COVID-19 pandemic has taken a tragic toll on all the industries bringing most of them to a complete shutdown. Most businesses irrespective of their size,have felt the financial burden of the pandemic.
A survey conducted by Veem, a global payments network, revealed that 81% of small U.S. companies are expecting this pandemic to affect their business over the next 12-16 months, and nearly 90% are bracing for an economic slowdown.
Also,87% of small businesses are taking action to prepare for the possibility of an economic slowdown caused by the corona virus. More than half of the respondents report that they are decreasing operational costs and applying for loans.
This pandemic has also forced most of the companies to mandate or encourage their employees to work from home. Is your HR team prepared to handle remote employment while ensuring compliance?
With remote employment being the new norm, there is an increased emphasis on virtual onboarding, HR compliance, and cost savings. HR team is responsible for maintaining business continuity, driving ongoing transformation efforts, and supporting staffing decisions.
Do you know that a survey conducted by SHRM show that 69% of employees are more likely to stay with a company for three years if they have experienced great onboarding?
The need for a comprehensive onboarding process is huge in remote employment. Without which your organization could be at risk of losing new employees before they even get settled in. Though the need for guidance in virtual onboarding and employee management is more important now than ever, hiring an in-house HR manager can be costly.
Integrating with an HR service provider is an alternate way to meet these critical needs while minimizing overhead costs. Getting HR services from a trusted third party can remove extra workload off your team’s plate, giving you more time to invest in strategic planning and decisions. And hence, business owners are now looking for HR Service providers that help them with skilled Human Resource professionals who can hit the ground running with proven HR & Compliance Processes.
A Paychex study was conducted on 300 randomly selected U.S. business owners with 2 to 500 employees working remotely. One of the top tasks business owners reported they would do differently following the pandemic is “delegating more to free up time to better plan and outsource more functions.” In fact,nearly a quarter of respondents said a permanent change they’ll be making post-pandemic is using applications for managing payroll and benefits, to reduce overhead and complexity.
HR Business Partnering model has started in the 1990s and has taken various forms since its inception.
The goal of HR business partners is to add value to the organizations by integrating HR into all aspects of strategic planning and business operations. HRBPs offer small organizations the chance to administer competitive benefits without any overhead costs.
Once an organization integrates with an HR business partner, the role of HRBP begins with the question: What is the business goal? In order to help solve business problems, HRBPs must have a clear understanding of the objectives, challenges, and the complex set of factors that influence them.
Upon understanding these challenges, HRBPs have to find out the right data,formulate and test hypotheses to provide appropriate solutions. Their expertise in talent acquisition, employee retention, federal regulations, and technology implementation helps organizations in making strategic decisions and driving business growth.
I) HRBP will give you a broader range of benefits and expertise. An organization that specializes in a particular service will have enhanced professional expertise than one that doesn’t. So, this would yield you the advantage of expert guidance in solving complex challenges.
II) Another major benefit is you can remove the task of handling non-core activities from your daily management.
III) HRBP can help you in managing and mitigating risk more effectively, especially in terms of financial,compliance, and competitive risk.
As advantageous as it may get, a wrong decision in choosing the HR Business Partner can have a negative impact on the business. So, choose the one who would add value to your organization.
OnBlick’s HR business partners are highly experienced in providing your new talent a seamless virtual onboarding experience through OnBlick’s HR platform. They are responsible for handling all the activities right from hire to retire. Efficient and hassle free virtual onboarding for your new hires results in highly motivated and engaged workforce.
Our HR business partner’s expertise in using a SaaS application for digital completion of processes gives your team more time to focus on strategic planning. They provide support in document collection, completion of electronic Form I-9s for all your remote employees, managing your global workforce documentation, and keeping up with regulatory reformations.
Making our HR Business Partner an integral part of your business will ensure your organizational success and compliance.