As a business owner, you are constantly performing tasks to help you increase your bottom line. You evaluate your systems in production; you work with suppliers for better prices; you pour over financials and tighten controls. But what about your human resources department, have you given it a hard look lately?
If you don’t have control over your operations or your financials, your business is at risk. The same goes for Human Resources. If you don’t manage your HR responsibilities, you may have liabilities that you are not even aware of. In small businesses, HR duties are often relegated to non-HR professionals. In this case, what you don’t know CAN hurt you.
Further Reading: Assess the Health of Your HR
Most regulations that fall under the HR umbrella impose penalties for non-compliance. As a business owner, you must understand this risk and work to minimize it.
It is important for businesses of all sizes to periodically review HR infrastructure. Hire human resource consultants to give you a full assessment of your HR practices and procedures. Take the time to review the areas related to your personnel and work to minimize your risk.
Some key areas to review:
- Hiring Practices
- Personnel Files
- Payroll Administration
- Employee Benefits
- Performance Management
- Labor Relations
- Health, Safety & Security
- Training & Education
- Policies & Procedures
- Termination Practices
If you do not have experienced staff necessary to perform these evaluations, outsource this responsibility. Propel HR offers an HR Assessment which will uncover liabilities and serve as a roadmap towards future best practices. Employees are a company’s greatest asset. It is time to give the systems surrounding your employees the same attention that you give the other areas of your business.