Category: Blog Posts

As a business owner in the finance industry, you are likely aware of the many challenges that come with managing your workforce. From navigating complex regulatory requirements to keeping up with changing industry trends, there is no shortage of obstacles to overcome. However, one tool that can be incredibly helpful in managing your workforce is co-employment.

Co-employment is a legal relationship between two companies in which they share responsibility for the management of a single employee or group of employees. In this arrangement, one company (often called the “client” or “primary employer”) retains control over the day-to-day work of the employees, while the other company (often called the “co-employer” or “professional employer organisation“) handles administrative tasks like payroll, benefits administration, and HR compliance.

While co-employment is a useful tool for businesses in many different industries, it can be particularly beneficial for those in the finance sector. Here are just a few ways that co-employment can help your finance business succeed:

Access to specialised expertise

The wealth of a wider candidate pool can help finance businesses navigate complex regulatory requirements and compliance standards. By having a more experienced workforce there run fewer risks of compliance issues.

If a provider is able to find highly skilled workers, they could assist with tasks like anti-money laundering compliance, KYC (know your customer) regulations, and cybersecurity risk management.

With co-employment, finance businesses can gain access to HR professionals who understand the unique challenges of recruiting and managing talent in the financial industry.

Cost savings

Co-employment can help finance businesses manage the costs associated with employee benefits and high UK salaries when providers use overseas labour.

Because co-employers often have their own location for the employees assigned to your business, this means you can save a huge amount on rent and utility costs.

Co-employers can also help finance businesses reduce the costs associated with compliance, such as legal fees and fines for non-compliance.

Improved recruiting and retention

With co-employment, finance businesses can offer employees access to benefits and HR services that might not be available to them otherwise, such as group health insurance plans or professional development opportunities.

Using a PEO can help with tasks like payroll and benefits administration, which can reduce administrative burdens and allow finance businesses to focus on more strategic initiatives.

Depending on your provider, they can benefit your retention levels by offering employees great working environments and initiatives like career support plans.

Reduced risk

Co-employment can help finance businesses manage the risks associated with employee lawsuits and regulatory compliance issues.

As well as this, providers are likely to take care of issues like wage and hour compliance, harassment and discrimination policies, and employee termination procedures.

With co-employment, finance businesses can also mitigate the risks associated with employee turnover, such as lost productivity and knowledge transfer issues.

In conclusion, co-employment can be a powerful tool for businesses in the finance sector. By partnering with a co-employer, you can take advantage of specialised expertise, save money, improve recruiting and retention, and reduce risk. If you’re interested in learning more about co-employment and how it could benefit your finance business, consider speaking with an HR consultant or professional employer organisation today.

As a business owner, you are constantly looking for ways to optimise your operations, increase efficiency, and reduce costs. One of the biggest decisions you’ll need to make is whether to rely on humans or technology to fill key roles within your organisation. In this blog, we will explore the pros and cons of each approach to help you make an informed decision.

Humans: The Pros and Cons

Pros:

Flexibility: Human employees can be trained to perform a wide variety of tasks and can adapt to changing circumstances. They can also provide personalised service to customers and clients.

Creativity: Humans can come up with unique ideas and solutions to problems that technology may not be able to replicate.

Emotional Intelligence: Humans can read emotions, build relationships, and respond to complex situations in ways that technology cannot.

Cons:

Cost: Human labour is more expensive than technology, especially when it comes to salaries, benefits, and training.

Errors: Humans are prone to making mistakes, which can be costly and time-consuming to correct.

Burnout: Humans can become overworked and stressed, leading to reduced productivity and quality of work.

Technology: The Pros and Cons

Pros:

Cost-Effective: Technology can often perform tasks more efficiently and at a lower cost than humans.

Precision: Technology is incredibly accurate and reliable, making it ideal for repetitive tasks that require a high level of precision.

Availability: Technology can operate 24/7, allowing for continuous operation and increased productivity.

Cons:

Limited Creativity: Technology is only able to perform tasks that it has been programmed to do and is not capable of coming up with new ideas or solutions.

Lack of Emotional Intelligence: Technology cannot read emotions or build relationships, making it less suitable for roles that require interpersonal skills.

Security Risks: Technology can be vulnerable to cyber-attacks, which can compromise sensitive information and damage your reputation.

Which Approach is Right for Your Business?

Ultimately, the decision of whether to use humans or technology in your business will depend on your specific needs and circumstances. For some roles, such as those that require creativity or emotional intelligence, human employees may be the better choice. This could include marketing or customer service. For others, such as repetitive or highly precise tasks, technology may be the more cost-effective and efficient option.

In some cases, a hybrid approach may be the best solution, where humans and technology work together to achieve the best results. For example, using technology for data analysis and processing, while human employees handle customer service and relationship-building.

In Conclusion

When it comes to deciding whether to use humans or technology in your business, there is no one-size-fits-all answer. It is important to carefully consider the pros and cons of each approach and evaluate your specific needs and goals to make an informed decision. Ultimately, using a mixture of humans and technology can help you optimise your operations, increase efficiency, and achieve long-term success. The percentage of which you split these may require some trial and error.

If you require an affordable way to employ talent, look no further than DeskFrnd. Check out our services page to find out more about what we offer.

As a one-man band, you’re responsible for running every aspect of your business. But as your business grows, you may find it challenging to keep up with all the tasks and responsibilities required of you. At some point, you may need to consider hiring someone to help you out. But which role should you employ for your one-man business? Here are a few options to consider:

Virtual Assistant

A virtual assistant can take on many different tasks, from answering emails and scheduling appointments to managing social media and conducting research. Hiring a virtual assistant can be a cost-effective way to get help without the expense of a full-time employee. You can hire a virtual assistant on an hourly or project basis, depending on your needs.

Accountant

Keeping track of your business’s finances can be a daunting task, especially if you’re not a numbers person. Hiring an Accountant can help ensure that your finances are in order and that you’re staying compliant with tax laws. An Accountant can manage your accounts payable and receivable, prepare financial statements, and help you stay on top of your cash flow.

Marketing Consultant

If you’re struggling to market your business effectively, you may want to consider hiring a marketing consultant. A marketing consultant can help you develop a marketing strategy, create compelling content, and implement marketing campaigns that drive results. They can also help you analyse your marketing efforts to see what’s working and what’s not.

Web Designer

Your website is often the first impression that potential customers have of your business. If your website is outdated or difficult to navigate, it could be turning people away. Hiring a web designer can help you create a website that’s visually appealing, easy to use, and optimised for search engines. This could be done through outsourcing or full-time employment, depending on the level of work you require.

Social Media Manager

Social media can be a powerful tool for promoting your business, but it can also be time-consuming. A social media manager can help you create a social media strategy, schedule posts, and engage with your audience. They can also help you analyse your social media metrics to see what’s working and what’s not.

When deciding which role to hire for, consider your business’s specific needs and the skills you lack. You may also want to consider hiring someone on a trial basis to ensure they’re a good fit before committing to a longer-term arrangement. Whatever role you choose to hire for, remember that bringing on an employee can help you focus on the aspects of your business that you enjoy and that drive growth.

Co-employment

A proven way to employ staff with time restraints and financial responsibility is co-employment. A PEO handles the administration of employment, leaving you to simply manage your employee day-to-day. This could be ideal for a new business without the experience or time to handle the employment process from the start. Want to know more? Visit our services page.