The Business Case for Outsourcing
Think your business can't afford professional help with human resources?
We say you can't afford to live without it. Here's why.
Increase Productivity
- According to Luc Sels, author of How HR Practices Affect Small Business Performance, "For every increase in unit on the HR practice scale, productivity rises by as much as 14 percent."
- A 2005 survey conducted by Liberty Mutual Insurance Company asked senior financial executives at large and mid-sized companies about their views on safety and insurance. These executives cited increased productivity and reduced costs as the top benefits of workplace safety and health.
Increase Revenue
- A University of Southern California study found that businesses with formal HR practices had a 66 percent higher return on sales.
- OSHA's Office of Regulatory Analysis has stated: "our evidence suggests that companies that implement effective safety and health plans can expect reductions of 20 percent or greater in their injury and illness rates and a return of $4 to $6 for every $1 invested..."
Increase Business Value
- A study by Watson Wyatt linked high-impact HR practices with a 47 percent increase in business value. Greater business value reflects improved productivity, more sales and increased profits.
- Injuries and illnesses increase workers' compensation and retraining costs, absenteeism, and faulty product. They also decrease productivity, morale, and profits. Businesses operate more efficiently when they implement effective safety and health management systems. A Fortune Five company increased productivity by 13 percent, while a small, 50-person plant decreased faulty product and saved more than $265,000 with a strong safety and health program. (OSHA)
Midsouth Consulting Group's turnkey outsourcing programs make it possible to reap all the benefits of professional administrative support at a fraction of the cost. CLICK HERE to learn more about how we help employers.
Midsouth Consulting Group serves more than 800 clients nationwide.