How Can Co-employment Benefit the Property Sector?
As a business owner in the property industry, you’re no stranger to the complexities of managing a team of employees. From recruitment to payroll and everything in between, it can be a daunting task to keep everything running smoothly. However, have you ever considered the benefits of co-employment?
Co-employment is a relationship between an employer and a professional employer organization (PEO), where the PEO takes on some of the employer’s responsibilities such as HR, payroll, benefits administration, and workers’ compensation. This arrangement allows the employer to focus on their core business while the PEO handles the administrative tasks.
So how can co-employment help the property industry? Here are some key ways:
Expert HR support
In the property industry, your employees are your most valuable asset. With co-employment, you have access to a team of HR experts who can handle all aspects of employee management, including recruitment, onboarding, training, and performance management. This ensures that your employees are well taken care of and that there are minimal HR issues putting blocks on crucial business operations. This allows you to focus on growing your business.
Reduced compliance risk
The property industry is highly regulated, and compliance requirements can be complex and time-consuming. Co-employment can help you navigate these regulations by providing expert guidance and support to ensure that you are meeting all legal requirements. As your employees are sourced and recruited for you, there is minimal risk of your being uncompliant. To employ staff around the globe without experience or infrastructure would prove to be extremely difficult.
Improved cost control
Co-employment can help you manage costs by pooling resources with other businesses. The cost of recruitment can be massive, but using a PEO typically involves a fixed fee, which can help you budget more effectively and can also be cheaper when global labour is used. This is due to the difference in average salaries between locations. Despite common thoughts, this can be done ethically, offering employees very respectable pay.
The property industry can be unpredictable, with seasonal fluctuations and unexpected events. Co-employment can help you adapt to these changes by providing the flexibility to scale up or down your workforce as needed. This can help you stay nimble and responsive to market demands, ultimately putting you in a more competitive position.
Improved working environments
If you’re a smaller business owner, it can be difficult to focus a significant amount on things like working environments, training opportunities and team building. Therefore, Co-employment can help you access a wider range of benefits, and employee assistance programs, helping you attract and retain the top talent in a competitive industry.
In conclusion, co-employment can be a valuable tool for business owners in the property industry. By partnering with a PEO, you can access expert HR support, reduce compliance risk, control costs, increase flexibility, and enhance employee benefits. If you’re looking to streamline your business operations and focus on growing your company, co-employment may be the solution you’ve been looking for.
If you’re in the property sector need a solution to save you time, money, and headaches. We have something for you. Book a chat today!