Protecting Your Human Capital in a Challenging Economy

Following the economic downturn of “The Great Recession”, many businesses have been forced to streamline their operation, which in some cases means lay-offs or postponing planned hires. Unfortunately, both of these scenarios place an added burden on your existing workforce members. This is why it is critical that management does everything they can to protect their human capital during tough periods, whether created by external or internal forces. It is especially important to demonstrate that management values its employees and is willing to make the necessary investments to keep morale high. Human Resources (HR) outsourcing becomes a vital tool in helping management with this mission.

Through HR outsourcing, many companies gain access to employee benefits and services they would otherwise not be able to offer on their own. Not only are the employee benefits more robust with a wide range of options to satisfy the needs of a diverse employee base, but HR outsourcing partners also employ a team of HR specialists able to provide a higher level of expertise and service. Through this enhanced service, employees gain a better understanding of their comprehensive benefit packages and as a result, have a greater appreciation for them. They also learn how best to utilize benefits to their advantage, while being mindful of related cost impacts to the company.

In addition to the benefit packages which drive most HR outsourcing decisions, there are the value-added employee services that come with the relationship. These include such offerings as: Employee Assistance Program (EAP) services; college tuition assistance; adoption assistance; discounts for shopping, movies, theater, clothing, vacations, car rentals and gym memberships; free defensive driving courses; and even volunteer initiatives providing incentives for community service. Many HR outsourcing relationships also offer employee training and development programs to help companies develop employee skills and leadership qualities — both of which make the employees feel valued, while increasing productivity and supporting employee retention.

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