What is one benefit of HR outsourcing for a Chief Business Officer Biotech? To help Biotech companies acknowledge the benefits of outsourcing HR efforts, we asked HR professionals and business leaders this question for their best insights. From managing audits and compliance to reducing costs, there are several reasons why a biotech company should outsource its HR efforts to work more strategically. Here are 6 benefits of HR outsourcing for Biotech labs:
- Manages Audits and Compliance
- Brings in Expertise Without the Overhead
- Free Up Time and Resources
- Supports Biotech Company Employees
- It Isn’t Enough to Know the Basics
- Reduces Cost
Manages Audits and Compliance
Compliance is a solid argument for outsourcing HR to a Chief Business Officer Biotech. Labs are highly regulated work environments, and those regulations extend to hiring and human resource elements. Federal and state entities often have rules and requirements in terms of staff. An in-house HR staff is likely to have less experience with audits, having only to face this procedure when the company is selected. However, outsourcing companies manage multiple clients and are more familiar with these routines, and tend to have better and more efficient systems to manage audits and prove compliance.
Bring in Expertise Without the Overhead
If your Biotech lab is not consistently looking to expand or fill roles, then outsourcing HR could be a great option. You can hire a full HR team when you need new talent and keep them operating until you have met your needs. Plus, these HR firms also bring with them specialized knowledge into your field and can help you find the best candidates to add to your team.
Free Up Time and Resources of a Chief Business Officer Biotech
One benefit of HR outsourcing for a chief business officer biotech is that it can help to reduce costs. By outsourcing the HR function, the company can access specialized expertise and services that would otherwise be unavailable or too expensive to hire in-house. Additionally, by outsourcing the HR function, the company can free up internal resources to focus on other strategic priorities.
Supports Biotech Company Employees
Human Resources is a biotech company’s most valuable resource, outside of its employees, because HR serves as the employee’s advocate and can maximize employee engagement and retention rates. When a biotech company outsources its HR representatives, this not only provides the company with a trusted partner, it also helps organizations take the next step towards growth. Senior leaders and managers can help facilitate a strong relationship with an external HR source and guide the strategic planning and implementation processes.
It Isn’t Enough to Know the Basics
Human resources outsourcing is the right move for any niche organization because third-party providers can connect services that are more in line with a company’s specialty of service. A biotech company needs human resources associates who are familiar with the hiring practices of a company in that industry. It’s a narrow space and the people who work in it are specialists. Biotech companies need more than someone who can take on the basic tasks of an HR department. They require people who know the lingo and can assist highly trained employees.
Whether you like it or not, some types of businesses simply have higher HR costs than others. Typically, this is a result of operating in a highly regulated industry, with stringent labor rules, robust employee protections, and compliance issues. To comply with all these unique and onerous provisions, HR teams need to scale up and hire team members with deeper expertise. Biotech is one such industry. So to avoid a bloated HR payroll, outsourcing is a very viable solution for biotech companies. By outsourcing, biotech companies can leverage the deep, specialized expertise of HR firms and save money through reduced costs. Outsourcing means fewer people on the books, generally resulting in less outlay for expensive employee costs like benefits and the like.
Corban OneSource is a Mid-Market Human Resource Outsourcer or HRO for companies of 75 to 6,000 employees. As a Chief Business Officer Biotech are you looking to outsource the core HR functions of Payroll, Benefits Administration, and HR Support for your Company? Find out more here.