Last week our blog was about saving time, I think we can all relate to that but also to saving money. Would you say No to saving time and or money? From time to time, we all want to save time and or money, two things there never seems to be enough of.
How many balls are you juggling?
When running a business, you are always juggling several things at the same time and often not in priority order. Outsourcing specialist areas will easily save you both time and money. When we first start a business, we carry out all roles, marketing, accounts, bookkeeping, sales etc. There will be a time when you might not have enough money, but time is also money. If you are spending longer in time that it would cost you to outsource, this could be a valuable investment. Remember what might take you several hours could be completed in no time by an expert.
There are many things we find easy to outsource to either save us time or money but often people/HR is not at the top of this list despite employees often being one of the most important and expensive assets. We tend to wait for something to go wrong before we ask for help.
How can I justify the Cost?
We find it hard to justify paying for a qualified professional even though it can be very expensive to defend a tribunal claim. Employment tribunals are on the increase, between April 2019 and March 2020 there were 103,973 claims accepted.
It is important to protect your business at all times, did you know you can receive a tribunal claim from somebody you haven’t employed yet? This could be through a recruitment process and a candidate you have rejected who can make a claim for discrimination. Discrimination claims are uncapped and are on the increase. The biggest claim between April 2019 and March 2020 for discrimination was £265,719 with the average claim of £27,043. Could you afford to pay this along with the legal fees?
Getting it right from day one
By issuing contracts and having written policies you are not only legally compliant, but it can also reduce any award should a claim be brought against you for having the right information in place.
Training and keeping up to date can also be another way to save money and show that you are doing everything you can to protect your employees and your business but again this is often seen as an unnecessary cost.
We all buy insurance for our cars and homes even though we hope to never have to claim. So why should it be different with employees? Just like other valuables you insure you can also get insurance for tribunal claims including compensation awards.
A tribunal outcome is like the lottery, there are no guarantees on the outcome it can come down to the judge on the day, especially where the law may not have been tested in that area. Having that professional support in place can ensure you have mitigated any claim as much as you can.
So, if you feel there is extra protection you can put in place to protect your business and save money, contact us for a FREE complimentary discussion on how we could help you to achieve this?
You will be surprised how affordable it is and we have packages for all business sizes and can be tailored to suit your specific needs.
Why wait contact us at helen.gilfillan@hrdept.co.uk or phone on 07443 672963.
