Human risk in the work place can be a determining factor in the overall success of your organization. Many companies develop risk management plans on their own, while others chose to outsource this task. Outsourcing this function is not a new concept. In fact, many organizations use this method nowadays. Contracting a risk management program does not guarantee success but allows for a greater chance of success. By outsourcing, you’re getting access to risk management professionals; a program designed, developed, implemented, and reviewed by pros. Obviously, this will greatly improve the quality of your plan.
There are many other benefits to outsourcing risk management plans. Today, a company can employ specialized external sources to great advantage. One major benefit is that it reduces cost and time. You no longer need to dedicate all your resources to creating or developing a risk management plan. Once you outsource the risk, the routine work inside the organization is no longer affected, thus saving you time and money. More often than not, specialized services are less expensive and faster than in-house. Another major benefit is that outsourcing risk management also helps minimize your own risk. Employment and labor laws are constantly changing, and it is often difficult for employers to stay up-to-date on these changes in regulations that affect the workplace. By outsourcing risk management, businesses exponentially increase their odds of complying with these laws and avoiding costly lawsuits. HR firms also maintain and audit company policies to help the organization and its employees remain protected.
Even with the obvious benefits of outsourcing your risk management, it is still a decision that needs a considerable amount of planning. At Syndeo, we offer HR outsourcing solutions, including payroll services, staffing services, worker’s compensation, and much more. But beyond that, we’re always interested in finding the next “great idea.” So let’s talk.