December 2022 - Prescott HR

Kimberly Prescott
News
December 26, 2022

How to Handle Company Growth and Expansion

Company expansion is something every business owner looks forward to when growing their business. In the midst of expansion excitement, it’s important to remember to scale not only your business but also your human resources, too. Human resources play a pivotal role in the overall long-term success of any business. Keep reading to learn how you can set your organization up for success in the face of growth or expansion.

Step Up Your Hiring Game

One of the most important roles your human resources department or consulting firm can assist with is hiring more employees for your expanding business. As your company grows, HR professionals can help guide you through the process of putting the right people in the right seats. It’s essential to establish an effective hiring strategy early, so you can avoid pitfalls and headaches in the future.

Invest in Proper Training

Once you find the right team members to help expand your business, it is vital that your organization invests in the proper training to help them succeed. Your HR professional should be able to walk you through considerations you may not have previously thought about. As your organization grows, new challenges will arise that could affect various departments at your business. An HR professional will be able to anticipate these upcoming challenges and provide proactive solutions to keep your operations continue to run smoothly.

Retain Talent

Growth and expansion will inevitably lead to change, and not all people like change. Your organization should be prepared for potential overturn with your current staff. When planning ahead for company growth, your organization should evaluate your current employee benefits to help retain your top talent. Use your company growth plans as an opportunity to gather feedback from your current employees, too! Are there things within the office that can be improved upon during this growth period? You won’t know until you ask.

Foster an Environment of Growth

Your current team members may be wondering where their role fits into the long-term growth plans at your company. Work with them to decide how they can best fit into the company expansion plan. This is a great opportunity to get feedback from your team members about aspects of the roles they enjoy, or responsibilities they would prefer to move away from.

Communicate Well and Often

In the midst of rapid company growth, it is essential to prioritize and streamline how your organization communicates. You don’t want to leave your current team members in the dark or confuse your new hires. Your HR department or consultant should help you continually craft and disseminate important communications to your team – and often. Everyone, from upper management to new hires, needs to be on the same page. This encompasses everything from the overall company vision to company policies, direction, and procedures.

Work with Prescott HR

Is your organization anticipating growth and expansion in the new year? We are here to help! Prescott HR offers a wide range of services that can help your organization evaluate your current policies and incorporate new ones, as needed. Our unintimated HR practices allow us to be focused and effective, providing your business with precisely what you need. Give us a call today at 443-351-8818 or contact us online.

Kimberly Prescott
News
December 26, 2022

Your Complete Guide to HSAs

An HSA account is an excellent benefit to offer employees at your organization. If you are new to the world of HSAs or maybe need a better understanding of how these accounts work, keep reading to learn more from the experts at Prescott HR.

What is an HSA?

HSA stands for Health Savings Account. Similar to other employer-related accounts like 401ks, a Health Savings Account offers your employees a tax benefit by reducing their taxable income. HSAs are very flexible and money can be spent on a wide range of qualified medical expenses and products without being taxed. HSA funds can even be invested into the stock market and help your employees earn a return on their money. Some organizations also choose to match their employees’ contributions as an added benefit.

How Do HSAs Work?

Employees can choose how much they want to invest into their HSA account. Many HSA accounts provide account holders with a debit card that is linked to their account. One caveat is that Health Savings Accounts must be linked to a high-deductible health plan, which are health insurance plans that have low premiums and high out-of-pocket maximums. There are contribution limits to how much you can put into your Health Savings Account. The individual contribution limit is $3,650 and the family contribution is $7,300.

What Expenses Do HSAs Cover?

As mentioned above, HSAs can cover a wide range of medical expenses and products. Here is a list of common services or items covered under an HSA plan:

Medications
Over-the-counter medications like aspirin and ibuprofen
Feminine products
COVID-19 tests
Allergy medications
Acne treatments
Copays for doctor office visits
Crutches
Dental care
Flu or vaccine shots
Vision care
Wheelchairs
X-rays

Check with your HSA provider to learn a full list of benefits and coverage with your employer plan.

What are the Benefits of HSAs?

Now that you have a better understanding of what an HSA is, here are some reasons why your organization may want to offer this as a benefit for your employees.

Employees control their contributions: You put the power of contributions into your employees’ hands, so they have control. Your employees can decide how much to contribute and how to spend their funds.

Earn interest: Your employees can earn tax-free interest on their contributions. They can also earn gains on their investment when HSA funds are placed into the stock market.

Help their tax burden: Allowing your employees to use some of their money to contribute to an HSA account will help alleviate their overall tax burden.

Save for the future: Even if you do not have any health expenses coming up this year, you can use the funds you contribute to your HSA in the future, if a medical need or expense should arise.
It’s easy: Most HSA accounts provide a debit card to use when purchasing medical expenses or products.

Work with Prescott HR

Does your organization need help to evaluate your employee benefits? We are here to help! Prescott HR offers a wide range of services that can help your organization evaluate your current policies and incorporate new ones, as needed. Our unintimated HR practices allow us to be focused and effective, providing your business with precisely what you need. Give us a call today at 443-351-8818 or contact us online.

