Mike Walton from XcelHR was our expert advisor presenter yesterday for the 6th webinar in our “Navigating Our New Reality: COVID-19 and Beyond” series. The focus of Mike’s presentation was, “Save Money: Streamline and Automate HR.”

Mike is our Human Resources specialist for this series and addressed what small business owners may need to know during the current pandemic reopening phase. He shared his guidance explaining how small businesses, along with their owners and managers, have been impacted by COVID-19, the change needed in traditional HR models used in most small businesses, how our situation and recovery could end up costing the business more, and the opportunity the current situation offers for cost savings and automating in order to more effectively move our businesses forward.

For small businesses, the reality is that expenses are up for a variety of reasons provoked by the pandemic, and revenues are down. The three approaches available are 1. Close the business. 2. Hunker down and scale back to core operations; which may mean cutting staff to reduce expenses. Or 3. Streamline and automate processes and technologies in order to increase efficiencies and create a stronger company both during and emerging from the current pandemic. Mike shared some thoughts on how option 3 was his recommended choice.

Mike reminded us that our people are our most valuable asset, but are also the largest cost area in a business. Mike suggested improving areas of HR to help increase morale (happy employees are more productive), attract new talent (given that the pandemic has displaced many quality people who are or will be looking for employment), and protect the business from potential lawsuits. One key strategy for accomplishing this is by outsourcing HR to a professional partner to remove that burden from owners or other key employees in the business. Outsourcing to a PEO (Professional Employer Organization) has statistically proven to increase growth by 7-9% and save a business up to 50% on labor and HR-related costs. These results can definitely help a small business keep its doors open—especially in the wake of COVID-19.

This was another great session in our webinar series with really helpful information for small business owners. Coming up next in our series, Andrea Ehresman from 1st Source Bank will be discussing “Small Business and Startup Loans.”

Click here to see the webinar line-up and schedule for each focused topic—and to reserve your seat for the entire series and gain access to webinars in the series you may have missed.

Come join us. Together we’ll discover better ways to share information while operating more safely and productively as we move forward.