Your business is thriving. Business is going so well that it’s time to expand your workforce to meet demands, a good position to be in. Finding the needed employees may not be so tough, but what extra tasks, regulations and time commitment come with adding the new staff?
While it may seem like an easy process to add employees, the more you hire the more time you’re actually taking away from running your key business operations. Dealing with back office responsibilities can become a major drain on your ability to do what you want to be focused on, growing your business even more. Before you know it you’re at a point where you’ll have to ask yourself some major questions:
Do I have the right amount of worker’s compensation coverage? How much will it cost me? How do I handle a claim if there is an injury? Do I have the right amount of liability insurance? How is my unemployment insurance experience rating impacting my profitability? What state and federal employment reports and payments do I need to file, and when are they all due? Do I have proper policies and procedures in place? How do I handle a harassment complaint? What happens if I need extra capital to meet my payroll in the short term? How do I begin planning a benefit package and manage it? What are the requirements for employee records maintenance? What questions am I unaware I even need to ask myself? And finally, do I want to have to deal with all of this on an ongoing basis?
As you can imagine, simply preparing these things can be an overwhelming task, and that’s just the start. Each week you will see hours and hours of your time taken up with non-revenue generating back office duties. Add to it the possibility of expanding business into another state, causing you to begin almost from scratch with the same process as before. Luckily, there’s an easy solution for you to avoid the time commitment and frustrations….utilizing an Employer of Record.
An EOR can save you time, money, and allow you the flexibility to hire employees within a moment’s notice, wherever it may be. As the official legal employer, Wage Solutions can provide a complete back office solution to your company and employees, including everything from required insurance and tax management to payroll processing and employee files. A true all-in-one service, Wage Solutions can have employees on-boarded, insured and paid within hours, freeing up your valuable time.
Focus on growing your business, let Wage Solutions handle the rest!