Why Is Human Resource Management Important to Businesses?

Human resources is often viewed as the necessary department that operates quietly in the background, without significantly influencing day-to-day operations. However, HR is the engine that keeps your entire business afloat. It is responsible for ensuring employee well-being, conducting onboarding/offboarding, managing employee benefits, assisting with payroll, and more. Effective HR management solutions are crucial for the following reasons:

• Managing risk – HR plays a pivotal role in ensuring compliance, identifying areas of potential liability, and developing strategies for managing and mitigating these risks.
• Improving performance – Motivating employees, creating processes to measure performance, and identifying development opportunities are just a few of the ways HR can impact your business’s bottom by improving overall performance.
• Encourage organizational alignment – HR helps align employee and business goals by placing the right people with the right skills in the right roles.
• Foster a positive workplace culture – Elevating employee morale increases productivity, reduces turnover, and increases your business’s bottom line.
• Attract top candidates – Human resources plays a very important role in nurturing a workplace that attracts the highest-quality employees, which, in turn, reduces the turnover rate and increases efficiency and profitability.

The Importance of Effective Payroll for Your Company

Payroll is typically co-managed by the human resources and accounting departments. It goes hand in hand with improving employee satisfaction and maintaining smooth business operations. Without an effective payroll processing service, it is challenging to pay your employees correctly and in a timely manner, which leads to a high turnover rate, decreased productivity, and dissatisfaction among employees, which can translate into a disruption in business operations. Payroll management is also important for the following reasons:

• Employee productivity – Employees who aren’t getting paid on time or receiving incorrect pay are not satisfied and tend to work less.
• Employee retention – Without consistent and correct pay, employees will find a better employment situation.
• Impact finances – Your business may bounce checks or incur other bank fees if you do not have the cash flow for payroll that you think you do.
• Payroll tax compliance – Payroll carries with it its own unique set of state and federal tax requirements. Failure to have an effective process in place could lead to substantial fines and penalties.

Every business needs a strong and reliable process in place that makes it easy to pay employees and keep up with deductions, benefits, taxes, etc.

enTune’s HR & Payroll Services

enTune Financial Services’ HR and payroll services include:

• Implementation of 3rd party payroll and time-tracking systems
• Processing payroll
• Employee benefits administration (including 401k and health/dental/vision, etc).
• Employee handbooks
• Employee onboarding and offboarding

Let Us Make HR and Payroll Fortify Your Business

Leveraging the full potential of your HR and payroll components is crucial to optimizing your company’s finances. enTune Financial Services offers cutting-edge HR management solutions and payroll processing services. Our team of expert financial advisors will analyze your HR and payroll processes and help you implement strategies that increase efficiency and productivity. Let us carry the load. Contact us today to schedule your complimentary consultation. We know you’re going to like what you hear!