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3 Common Hurdles Faced While Trying to Run an Efficient Business

Running an organization is no easy feat. There will always be moving parts to keep up with. From compliance to hiring to managing, the problems that come with running a business have already been faced by many. We put together a list of three different business aspects with hurdles that organizations often run in to, and some possible solutions.

 

 

1. Recruiting, Onboarding and Turnover 

Getting the right candidate to fill a position is not always as easy as it seems. There are many things to consider while hiring including, how to create an effective hiring process. If the process does not land you with the right candidate, it could be costly in both money and time for your organization.

A possible solution to hiring and onboarding problems is implementing a good Applicant Tracking System (ATS). An effective ATS can allow you to organize your recruiting practices across multiple job boards, while maintaining all your candidates in a single, secure platform.  Automating the recruiting process saves you and your managers time, and the results are easier to track and expedite your overall hiring times. Often, ATS systems will also allow for multiple customizations to the interview process, allowing you to tailor it to best fit your organization.

Similarly, keeping a good workforce on staff requires thought and effort from the employer. Losing an employee through resignation or termination can be costly. Costs associated with recruiting and onboarding can easily stack up- It is not something any organization wants to be repeating. If there is a vacant position, someone must pick up the slack until that position is filled which will cost the employer through over-worked employees or over-time hours. High turnover can also have an impact on company morale and can have a domino effect.

An effective onboarding process can help alleviate turnover from the start. It encourages engagement and sets clear expectations from day one. Moreover, a good working environment is generally encouraging for most employees to stay within the company and reduces the desire to leave. A good working environment can be supported through a few factors including:

  • Maintaining a suitable company culture- There are various types of company cultures that can exist within the workplace. Organizations are all unique and their visions and goals will vary from business to business. Encouraging camaraderie can increase productivity and inspire loyalty amongst your employees. Ultimately, maintaining a consistent culture that aligns best with the values of your organization, can help set the right expectations for candidates and assist with turnover rates.
  • Competitive pay– A basic component to having a competitive position is pay-rate. Compensation can include raises, bonuses, and profit-sharing. Automating this process by scheduling raises, bonuses or simply making your compensation plan clear and easy to understand can also help turnover.
  • Performance reviews– Regularly held performance reviews are beneficial to both the employer and the employee. The employers can discuss with their employees what is working, what is not working and open a channel of communication crucial for a productive workplace relationship.

2. Compliance and Regulations

There will always be an everchanging amount of compliance laws and regulations that any business or sector is expected to keep up with. All businesses must always maintain compliance or face penalties and any other repercussions associated. Between the U.S. Department of Labor to local compensation regulations, it is a lot to keep up with but there are tools and services available designed to help with that.

  • A payroll service company can offer the peace of mind of assisting you in keeping up with pay regulations and requirements. Additionally, many offer reporting and tax filing services necessary for various IRS and state tax requirements.
  • Timekeeping software allows employers to keep accurate time data that is often necessary for fulfilling various compliance parameters. Additionally, it can help limit labor costs and increase productivity in the workplace.
  • Human Resource services and software can offer you the tools necessary to make compliant decisions and even required training programs for employees that are often mandated on a federal or state level.

3. Organization and Management 

Increasing productivity and optimizing your workflow should always be a top priority. To keep producing success, you need to be making the right decisions. Decisions should be based on results and data from various aspects of your business. Workforce management systems can assist in keeping track of and managing things such as:

  • Forecasting
  • Budgeting
  • Staff scheduling
  • Attendance
  • Employee performance
  • Compliance
  • Benefits administration
  • Field Service

Workforce Management systems often provide long-term benefits across various departments of your workforce. They can produce audit-ready reports to give you a better understanding of how your organization is running.

Regardless of how your organization is managed, a little help will always go a long way. Learning about the tools, services, and resources available to you can be highly valuable and possibly save you from continuing any common mistakes.

Looking for a payroll service provider you can rely on? Payroll Systems offers payroll solutions that are easy to scale and a dedicated payroll specialist to ensure your specific payroll needs are met. Talk to us to learn more.

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This article provides general information and shouldn’t be construed as legal or HR advice. Since employment laws may change over time and can vary by location and industry, please consult a lawyer or HR expert for advice specific to your business. You can also contact Payroll Systems to inquire about our HR support services.