Top 7 Benefits of RevHR that Can Save You Money

Employees are the fundamental cornerstone of your life sciences business. However, if employee-related issues are not properly handled, they create enormous liability for your organization. This, along with many other HR-related issues, is where RevHR can help.  When you outsource your heaviest HR burdens to RevHR, you get more than just a payroll and benefits processing company—you also get:

• Access to a wide variety of employee benefits programs, with richer benefits at a lower cost, to help you improve your recruiting and retention efforts.

• Trusted advisors who can guide your organization on a wide scope of employment issues, including training and employee relations support.

• Assistance with a variety of administrative functions, including background screenings, drug testing, hiring, and onboarding, performance management, disciplinary action and terminations, payroll, benefits, leaves, and unemployment and workers’ compensation claims.

Combined, all these factors have the potential to create or transform your HR business model and help you achieve greater HR compliance.

So, what exactly is RevHR?

RevHR is an HR business solutions program in which your company enters a co-employment relationship, acquiring many of your HR responsibilities so that you can focus on your core business functions. While your employees become co-employees of RevHR and your company, you always retain control of your business and the work functions of your employees. Here we discuss seven of the best benefits of RevHR:

RevHR’s Cost-Effective Benefits

•  Offers a wide range of benefits through our sponsored plans.

• Handles all related administrative tasks:

• negotiate with carriers

• enroll employees

• provide legal notices

• COBRA administration and FMLA administration

•  Provides benefit plan information online and enrollment tools to give your employees easy access to their benefits information.

Payroll Cost Reduction

With automated processes, RevHR can handle the payroll processing as well as employer tax liabilities and W-2s.  This creates efficiencies in your payroll processing and often saves you some money.

401k and FSAs

Everything from retirement savings programs that include 401(k) plans, Flex-Spending Accounts and more can be handled through RevHR. These programs are often cost-prohibitive for single employers and contain many compliance-related traps.  RevHR offers employers access to these types of benefit programs and handles the administrative responsibilities, compliance testing, distribution processing, regulatory requirements, and required notices.

Compliance – Employment Law is Complicated

If you’re not up to date with regulations, HR laws, and rules, the consequences can be very costly. State and federal agencies don’t mind imposing hefty fines for non-compliance. As your partner, RevHR will guide you in staying on top of developments in all the markets in which you operate and help you avoid common pitfalls.

Workers’ Compensation Claims Administration

Handling workers’ compensation is difficult – from insurance premiums to claims management, the process can be time-consuming and costly. When you engage RevHR, coverage for your employees can be provided through the RevHR’s sponsored workers’ compensation policy.  RevHR will then handle the paperwork, audits, compliance, and follow-up on your employees’ claims. Typically, your business will have access to a dedicated team of workers’ compensation specialists; they can help you mitigate risk while ensuring your injured employees are cared for appropriately.

Recruiting and Hiring

Use RevHR to screen applicants and make sure the right candidates get to your desk for review. RevHR can also handle the development of employee handbooks and manuals and streamline the onboarding process by assisting with post-offer testing and new hire paperwork. These professionals make the hiring process smooth and efficient, and outsourcing some of these recruiting processes to RevHR can save money and provide freedom for you to focus on the science, and growth and strategy of your business.

Organizational Growth

The argument for outsourcing portions of your human resources tasks is a compelling one. According to the National Association of Professional Employer Organizations (NAPEO), businesses in a co-employment arrangement:

• have 10%-14% lower turnover.

• grow 7%-9% faster; and

• are 50% less likely to go out of business

Plus, according to NAPEO, since the pandemic, relative to comparable small businesses, co-employment clients:

• Are 58 percent less likely to have permanently closed

• Are 32 percent less likely to have seen a negative overall effect on business from the pandemic

• Are 82 percent more likely to have business operations back to normal (or better)

To find out more about ways in which RevHR can help, click here!