Growth is the aim of any business – but growing a business is trickier than one would initially imagine. Striking the right balance when restructuring your business during this growth often determines how well it can adapt. For those leading small to mid-size companies, expanding cost-effectively is a survival skill that hinges on smart resource reallocation, financial savvy, and the strategic use of HR.
In this post, we'll discuss HR's role in a business's ability to adapt as it grows and offer advice on how companies can find this support.
How an HR Partner Helps to Streamline Costs
As companies grow, their expenses increase, making cost management essential. Taking on new operations or expanding their service offerings requires more personnel, which requires more leadership to coordinate this growing team. Adding more people without proper structure leads to wasted costs and inefficiencies. HR is the foundation that allows companies to plan their structural changes, determine necessary funding, and develop a timeline to achieve it.
While that may sound daunting, businesses don't need to undergo this transition themselves. An HR Partner can aid in developing these plans, lowering your overhead burden and making your HR more efficient with lower cost benefits that don't sacrifice quality.
According to NAPEO, companies that work with an HR partner:
- Grow 7-9% faster than the average for other small businesses
- Experience 10-14% lower turnover
- Are 50% less likely to go out of business
- Experience employment growth that is 16 times higher than the U.S. average
HR doesn’t need to be a challenging hurdle for growing businesses – and working with an HR partner gives businesses the support they need to thrive while maintaining competitiveness.
Get the HR Support You Need
An HR partner can give businesses more capacity to focus on their staff and help maintain compliance to prevent fines and keep funds in your company. HR is your behind-the-scenes strategist, helping to support your growth initiatives and enact structural changes that set up your future success.
Here are some of the key areas Outsourcing your HR helps companies:
- Crafting Growth-aligned Strategic Plans: HR strategizes people management to fit your growth curve.
- Reducing Costs through Smart Management: Effective HR practices mean streamlined operations, which lead to lower overhead.
- Boosting Employee Management and Output: Quality HR supports your staff, helping to create more resilient and productive teams.
An HR partner will also help guide you and offer leadership advice so you can run your team more smoothly, creating a stronger organization.
Manage Your Growth with TEL
TEL is an experienced HR partner redefining HR's role in business growth. Beyond traditional HR services, TEL offers custom solutions designed for scalability and efficiency, providing businesses with customized HR solutions. They can help businesses with these services:
- Flexible Payroll Systems
- Proactive Risk Management
- Tailored HR Consulting
- Cost-effective Employee Benefits
- Scalable Staffing Services
Outsourcing these services empowers businesses to grow efficiently and seamlessly, making HR a strategic investment.
TEL goes beyond one-size-fits-all HR solutions, offering a partnership that molds to your growth stages and industry challenges. With TEL, you can keep up with industry trends directly from HR specialists, so you can enact sustained growth for your company.
Get the Assistance You Need to Grow Sustainably
A robust HR strategy is essential for helping your company adapt to company growth. Finding proper support helps them achieve this cost-effectively with comprehensive HR support that enhances resilience, drives innovation, and ensures cost management.
TEL’s expertise can help guide your company, while offering other HR benefits – like payroll support and improved health and retirement benefits. Don't just grow. Grow smarter with strategic HR guidance.
