International businesses need HR services to stay compliant and manage their employees. Explore 8 HR services that can help your business thrive and succeed.
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As an international business owner, managing employees can be a daunting task. HR services are essential to ensure compliance with labour laws and keep your workforce running smoothly.
According to a survey conducted by the Society for Human Resource Management (SHRM), HR professionals spend approximately 41% of their time on administrative tasks.
Here are 8 HR services that can help your international business thrive and succeed.
1. Payroll Processing and Tax Filing
According to a study by PricewaterhouseCoopers, businesses that outsource payroll processing can reduce the risk of errors by up to 50% and save up to 18% in payroll processing costs. One of the most important HR services for international businesses is payroll processing and tax filing. It includes calculating and distributing employee paychecks, withholding taxes, and filing tax forms with the government. Outsourcing this task to an HR service provider can save you time and ensure accuracy, as well as help you avoid costly penalties for noncompliance. Look for a provider that offers online access to payroll information and tax reports, as well as support for multiple payment methods and deductions.
2. Employee Benefits Administration
According to a study by Glassdoor, 60% of job seekers consider benefits and perks a major factor in their decision to accept a job offer. The study surveyed over 1,000 US adults who were either currently employed or looking for work. Offering employee benefits is a great way to attract and retain top talent, but managing those benefits can be time-consuming and complex. HR services can help you navigate the world of employee benefits by handling tasks such as enrollment, communication, and compliance. Look for a provider that offers a variety of benefits options, such as health insurance, retirement plans, and paid time off, and can customize a package to fit your business’s needs and budget. They can also provide support for employee questions and claims.
3. Compliance with Labor Laws and Regulations
According to a study conducted by the U.S. Department of Labor, in 2020 alone, federal and state labour law violations led to over $2 billion in penalties for employers. Staying compliant with labour laws and regulations is crucial for any international business. HR services can help you navigate the complex world of employment law by providing guidance on issues such as minimum wage, overtime pay, and employee classification. They can also help you stay up-to-date on changes to labour laws and regulations, ensuring that your business remains compliant. Additionally, HR services can assist with creating and maintaining employee handbooks and policies that are in line with legal requirements.
4. Employee Onboarding and Offboarding
According to a survey by the Society for Human Resource Management, organisations with a standard onboarding process experience 50% greater new hire productivity. Employee onboarding and offboarding are crucial processes for any international business. Onboarding involves introducing new employees to the company culture, policies, and procedures, as well as providing them with the necessary training and resources to succeed in their roles. Offboarding, on the other hand, involves the process of separating an employee from the company, which can include exit interviews, collecting company property, and ensuring that all necessary paperwork is completed. HR services can help streamline these processes and ensure that they are done in compliance with all relevant laws and regulations.
5. Performance Management and Employee Evaluations
A survey by PwC found that 44% of millennials stated that opportunities for growth and development were the most important factor in their job satisfaction. Performance management and employee evaluations are essential HR services for international businesses. These services involve setting goals and expectations for employees, providing regular feedback and coaching, and conducting formal evaluations to assess employee performance. By implementing a performance management system, international businesses can improve employee engagement, productivity, and retention. Additionally, employee evaluations can help identify areas for improvement and provide opportunities for professional development. HR services can provide guidance and support in developing and implementing effective performance management and evaluation processes.
6. Employee Training and Development
A report by the Association for Talent Development found that companies that offer comprehensive training programs have 218% higher income per employee than those with less comprehensive training. Employee training and development are critical for the growth and success of any international business. HR services can help you identify the training needs of your employees and develop customized training programs to meet those needs. These programs can include online training courses, workshops, and on-the-job training. Additionally, HR services can assist with career development planning, performance coaching, and leadership development.
7. Conflict Resolution and Mediation
According to a study by the Society for Human Resource Management, conflict resolution and mediation programs can lead to a 52% decrease in formal complaints and a 58% decrease in the number of lawsuits filed. Conflicts can arise in any workplace, and they can be challenging to manage without the proper training and experience. HR services can provide conflict resolution and mediation services to help resolve workplace disputes and maintain a positive work environment. They can also provide guidance on how to prevent conflicts from occurring in the first place, such as through effective communication and conflict management training.
8. HR Technology Solutions
According to a study by PwC, companies that use HR technology solutions report a 22% increase in productivity and a 30% decrease in HR-related errors. HR technology solutions can help international businesses streamline their HR processes and improve their overall efficiency. These solutions can include HR management systems, which can automate many HR processes such as payroll and benefits administration, employee data management, and performance tracking. An HR management system can also provide analytics and reporting capabilities, allowing you to monitor and analyse HR metrics such as turnover rates and employee satisfaction.
In conclusion, as an international business owner, you have a lot on your plate, and managing HR tasks can be overwhelming. HR services can help alleviate the burden by providing a range of solutions that can save you time, improve compliance, and enhance the employee experience. By partnering with an HR service provider, you can focus on what you do best – running and growing your business.
Are you an international business owner feeling overwhelmed by HR tasks? Have you considered partnering with an HR service provider to streamline your operations and improve your employees’ experience?
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The views expressed in this article are the author’s own and do not reflect Talent’d’s views, opinions or policies.