- Unique and compelling product - Check!
- Successful track record and strong revenue stream in home country - Check!
- Identified need and inferior competitive offerings in the United States - Check!
This is the obvious checklist most HRG clients step through before making the decision to attack the US market. Of course, there are other key items such as identifying localized talent, the most advantageous location to set up an office, pricing and marketing nuances specific to North America and so on. But, one area of importance that is often overlooked is managing and maintaining the ever-complex list of employer regulations and mandates companies must adhere to when employing US-based personnel.
US employment laws and government mandates are complex, onerous and constantly changing. Keeping current with these requirements is a full time job and requires expertise from a designated Human Resource professional. And, by the way, these rules and regulations can vary by state. Properly addressing these requirements is a cost many new market entrants often fail to take into consideration when building their business model.
In addition to having standardized and compliant Human Resource administrative policies and practices in place, employers need to address commerical insurance requirements as well. Without proper coverage for Employer Practices Liability, Healthcare, Directors and Officers Liability, Theft Protecion, Owned and Leased Automobile coverage, workers' compensation, Cyber Security... etc, companies leave themselves exposed to massive risk related to employee litigation and regulatory actions that can result in significant, unexpected costs. For example, the averate cost of an EPL claim when considering legal fees, penalties and claimant awards exceeds $300,000!
Harvest Resource Group, Inc. encourages all companies considering a move into North America to visit with an informed professionals to step through all of these potential issues. There are solutions available to protect employers against all of these landmines and knowing where and when a particular company needs specific protections can be the difference between a successful new market expansion initiative and a disasterous one.
Since HRG was established in 2002, the regulatory hurdles companies must cross, and the risk associated with properly managing employee / employer relations, has increased 10 fold. In response to this increased government oversight, HRG has adapted and is now equipped and licensed to support clients' HR, payroll and insurance needs in addition to providing informed / experienced guidance on driving successful sales and channel partner development initiatives in the US - a one-stop shop. Clients taking advantage of HRG's full range of employer risk management services receives ongoing support and guidance from a designated HR generalist, a benefits administrator, a payroll specialist and an experienced commerical insurance expert.
To explore this concept of outsourcing time consuming and complex administrative functions so you can focus on driving business growth, reach out to us directly to schedule a review of your company's compliance and risk management needs as part of your due diligence and business model development process.
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