The Crucial Connection: Why Compliance and Profitability Matter for Staffing Firms
With all the turnover in the hiring industry, staffing firms are constantly juggling a multitude of tasks, from sourcing the right candidates to ensuring smooth operations. Staying updated with ever-evolving rules and regulations for compliance can often fall by the wayside, however, it's essential to recognize that compliance and profitability go hand in hand, forming the bedrock of a successful staffing firm. If your staffing firm has yet to make compliance and profitability a top priority, discover how cutting-edge technologies and expert solutions can help you strike this delicate balance.
Manage Unemployment Claims Easily and Remain Compliant
While turnover is a constant concern, many businesses overlook the nuances of handling unemployment claims, which can significantly impact a company's finances and divert valuable resources from current employees.
To remain compliant, you’ll need a streamlined and simplified solution, like HRlogics, that will walk your firm through the claims management process. These types of solutions not only save you time but also help reduce potential financial burdens associated with unemployment claims. This results in greater profitability and operational efficiency for your staffing firm.
Avoid Unwanted ACA Non-Compliance Penalties
As an industry with a large turnover rate, an unconventional hour-to-dollar ratio, and a majority of employees working part-time, staffing agencies have a lot to take into consideration to determine whether they’re complying with ACA regulations. It’s not an easy task.
Staying on top of ACA responsibilities is paramount for staffing agencies, yet some overlook the critical task of tracking employee hours, leading to unforeseen challenges down the road. Failing to recognize when part-time employees cross the 30-hour-a-week threshold can result in unexpected liabilities.
Fortunately, when you invest in solutions like HRlogics, you can avoid the last-minute rush and start tracking immediately. By doing so, you'll be well-prepared, distinguishing between employees on your payroll and those paid by client companies while maintaining accurate employee counts.
Some agencies even limit hours for directly paid employees to avoid the obligation of offering benefits. To simplify the task of tracking hours and ACA compliance, consider partnering with a solution like HRlogics. Our innovative software equips staffing agencies to navigate ACA regulations effectively, ensuring peace of mind and streamlined compliance.
Streamline Form I-9 Management
According to the United States Immigration and Customs Enforcement (ICE), the virtual remote inspections for Form I-9 have come to an end, and it's crucial to ensure physical document inspections for compliance.
Employers are now required to ensure that all I-9 forms are completed and maintained accurately, with no errors or omissions. Any mistakes or omissions must be corrected by the employer within 10 days of discovery. Failure to comply with these requirements can result in serious consequences, including financial penalties and legal liability.
Let a solution like HRlogics simplify the Form I-9 compliance processes for your staffing firm. It streamlines hiring procedures, reduces workload, and mitigates legal risks, all while increasing processing times. One of their unique features is the ability to enable compliant Form I-9 completion and re-verification from virtually anywhere. This means that even remote hires can be seamlessly integrated into your compliance processes without the need for separate applications or systems.
Leverage Tax Credits and Hiring Incentives for Maximum Profitability
Staffing firms play a pivotal role in connecting job seekers with employers, but they can also benefit significantly from leveraging tax credits and hiring incentives. Did you know that there are lucrative opportunities to increase profitability by tapping into these incentives?
For instance, staffing firms impacted by the pandemic can potentially receive up to $26,000 per W-2 employee and up to $9,600 for hiring individuals from targeted groups. By capitalizing on these incentives, not only can your firm improve its financial bottom line but you can also offer additional value to clients, making your services even more attractive.
To obtain these kinds of incentives, you’ll need a solution that simplifies the process, allowing your staffing firm to enhance profitability. With a solution like HRlogics, you can gain access to an expert team dedicated to streamlining Work Opportunity Tax Credit (WOTC) capture and simplifying the process. This tech solution also verifies eligibility for every new hire, meticulously collects required documentation, and manages follow-up details with your employees.
The importance of compliance and profitability for staffing firms cannot be overstated. Embracing cutting-edge technologies and industry-specific solutions, such as those offered by HRlogics, can alleviate the compliance burden and contribute significantly to your firm's profitability. By focusing on these critical aspects, your staffing firm can thrive in a competitive landscape while ensuring that both your clients and employees benefit from your commitment to excellence.
About HRlogics
From onboarding to unemployment, HRlogics guides employers through compliance management for the entire employee lifecycle. Clients turn to the industry experts at HRlogics for our proactive, personalized approach and our commitment to their organization's outcomes. HRlogics established itself with a clear mission: to be an integrity-first provider of scalable solutions that offer employers a trustworthy approach to overcoming complex regulatory problems. Determined to bring back partnership, guidance, and the human aspect of customer care to the compliance industry, clients choose to partner with us because we differentiate ourselves from the competition in one crucial aspect: our singular focus on our client outcomes.