Managing increasing benefits costs requires regularly reviewing and comparing health benefit plans to find the most cost-effective options while still providing comprehensive coverage. Conducting periodic benefits reviews with employees to discuss their packages, address concerns, and gather feedback for potential adjustments is also essential. Successful facilitation of the annual open enrollment process ensures employees understand their options and any changes in costs. Additionally, conducting an annual review of retirement plan offerings and expenses keeps these plans competitive and beneficial for employees while managing costs. Providing advanced compliance support can prevent costly fines and penalties, and regularly reviewing HR policies helps identify and implement cost-saving measures related to employee benefits.

Staying compliant with HR regulations involves regularly updating the employee handbook to ensure it aligns with current laws and regulations. Keeping informed about updates from the Department of Labor and implementing these changes is essential for ongoing compliance. Providing basic compliance and policy guidance helps prevent violations and ensure adherence to regulations, while offering detailed support for complex compliance issues ensures full legal adherence. Working with legal experts to address compliance challenges helps avoid legal pitfalls.

Conducting regular reviews of payroll processes ensures they meet legal standards and regulations. Offering expert advice on maintaining payroll compliance can prevent errors and penalties. Coordinating with payroll providers helps ensure accurate and compliant payroll processing. Reviewing payroll tax jurisdictions regularly ensures proper tax handling and compliance. Additionally, managing the preparation and distribution of W-2 forms ensures accuracy and compliance.

GrowthLab's HR-as-a-Service helps you build a strategic people roadmap tailored to your business needs. We collaborate with you to craft clear, effective job descriptions and partner with The Hire to develop a strong candidate pipeline. GrowthLab also supports you through the interviewing and hiring process to ensure you find the right talent.

Auditing integrations with the general ledger streamlines financial processes and vendor management. Reviewing the chart of accounts and departmental structures can identify opportunities for consolidation and efficiency. Conducting thorough reviews of HR policies helps streamline and consolidate systems. Simplifying benefits administration by consolidating providers and systems makes management easier. Utilizing a dedicated HR consultant to oversee the consolidation process ensures a smooth transition. Managing promotions and equity adjustments within a consolidated system helps maintain consistency and fairness.