HR, regulatory compliance, and employee benefits in-house, consider partnering with a Professional Employer Organization (PEO) to speed up growth, reduce turnover, and increase your business’s viability.
Resourcing Edge, a Certified Professional Employer Organization (CPEO) that is also accredited through the Employer Services Assurance Corporation, can help you strategize procedures and processes to support the success of your company growth plan.
Here are some ways to get started:
By focusing on your company’s core competencies — a combination of technologies, knowledge, and skills — you can more effectively adapt to changing circumstances.
Basically, start thinking about what your company does best and new ways to innovate around your core competencies. What sets you apart? Why do customers choose you? Focus on your strengths when devising your growth plan.
In addition to your core competencies, take the time to answer the following questions:
- What goals do you have for the company?
- Would you like to break into new markets?
- What kind of impact do you want to have?
- What are three things you should not change?
- What are three things you should change?
It can be hard to focus on strategy when you are bogged down with the day-to-day activities of running a business. You can save a lot of time, money, and frustration by establishing a collaborative relationship with a PEO.
Company culture can either help or hurt growth. Discord, disorganization, and discouragement can permeate throughout the entire culture like a disease.
Don’t underestimate the impact of a positive work culture on growth and long-term success. Great employees want to be part of a winning company culture.
Resourcing Edge can help you all the factors that create an attractive company culture. From sound employee policies, help with training, and advice on retention, to robust benefits and HR consultations, a PEO can focus on company culture while you take care of the bottom line.
Recruiting and Hiring
Invest in talent. You can cut costs on supplies, marketing, parties and perks, but it’s the people you hire who have the most impact on your growth and success.
Avoid hiring mistakes and other HR headaches that could derail your growth strategy by working with the experts at Resourcing Edge. In addition to dedicated HR professionals, we have an experienced team of recruiters to help you attract and retain top talent.
Take advantage of our expertise in the following areas:
- Writing job descriptions
- Developing hiring strategies
- Sourcing and screening candidates Recruiting program evaluation
- Developing hiring strategies
- Administering selection assessments
- Employer brand audits
In today’s tight job market, employee retention is more important than ever. Businesses that plan to expand need a strategy in place for reducing turnover.
PEOs offer a wide array of services and hands-on expertise when it comes to employee attraction and retention, such as participation in employer-sponsored healthcare and retirement plans. When you partner with a PEO, you’ll get access to a wide array of benefits and services that employees appreciate.
How a PEO Can Grow Your Business
While HR is not typically thought of as a big player in marketplace growth, it can often mean the difference between success and failure.
HR is in the best position to oversee the entire organization’s growth and effectiveness.
When you work with Resourcing Edge, a team of HR specialists will take a look at your entire business and make sure everything is aligned and pointing toward growth.
PEO Clients Have Higher Growth Rates
Studies show that businesses in a PEO relationship have higher growth rates, lower turnover rates, and are less likely to go out of business.
According to the National Association of Professional Employer Organization (NAPEO):
- Small businesses that use PEOs grow 7-9 percent faster than those who don’t.
- Since 2010, employment growth among PEO clients has been 9 percent higher than other small businesses.
- Employment growth among PEO clients has been 4 percent higher than employment growth in the U.S. overall economy.
- PEO clients are 50 percent less likely to go out of business.
- PEO clients have 10-14 percent lower employee turnover.
- PEO clients enjoy a 21 percent savings on HR administration, even with a higher level of services.
Advantages of Using a PEO
As a business leader, you have better things to do than worry about benefits administration, payroll, and other HR-related responsibilities. And you definitely don’t want to get caught up in litigation.
Let’s look at some of the advantages of working with a PEO:
- More time to focus on growing your business
- Higher business growth rates
- Reduced turnover rates
- Notably better employee benefits at lower rates
- Scalable and flexible to adapt and grow with your business
- Less likelihood of business failure
- Access to extensive HR-related benefits and services
- HR administration savings
- Compliance with latest laws and regulations
- Expert support and guidance
Let Resourcing Edge be a strategic and essential part of your growth strategy. We manage the “people side” of things so you can focus on business-centered operations.
Contact Resourcing Edge today for help creating and implementing your company growth strategy.