What if the cost of running a business is preventing your company from growing it? The high price of hiring and maintaining employees’ paychecks, benefits and other HR liabilities can put a halt to a business’ advancement. This is the reason why small, mid-sized and large businesses turn to an Employee Leasing program provided by staffing or contract employment firms.
According to Entrepreneur.com, “Employee Leasing lets you add workers without adding administrative complexity.”
So, how can Employee Leasing benefit your company?
1. Staying up-to-date with ACA mandates
Keeping up-to-date on the Affordable Care Act (ACA) is a subject that most employers struggle to get a grasp on. Companies, especially those with 50 or more employees, will benefit from an Employee Leasing program because it typically provides multiple health care coverage options to workers that meet ACA standards, as well as submit mandatory reports, such as filing 1094-C and 1095-C forms, on an annual basis.
2. Efficient time tracking and payroll processing
There are so many costs that come with paying an employee: processing employees’ payroll information, collecting time cards, paying social security, Medicare, federal and state employer taxes… it all adds up. When partnering with an Employee Leasing provider, there is already a set payroll system that ensures each employee gets paid accurately based on their rates, hours worked, and guarantees the disbursement of all employer tax burdens. This also takes away the risk of not getting payroll processed on time or paying any potential tax penalties.
3. Ensure HR compliance
The obligation of providing employees with benefits, retirement planning and having workers comp insurance typically falls on the employer, which can be expensive to manage. In California, companies can pay up to 3.5% per each employee’s total salary to cover workers compensation insurance. By using Employee Leasing services, workers are offered medical and dental benefits, 401(k) plan, and have full business liability and workers’ comp coverage which can keep your business running with no worries of employment-related exertions.
4. Freedom from on-boarding paperwork, procedures and reporting
An Employee Leasing partner can perform the on-boarding procedures to make hiring less tedious for your company. On-boarding consists of processing employment forms, such as W-4, I- 9, Direct Deposit forms, as well as performing background checks, verification of work authorization and reporting the employee’s information to state and federal agencies. All these tasks can be taken off your company’s shoulders with Employee Leasing.
5. More time focused on your core business
Ultimately, the goal of going with an Employee Leasing program is to free up time and money that would have gone towards payroll and HR administration towards growing your business.
SoloPoint Solutions offers a wide array of solutions with our Employee Leasing program. Whether it’s developing new products, acquiring new clients or coming up with hiring strategies, SoloPoint Solutions can assist you focus on what’s important for your company by taking the employer responsibilities from you.
For more information on our Employee Leasing services and how it has benefited our clients, call us today at (408)246-5945 or at (714)708-3639.