A quote known to all of us, “an ounce of prevention is worth a pound of cure,” manifests itself daily in routine parts of our lives. In business, there are clearly times when practicing this “rule” can have enormous impacts on eliminating costs.
This is certainly true in the area of managing HR practices.
Good Human Resource practices simply prevent problems with employees and avoid other costs. How often could better safety awareness procedures in the plant have prevented an accident or proper firing process eliminated a wrongful termination suit or better hiring practices prevented a hiring mistake or …?
Finding ways to manage HR inexpensively, but effectively, will control costs and create a better work environment. Not following the changing compliance rules and regulations in HR can also cause issues. The ounce of cure resolving HR issues often results in unnecessary legal costs. The current national average for an hour of legal counsel is $284. And legal costs are on the rise. 71% of US law firms increased rates in the poor economy of 2008 with some reaching $1,200 per hour.
How can better prevention practices in HR eliminate these costs, especially in small to medium size businesses where having an HR practitioner on staff can be a luxury or a single person in charge of the function can’t keep up with changing regulations? There are means to satisfy this need, and inexpensively. Check out www.hrinsights.com where for an annual membership fee of $485, a business can have access to up to date forms and an ability to check on best HR practices real time with expert advisors. Potential legal fees saved are worth the cost of prevention.
More often attributable to Benjamin Franklin, the famous quote is traced back to the early 13th Century. Henry de Bracton was a famous English jurist and author of De Legibus et Consuetudinibus Angliae (On the Laws and Customs of England). His influences on law are considerable.