How PEOs can help your business recover revenue – Expert review
As businesses rebuild in the aftermath of the global pandemic, they must focus on the critical responsibilities that generate revenue.
From strategically repositioning their brands to rethinking their customer experiences, value propositions and go-to-market strategies, businesses have their work cut out for them.
All hands must be on deck, and there’s no time to lose to performing the time-consuming but necessary administrative activities that oil the wheels of the organisation.
As is often the case in periods of economic recovery, prioritising revenue generation disproportionately and shrewdly maximising human resources will be the key strategy for businesses that pull far ahead of rivals.
At times like these, reliable, professional employer organisations (PEOs) prove their worth as effective business partners for organisations in recovery.
Here are three ways reliable PEOs can help to stabilise your business and keep you from getting side-tracked as you race towards rapid revenue recovery:
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1. Strategising for Growth
Even before the pandemic hit, growing a business required hard, patient and dedicated work. It all starts from executing the groundwork of hiring the absolute best people you can find.
After getting the right people through the door, your business must have the expertise required to match talent in the right roles to support your growth. You must also be able to manage them strategically to ensure that they unleash their genius for the benefit of your business.
In all, there’s a lot of background work to be done before businesses can begin to experience the level of growth that they desire.
Working with well-established PEOs provides you with access to specialists who can take a comprehensive look at your business, staffing base and management structure and advise you on putting your company on the best trajectory for growth.
A PEO with a team of HR experts can take the guesswork out of your company’s growth plans by keeping your business from taking wrong turns and working with you to:
- Develop your company’s mission, vision, and core values
- Provide guidance on how to establish competitive pay so you can attract and retain talent
- Identify skill sets your organisation needs to meet its growth milestones
- Develop assessment tools to filter high performers
- Create carefully matched job descriptions that speak to the needs of the business
- Develop and execute an ongoing performance management process
- Develop people management policies and practices that help limit your liability and costly litigation
A PEO like Workforce Africa can thoroughly examine your current organisational structure, organisational and individual goals, and company policies to help ensure everything is aligned and pointing in the same direction.
2. Executing Growth Strategy
There’s always more to growth than good ideas and strategy. It takes a certain level of expertise and a highly engaged workforce to execute a business growth strategy that brings you the most results from the least amount of risk and effort.
Consequently, making an effort to invest in creating a positive work environment where your employees can thrive will always prove to be a winning strategy.
On the flip side, if your business environment is characterised by toxicity, discord, confusion, poor leadership, your business will suffer tremendously– in more ways than you may think.
An inconducive work environment will have the following domino effect on your company:
- High employee turnover
- Lost productivity
- Lost time and money to recruit and train replacements
- Low employee morale
- Unhappy clients
- Reduced profitability
Working with tested PEOs means that you’ll have highly skilled and committed experts by your side as your organisation navigates the uncertain world of business.
PEOs like Workforce Africa will provide the expertise you need to develop a thriving culture that supports an engaged workforce committed to helping your business succeed.
You’ll be getting access to experienced HR specialists who can help you develop and implement an HR strategy that creates a collaborative workplace.
It all starts with the PEO taking a close look at your business and creating a strategic HR plan that will help you:
- Attract, hire and manage top performers that align with your company’s core values
- Train your staff so they can continue to add value to your company in the future
- Facilitate collaboration among your leadership team
- Develop a succession plan, so you can limit disruptions to your business if there’s a change in management or structure
3. Keeping Your Business in Compliance
A continuous change in the dynamics of today’s economic and business terrain will always bring new changes and review to the laws that oversee the working relationship between employer and their employees.
And as government regulations and employment laws move from being straightforward to becoming increasingly complicated, it’s essential to understand how they impact your business.
As a starting point, do you know which laws are changing and if you comply? For example, are your employee records in good shape and audit-ready?
In addition, do you know if your business is fully compliant with the anti-discrimination and anti-harassment laws in the state or country where your business is located?
All too often, we have found that some businesses don’t know there’s a legal breach in their relations with employees until charges are brought against them. And then it’s too late.
One error can lead to costly litigation and fines, not to mention the loss of time and productivity.
Miscalculating the importance of operating within the boundaries set by government regulation and employment laws is arguably one of the biggest mistakes you can make as an employer.
To avoid this disruption to your business, you must get ahead of these issues. But how do you do this when you have so many other to-dos already on your plate?
That’s where PEOs can help.
When you work with a PEO like Workforce Africa, you get access to a team of knowledgeable specialists well-versed in the latest employment and labour laws and regulations that apply to your business in most African countries.
Their support will ensure that your business always remains in compliance. This way, you can avoid the legal potholes that have the potential to bring litigation and fines that can hinder your company’s progress and distract you from pursuing key business objectives.
