In a tough financial environment, companies are choosing to out-source some of their administration and support services. When they select the right service provider, they find it can be a much more cost-effective solution than employing their own in-house personnel.
The employee benefits advisor role and many of the tasks that fall under the Human Resources umbrella are usually fairly high up as contenders for out-sourcing.
When you are the owner or manager of a business, it is likely you will have neither the time nor the inclination to keep up to date with all the rules and regulations on employment. You free up your time and energy and can concentrate on your business, when you buy in the services, you require from an external supplier. The right supplier can provide you with the support and expertise to manage and monitor your employee compensation scheme.
In a small sized company with only a couple of employee, it can be difficult to maintain a professional distance and sometimes make harsh decisions.
Bringing in an advisor can help to support you in making the best decision for the business, with a fresh and unbiased view. They can be brought in on a purely advisory basis, or to help design, implement and manage your service.
Being in a position to recruit and retain individuals with the desired skills and qualifications is an essential area for any business. In addition to salary, candidates want to know that a prospective employer provides a range of rewards and employee incentives before they will apply for a position.
An experienced and industry savvy advisor can provide advice and guidance on statutory benefits and the development of your employment package.
Having an awareness of what your competitors are offering in relation to employment terms and conditions and incentive schemes provides a useful benchmark. An advisor can keep you informed of the current status within your business sector. In addition they will keep you up to date on changes to any area of current employment legislation which may impact on your business.
Ensuring your employment package is on a similar level to those offered by your competitors helps to attract better candidates when recruiting.
Providing a good rewards package for your employees can improve morale
Management often use new and improved rewards package as a bargaining tool when it comes to negotiating pay deals or what changes that may prove to be unpopular with the workers.
A contract of terms and conditions of service with an external providers needs to define clearly the role, responsibilities and the total cost of using an external service. Compared to the employment costs involved in recruiting, training and retaining an employee in this role, there is often a saving to be made. Many small to medium sized companies find it is financially beneficial to buy in services as and when required.
Small and medium sized companies which are not labor intensive, may find it cost effective to out-source their requirement for an employee benefits advisor.
They contract for the service on an as required basis, or on a certain number of hours a week, a month, or annually. Those companies which are larger and have a significant number of employees may require to hire support on a full time basis to cope with their needs.
If you need a qualified employee benefits advisor take a look at www.mybenefitsall.com. You will find extensive resources on benefits when you come to http://www.mybenefitsall.com today.