As of June 23, 2020, analytic.li has been acquired by Novi Group. analytic.li and HireCredit will continue to partner together post-acquisition. analytic.li and HireCredit had one great beginning, and now have two bright futures. For more information about HireCredit, please visit www.hirecredit.com
It's likely that COVID-19 has impacted your HR department. Whether you have a smaller team and are now needing to do more with less...are ramping hiring back up to meet growing demand...or, are trying to navigate returning to work on top of your regular duties...we understand that everyone is looking for ways to be more efficient and save money.
Why is now the right time to consider outsourcing employment and tax services?
As a business owner or manager, your time should be spent managing your core business instead of managing your employees. That’s why now may be the right time to consider outsourcing certain HR activities such as employment and tax services. Choosing the right partner can free up time for more strategic efforts.
To outsource or not to outsource?
That is indeed the question many business owners and managers have been pondering recently. Farming out such tasks as tax incentives processing, unemployment claims management or employment verifications allows a company or department to avoid getting bogged down with day-to-day administrative tasks so it can instead focus on its core business. On the other hand, outsourcing can result in a loss of control and a perception among employees that the company is not being personally responsive to their needs.
Despite the potential risks, outsourcing remains big business. According to the Economic Intelligence Unit, North American businesses spend $141 billion per year on outsourcing. Outsourcing has grown as companies have recognized the need to focus on their core business functions, especially now during the COVID-19 Pandemic. One of the routine business operations most frequently outsourced is human resources. According to New York-based Buck Consultants, in 1996, 35% of 102 companies with fewer than 1000 employees outsourced one or more HR functions. By the year 2000, the percentage had increased to 59% of 116 companies.
When implemented correctly, and for the right reasons, outsourcing HR activities can be a tremendously advantageous strategy.
Let’s explore some easy to outsource, time-consuming HR tasks
What is unemployment claims management?
For employers, Unemployment Claims Management (UCM) is complicated, really complicated. From managing the tax liability for multiple states unemployment insurance, and correctly reporting and forecasting them within the organization, to following and adhering to the wildly different UI Integrity regulations in every state, UCM can be a giant resource drain. Managing all the moving parts, collecting all the input, handling all the responses, and related paperwork gets overwhelming pretty quickly.
What is employment verification?
Verification of employment (VOE) requests on current or former employees can come to an employer from government agencies, mortgage lenders, prospective employers, collection agents and others. They usually seek to verify employment dates, wages, likelihood of continued employment or eligibility for rehire and reason for termination. It is challenging and time-consuming for employers to respond to such requests in a timely manner and know what information must or should divulge. Several VOE requests require a signed consent from the employee in order for the employer to be protected from potential legal claims.
Because of the complexity of responding to all these demands, many companies find value in outsourcing these HR tasks to save time, save money and reduce risk.
Let us help you be more efficient when hiring restarts.
Unemployment Claims Management
HireCredit, an analytic.li company, provides access to a full-service unemployment cost control/unemployment claims outsourcing process. Managing the risk of unemployment insurance taxes and costs backed by a deep understanding of the unemployment insurance system, provides a best in class service. The approach is simple: strategic partnership with employers enable long-term unemployment insurance tax savings.
- Expert in employment law all 50 states so they know how to present the unemployment claim in the language specific for each state.
- Offers multiple services – unemployment tax services, claim mgmt., hearing representation and educ seminars
- Single point of contact for a seamless process - expert in the regulations and bureaucracy associated with unemployment claims
Verification Employment Management
Through HireCredit integrations, this platform automatically responds to lenders, background screening companies, and others who need to verify employment or income (VOE & VOI). Remove unnecessary paperwork, stay compliant, and provide an easy-to-use employee self-service portal to your workforce. Easy access to an all-in-one dashboard that ensures compliance with the latest international, federal, and state privacy laws.
- Technology to automate/streamline the verification process
- Eliminates resource verification time for employers
- Provides direct/ immediate response to verifiers for requested info upon employee approval
You can view the recording of the May 28th webinar below “How to Successfully Outsource Employment & Tax Services to Drive Efficiency” to discover more about these services!
For further information related to tax credit incentives, please call us at 844.663.7722 or send an email to firstname.lastname@example.org