Let’s face it; HR has become more complex and competitive than ever before. The war for talent, increasing costs of insurance, and ever-growing compliance demands facing HR leaders today require creative strategies to overcome.

Here are some strategies your company can deploy in 2023:

Band Together and Level the Playing Field

If you have less than 100 employees, your employee benefits options are limited.  Most employers are stuck picking plans “off the shelf” and being forced to accept renewals based on marketplace trends. Your HR team may wonder how to compete against large employers without access to the same tools and resources.

By joining a pool of employers and employees, your company gains the purchasing power of a much larger group to increase efficiencies and reduce costs. You can deploy this strategy in one of two ways:

  1. Join an Association Health Plan or Trust. As a member of BIOCOM, you can consider options in Beyond Benefits Trust (BBT).  The longevity and stability of BBT are the result of careful underwriting and management of this successful program in partnership with California’s premier carrier, Anthem Blue Cross.
  2. Join FUSE, a co-employment HR Business solution. FUSE utilizes the same employee benefits infrastructure as Beyond Benefits coupled with a full HR Software, Payroll & HR Services solutions that include:
    1. Full-service recruitment strategy and assistance
    2. Applicant Tracking system
    3. A single, centralized HR system with single sign-on

Both programs have plans that can be benchmarked and designed with your needs in mind. Plan designs and their components, including copays, deductibles, and networks, were carefully curated to allow you to compete for talent.

 

Focus on HR Strategy, Outsource the Admin, Stay Compliant

Most HR teams are buried with competing priorities. Often, the urgent takes precedence over the important, leaving HR teams scrambling to find time for strategy and forward-looking initiatives, not to mention how little time is left for staying abreast with employment regulations. Here are three proven ways to free up time and refocus resources:

  1. Centralize and simplify. Managing 5-10 vendors to cover HR administrative tasks requires reconciliation, coordination, and constant overseeing. Look for opportunities to consolidate and create an integrated employee experience to streamline processes with one point of contact to reduce disconnect.
  2. Leverage external help. Look for opportunities to outsource HR activities that do not impact culture. Internal HR should focus primarily on recruitment, retention, productivity, rewards, and culture. The rest of the administrative work can be outsourced to a trusted partner that can ensure accuracy and compliance with the constant changes in HR regulations.
  3. Reassign your budget. Outsourcing can often be an opportunity for cost reduction. Consolidation of vendors, bulk discounts, and leveraging already-existing programs are great ways to free up some HR budget dollars. A side-by-side comparison could identify areas of cost savings and allow HR leaders to reallocate much-needed budgets to more meaningful areas of HR, like bringing more qualified talent.

Are you looking to implement any of these strategies in 2023? FUSE is here to help.

 

FUSE Life Science is an industry-leading HR solutions platform exclusive to the life science industry. FUSE allows HR leaders to tap into large group programs to help attract top talent, manage costs, and gain support to relieve the administrative burden. Our team of consultants is ready to help evaluate strategies, provide business intelligence, and find ways to make your HR efforts best-in-class as you venture into 2023. Click here to schedule a discovery call and learn how FUSE Life Science can provide your business with simplified HR solutions to ignite growth.

The FUSE Life Science program, a Marsh McLennan Agency’s exclusive in partnership with AlphaStaff and Biocom, provides participating employers with a tailored, one-stop-shop experience for payroll, benchmarked health insurance plans, simplified underwriting, and consolidated services to attract and retain the talent they need.