News Column

Pros at HR Comp Highlight 5 Ways to Minimize Costs

Apr 30 2013 12:00AM

Marketwire

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POWELL, TN -- (Marketwired) -- 04/30/13 -- HR Comp, a PEO that supports its clientele with human resources (HR) services, understands that cutting costs and improving the bottom line are some of the top priorities of today's small and medium sized businesses. A recent article posted by Becker's ASC Review has called attention to five of the ways in which surgical centers, in particular, can streamline their costs and improve their financial efficiency. The professionals at HR Comp believe that these tips can apply to virtually any business in any industry and, here, share these ideas through a press statement.

The first tip is to optimize the benefits and compensation that are distributed to employees. The article asserts that medical loss ratio, employee lifestyles, and compensation and benefits analysis should all be taken into consideration during this activity. Ultimately, the article recommends "pay-for-performance initiatives, such as giving bonuses to high-performing employees." Additionally, flexible scheduling is suggested as a way to reward employees.

The second tip is to recruit and retain top talent. High turnover results in increased costs for employers, so it is important to hire the right professionals and then keep them on board.

Third, the article recommends enhancing current training and mentoring programs in order to continually foster professional development and ensure that all employees have the knowledge and tools necessary to contribute to the success of the company. Effective disciplinary techniques, too, are important.

Fourth, the article asserts that risk management is essential in preventing the increase in insurance costs incurred by employers. This can prove significant, depending upon the danger faced by employees given their respective industry.

Finally, the article encourages employers to automate any processes that they can. HR Comp adds that outsourcing certain tasks, such as HR-related functions, can also prove cost-effective: "Ultimately, reducing the burden of non-revenue-generating work shouldered by employees by outsourcing HR activities can create a boost in productivity and can justify the investment in a PEO. While you are paying for the services of that PEO, your employees are able to turn around a higher volume of work and your bottom line improves."

For more information about HR Comp visit www.hrcomp.com.

ABOUT:

Based in Powell, Tennessee, HR Comp is a professional employer organization, or PEO. This company supplies its clientele with solutions regarding the logistics of a wide range of responsibilities within the human resources industry, spanning administration to employee management. The specialists on the company's team are trained and experienced in a long list of tasks and have the ability to offer: direct deposit, safety inspections, time and attendance, insurance coverage, drug testing, file maintenance, employee risk management, tax forms, compliance, staffing, Web-based scheduling, audits, safety training, and more. The professionals who work for this organization are committed to providing small and medium sized businesses with reliable, quality support that encourages their growth.



Source: Marketwire