Like any other type of business, and maybe even more so, running a business in the cannabis industry is fraught with responsibilities and complex challenges. There are ever-changing laws and regulations to adhere to, all while attempting to profit. It's not always easy, but there are ways to make the operation a little less challenging.
Sometimes, delegation is the best option. On the one hand, business owners are able to pass responsibilities down to managers and employees. Human Resources, for example, can assist with compliance and workplace issues. But, on the other hand, you may not have a large staff or a human resources team for that matter. This is where human resources outsourcing (HRO) comes in.
Many businesses choose to outsource different services, such as bookkeeping, marketing, and IT. Outsourcing HR is very similar in design, and the services these organizations offer can have many advantages for your business. Read on to find out what some of them are.
Save Money
An HRO service doesn't just include the traditional HR functions. These organizations can also administer payroll, provide workers' compensation coverage and risk management services, introduce employee incentive and wellness programs, and more.
There is, of course, a cost involved with hiring an HRO service, but the money it can save you can easily cover this cost. According to NAPEO, clients see an average of 27.2% annual return on investment on cost savings found in health benefits, unemployment insurance (UI), and payroll management, to name a few.
Navigate Regulations
Employment law can be complicated, and the continuously changing laws in marijuana don't make matters any easier. By outsourcing your HR functions, you will have professional guidance in complying with local, state, and national regulations.
You can also turn to an outsourcing partner for tools and resources necessary to protect your employees, minimize property loss, and keep your facilities safe. These can include assistance with OSHA compliance and worksite safety inspections and recommendations.
Recruit the Best Talent
Partnering with an HRO firm will provide your business with access to a human resources professional that will work directly with you to tackle any necessary problems.
For example, you can gain access to the latest hiring tools and resources, including applicant tracking systems (ATS), simplified onboarding, and help with background/pre-employment screenings, thus simplifying the process.
Outsourcing HR can also provide business owners in the cannabis industry with access to corporate-style employee benefits packages. These offerings include health plans, dental and vision plans, financial wellness programs, legal services, theft protection, pet insurance, and more. Not only can solid benefits retain employees, but they also help attract top talent.
Peace of Mind
Sometimes a company is so small that it may not appear to need an HR department. However, not having an HR professional can lead to overwhelming administrative burdens for leadership to worry about, taking their focus away from core objectives.
If you're a new or growing business, it can be useful to enlist some outside help. Utilizing HR services can help you get the best resources and alleviate many of the concerns you may have with your current operations.
Helping You Grow
If you are an owner or manager of a business in the cannabis industry that needs help, SynchronyHR is here. Get in touch today to learn more about our range of services and the expertise we can offer your business.