Last Updated on Apr 14, 2020 by James W
The common misconception is that an employment agency is rather a waste of financial resources for businesses and business owners. However, this couldn’t be farthest from the truth. As the old saying goes, “You gotta spend money to make money???, and this is somewhat applicable in the case of staffing agencies.
The key for any business, big or small, is to generate financial return and you will want to do this in the most efficient manner. These 5 important points will show you why your business, whether it is in big city New York or laid-back Hawaii, should consider hiring the services of an employment agency to help with some of that financial gain and savings.
Taxes Done Right and On Time
If you didn’t already know, many employment agencies also offer extended services such as tax filing. The tedious process of filing your yearly taxes can take away precious hours you could be spending elsewhere in operating your business, such as in sales or marketing. Those hours lost translate to dollars lost and affect your bottom line. Despite the fact that paying an outside agency will cost you money, that money is minimal in comparison to what you could lose in productivity and time lost, especially if done incorrectly and requiring an amendment.
2. Hire Right the First Time
The process of hiring the right candidate to take on any role within your company can be daunting, time consuming and headache-inducing. An employment agency can ease that burden. Putting them in charge of finding the right person for the job means they take care of the marketing for an open position, screening applicants and arranging to interview interested and qualified parties. Don’t underestimate the time commitment involved in finding the right hire.
3. Provide Cost Effective Employee Benefits
Not all employment agencies will provide this service, however many do and will ensure you are getting the most for your company dollar. These benefits will cover employees for drugs, dental and healthcare depending on what you choose to offer and will find the most cost effective manner to do so. There are many companies who throw away thousands, if not tens of thousands of dollars on unnecessary or excessive coverage.
4. Termination of Employment
Nobody likes to be put in the position of having to let someone go. It’s difficult for both the boss and the soon-to-be ex-employee, whatever the situation. It is especially touchy if there are underlying issues such as theft or misconduct. With the services of an employment agency, they are responsible for the hiring and firing of employees as you see fit for your business needs. Because this is their area of expertise, they always ensure all applicable employment laws and regulations are followed to the letter–meaning less risk for lawsuit down the road.
5. Eliminate Pesky Payroll Duties
Most employers pay out their payroll bi-weekly, which means that every other week all employee hours will need to be calculated out, along with all applicable deductions, vacation pay if necessary and any special requests. This can take an entire work day away from one of your productive employees if you don’t have a dedicated Accounting Department, which many small enterprises do not. Not only is running the payroll time consuming, but also there is a margin for error and lost company funds if the person acting as a payroll clerk isn’t well-experienced. Hiring an employment agency offering payroll services ensure that your payroll is headache-free and done correctly, saving your busy company both time and money.