Kimberly Prescott
News
December 19, 2022

Setting Your Organization Up for HR Success in 2023

With the new year just around the corner, you may be wondering how to improve systems around the office in 2023. We recommend beginning with your HR department. A proper HR department should be a resource for trust among your employees. An effective HR department should look out for the well-being of your team and streamline the communication between upper management and employees. Keep reading to learn how to set your organization up for HR success in 2023!

Have a Written Handbook and Policy Document

If you haven’t already, the new year is a great opportunity to develop a written handbook or policy document that outlines important facets of your organization. A written handbook allows your organization to clearly communicate expectations to your employees. It should serve as a reference to review in times of uncertainty. Your handbook or policy document should include items like office dress code expectations, onboarding procedures, payroll information, set office hours, and more.

Organize Your Employee Files Efficiently

Start the new year off on the right foot by ensuring all employee files are organized in an efficient manner. Don’t waste your time digging through files in 2023, and instead get organized before the new year starts. All personnel files should be in alphabetical order by the department for easy access. You may even want to consider securely backing up these documents on the cloud, safely.

Reevaluate Your Employee Benefits Package

The start of a new year means that your employee benefits clock has reset. Now is a great time to evaluate the types of employee benefits you offer to your team. Look for ways to improve, like offering more competitive paid time off, health insurance benefits, expense stipends, wellness benefits, or educational assistance.

Assess Your Office Culture

Have you noticed that employee morale was slipping in 2022? Or maybe you have had to resolve multiple conflicts amongst employees over the past year? Take this time before the new year begins to assess your organization’s office culture. Think about how you can improve the work environment to create a better office for your team. At the end of the day, the kind of culture you determine for your organization should align with your business’s core values.

Make Sure Everyone is on the Same Page

In order to run a successful business, every team member needs to be on the same page when it comes to overall goals and visions for the organization. Take the start of a new year as an opportunity to communicate your company’s overall vision for the future. Be sure to allow your employees time to ask questions and provide suggestions for improvement, too.

Work with Prescott HR

Are you ready to set your organization up for HR success in 2023? We are here to help! Prescott HR offers a wide range of services that can help your organization evaluate your current policies,incorporate new ones, and more. Our unintimated HR practices allow us to be focused and effective, providing your business with precisely what you need. Give us a call today at 443-351-8818 or contact us online.

Kimberly Prescott
News
December 5, 2022

Give the Gift of Outsourced HR

The holiday season has arrived! Are you looking for ways to make your employees’ lives easier in the new year? Consider giving the gift of outsourced HR. Outsourcing your organization’s human resources department can keep your team happy, control company costs, maintain important compliance standards, and even help your business grow. Keep reading to learn why you should consider outsourcing your HR in 2023.

Stay Compliant

One of the most important reasons to consider outsourcing your HR is to remain up-to-date with all workplace compliance requirements. Human resources is constantly evolving, and you need to be sure that your company is ahead of the curve when new rules and regulations are implemented at both a federal and state level. Most organizations do not have the bandwidth or man power to stay on top of these continual HR compliance changes, but an outside HR firm will know these new updates as soon as they are announced.

Remain Cost-Effective

Simply put, outsourcing your human resources can help your organization save money. Instead of hiring a staff of HR professionals to help manage your organization, you can rely on a team of human resource experts to handle all essential functions on your organization’s behalf. Outsourced HR firms can help handle many necessary factors of your business, including:

Employee relations
Hiring efforts like writing job descriptions
Performance reviews
Employee benefits design
Delicate issues like difficult terminations or progressive discipline
Business growth and expansion plans
Employee handbook and policy creation

Improve Employee Relations

One of the most important aspects of a successful business is empowering your employees to feel represented and valued. This is accomplished through effective communication, which should be clearly outlined in your company handbook, as well as during the hiring process and employee performance reviews. An outside HR firm can help your organization establish clear goals and set expectations for your team members, which can help avoid future employee-employer conflicts. On that note, there are times when your business will have to deal with a difficult situation, like a tough termination or employee disciplinary action. Having a professional human resources team on your side can provide the necessary guidance to navigate sensitive situations like these.

Get Back to What Matters

When you alleviate time-consuming matters like human resources from your plate, that frees up more space in your schedule to focus on why you actually started your business. When you outsource your HR, you are allowing yourself more time to focus on different aspects of running and growing your company. Plus, you will have peace of mind knowing this department of your business is running smoothly by experts who are well-versed in all aspects of human resources and compliance.

Work with Prescott HR

Are you considering outsourcing your organization’s HR in the near future? We are here to help! Prescott HR offers a wide range of services that can help your organization evaluate your current policies and incorporate new ones, as needed. Our unintimated HR practices allow us to be focused and effective, providing your business with precisely what you need. Give us a call today at 443-351-8818 or contact us online.