Along with many other states, Illinois continues to press forward slowly but surely in job growth, though it has not caught up to the national recovery rate. In November, Illinois job growth recovered by a modest 0.3% — slower than in previous months (21,700 vs. 19,500 in November). That said, the state did gain more jobs than the rest of the country in trade, transportation, utilities, hospitality, and construction.
But when it comes to Chicago itself, job recovery is lagging behind most other major metropolitan statistical areas. For companies within the region looking to fill open positions, this slow growth makes the recruiting function more important than ever — and the competition for talent even fiercer. The pressure is on for HR and people leaders to identify the right talent fit and onboard it quickly.
Today more than ever, Chicago outsourced HR services are needed to help HR teams hone in on their strategy to build a strong foundation for growth. Professional employer organization (PEO) services meet this need, allowing leaders to spend more time and resources on recruiting, culture, and employee engagement by managing other time-consuming — and complex — daily administrative tasks and taking them off of the teams’ plate.
How a PEO Can Help as an Outsourced HR Solution for Chicago Businesses
Payroll
When it comes to payroll, the work never truly ends — both in managing the chosen schedule and in maintaining compliance with employment regulations. Teams have to manage state and federal payroll filings, Employment Practices Liability Insurance (EPLI), Unemployment Insurance, compliance with the Affordable Care Act (ACA), and Workers’ Compensation. And on top of all of this, they must field daily questions and process changes to payroll. It’s a lot to handle, but with a local Chicago outsourced HR partner, this function can be shifted almost entirely to a proven, experienced third-party team — freeing up leaders and HR professionals to focus on supporting company growth strategy.
A move that pays dividends: When SaaS platform BenchPrep made the decision to work with a Chicago outsourced HR partner so they could focus on scaling up, they chose Cognos HR.
Benefits
Employee benefits are among HR teams’ top priorities today more than ever. As a key deciding factor in an employee’s decision to join a company (or to opt for a better opportunity), benefits have significant power in companies’ ability to attract and retain talent. The core offerings of medical, dental, vision, 401(k), etc. aren’t enough, either. Companies that want to win high-performing talent to their rosters must consider lifestyle and fringe benefits as well. These include things like child care stipends, gym memberships or reimbursement, mental health services, flexible PTO, commuting cost assistance, tuition reimbursement, and many more. Researching, developing, implementing, and supporting these benefits takes time, however. But with the right outsourced HR partner, you’ll be able to build out a best-in-class benefits program that not only attracts top talent but also supports your team’s long-term growth goals.
What’s in your employee benefits package? Learn what to consider adding to ensure you’re meeting needs and attracting the best talent.
Policy Development
Policies are the foundation of an HR team’s work. They are the processes that keep your business running smoothly, define what is expected of employees, and more. When not executed properly, poor policies can be costly and can result in confusion and constant revision. Along with the many other responsibilities that HR shoulders, policies take time to research, write, integrate, and manage. More importantly: they are also living systems. This means that they must be continually revisited, refined, and re-communicated. The challenges with policies are clear: consistently revisiting policies when the focus should be on growth is distracting and derailing. And while policy development is necessary and essential, it can be entrusted to an experienced team to build the policies needed — keeping HR teams prioritized where their attention is needed most.
One of the most difficult policies HR teams have had to develop over the past year centers on remote work. Learn how Cognos HR can help.
Technology
All too often, organizations find themselves hindered by multiple technology solutions for a single function when one streamlined solution will suffice. This is unsurprising considering the tech stack that most companies manage. When it comes to HR, this lack of integration can be costly. Disparate systems for payroll, onboarding, benefits, time and attendance, and more create headaches, steep learning curves, and risk. When the systems that grow your business don’t communicate, people get confused, information gets lost, and costs spiral out of control.
By working with a Chicago outsourced HR partner for PEO services, companies can streamline their HR tech stack with a straightforward human resource information system (HRIS) that brings many of these functions into one platform. Best of all, they’ll manage implementation, training, and any ongoing support needed to ensure information is always where you need it.
At Cognos HR, we offer HRIS systems that help small businesses decrease costs, streamline processes, and reduce complexity. Learn more about them here.
Compliance
Efficiently managing payroll, benefits, policies, and systems is critical for HR, but atop the entire function is maintaining compliance with laws and regulations. This is where things get tricky. Not only do companies have to ensure federal regulations are met, but they also have to do the same for states and cities. With today’s growing remote workforce, the complexity can become overwhelming — particularly for smaller teams that don’t have the capacity to research wage laws, manage area-specific employment practices, and ensure all city-specific taxes are paid. With a reliable and experienced HR service provider, like Cognos HR, internal HR teams won’t stress the details related to having a distributed workforce. When an employee in a new state or city is brought aboard, all required processes and practices will be identified and observed from the beginning.
Using a PEO provider for a remote workforce eliminates countless hurdles to company growth, allowing HR teams to support that strategy without distraction. Learn more here.
Work with a Proven Outsourced HR Services Team
Cognos HR supports numerous organizations throughout the Chicago metropolitan area and around the entire country with complete HR solutions. In every relationship, our goal is to place your focus on what matters most now — and for most, that’s attracting and retaining the best people. If it’s been a balancing act implementing actionable policies for your team, onboarding workers remotely, administering payroll, or negotiating for the best benefits, our HR team is here with the expertise your growing company needs.
Learn more about why you should work with us. When you’re ready, connect with our team to learn how we can help you build a stronger foundation for the future.