- HR best practices synthesize businesses’ approaches toward onboarding, compliance, and employee benefits.
- By delegating time-consuming tasks to a group of experts —like payroll processing and tax administration— small businesses can focus on core operations.
- Paymetrix HR handles payroll and HR procedures for small and mid-sized businesses, so they can concentrate on more strategic activities. Contact us to get started!
Are you a small or medium-sized business (SMB) struggling to keep your employees engaged? Managing a motivated workforce can be quite a challenge. HR teams often have a lot on their plate, from bringing new talent on board, to handling payroll, compliance, and other administrative tasks. However, by implementing HR best practices, businesses can run smoother operations and prepare for whatever lies ahead.
Read on to uncover the 4 HR best practices for this year and discover how to take your business to the next level!
Let’s dive in!
1. Craft an Engaging Onboarding Journey for New Employees
Onboarding is not just about ticking off paperwork and providing a basic orientation on your employees’ first day. It’s a chance for you to create an environment where new hires feel embraced and encouraged as they embark on their journey with your company.
“Organizations with a strong onboarding process improve new hire retention by 82%.”
Keep this in mind when redesigning your onboarding program this year:
- Craft a comprehensive 30-60-90-day roadmap for your new hires. Think of onboarding as an ongoing process. Outline precise objectives and attainable targets right from the beginning. Additionally, incorporate regular check-ins to monitor their progress and provide necessary support along the way.
- Introduce a buddy system. When a new team member comes on board, encourage your top performers to take an active role. This not only helps the new hire get up to speed quickly but also creates an environment of collaboration and support.
- Ditch the paperwork and embrace automation. Traditional paper-based processes are not only cumbersome but also prone to errors. Empower your employees by enabling them to upload their documentation and introducing e-signature.
2. Streamline your Payroll to Ensure Accurate and Timely Payments
SMBs understand the value of time, and managing payroll can be a major time drain. From calculating total wages to deducting employee taxes, it demands a lot from your HR team.
“For some business owners, the time to process payroll adds up to 21 days over a year.”
Choosing to outsource payroll and tax administration can be a game-changer for your business. It not only lightens the load for your small team but also mitigates the possibility of expensive errors and their financial impact.
Looking to optimize your small business operations? Consider this:
- Leave your payroll processing in the hands of a skilled team of experts. Regardless of the size of your workforce, outsourcing payroll will not only free up time every month but also ensure that you’re always compliant with essential tax filing requirements.
- Invest in automated payroll software. By using a payroll solution, you can eliminate the time-consuming process of calculating payments, overtime, and taxes manually. Additionally, you can centralize your entire payroll information in one single place and allow employees to access their pay stubs online.
- Upgrade your time and attendance monitoring with automated solutions. Say goodbye to the hassle of manual record-keeping and welcome a seamless time-tracking system that maintains comprehensive records of your employees’ work hours. Opt for software that effortlessly integrates with your payroll and HR systems, ensuring flawless operation.
3. Stand Out with an Enticing Benefits Package
Offering an attractive salary alone is no longer enough to attract a diverse and skilled workforce.
To truly stand out as an employer, you must create a captivating benefits package that extends beyond the basics of healthcare.
This strategic move will help you win over and retain qualified candidates, giving you a competitive edge in the talent market.
As you shape your employee benefits package for this year, consider the following:
- Join forces with a PEO to secure affordable and competitive healthcare benefits. PEOs take away the stress of trying to find a competitive package that matches your company’s employee size and budget. Once you’ve sorted out the main benefits, it’s time to consider the extra perks like retirement plans and stock options.
- Step into the future of work with flexible arrangements that prioritize work-life balance. By offering remote work options and flexible hours, you can create a more harmonious and fulfilling work environment for your team.
- Prioritize the needs of working parents with childcare benefits. Provide benefits like on-site childcare, backup care services, or flexible childcare spending accounts.
4. Stay Ahead of the Latest Compliance Requirements for your Small Business
Keeping up with the ever-changing labor laws and regulations is crucial for small businesses to ensure a safe and legally compliant workplace. It’s not just the federal laws that demand attention, but also the state and local laws.
Compliance requirements vary across industries, covering aspects like anti-corruption measures, IT security protocols, and anti-discrimination laws. For HR teams, staying on top of these requirements can be quite daunting. However, it is crucial to do so in order to steer clear of hefty fines and penalties.
Boost your compliance efforts this year with these strategies:
- Keep your HR team up to date by providing them with regular training. Arrange frequent compliance training sessions and give them the chance to attend webinars, conferences, and local events. By staying well-informed, your HR team can effectively address any HR-related issues and drive positive change within your organization.
- Revise your employment policies. It’s crucial to stay informed about any legal changes that could impact on your business and ensure that your company’s policies and your employee handbook are always in line with the latest requirements. Keep a close watch on crucial areas such as leave policies and wage and hour laws.
Implementing HR best practices can help small and medium-sized businesses (SMBs) improve employee engagement, streamline operations, and ensure compliance with labor laws.
Key practices include creating an engaging onboarding process, outsourcing payroll and tax administration, offering an enticing benefits package, and prioritizing compliance through training and policy revisions.
Ready to navigate this new year’s challenges? At Paymetrix HR, we provide payroll and HR solutions for small and mid-sized businesses seeking to save time and money, while running their business smoothly.
Contact us today and discover how we can craft a customized HR solution that perfectly fits your business needs and follows your HR best practices!