When most organisations hear the words “retainer agreement,” they run the other direction. After all, most retainer agreements are plagued with feelings of long-term commitment and spending money without a solid guarantee of what’s being received in exchange for payment.
Truth be told, some retainer agreements are traps for these common problems. But, when executed properly, retainer agreements for any services can be highly beneficial. This is especially true of services like HR, which many organisations don’t tend to think of in a retainer-based fashion.
In this article, we’ll explore why you should consider retainer-based agreements, starting with some basic benefits of any retainer agreement and moving specifically into what it means to work with a company, like The HR Booth, on retainer for your HR services.
5 Benefits of Retainer Agreements
Retainers are an intelligent way to conduct business. They’re a way for you to pay for specific services and guarantee that you’re actually getting what you pay for. The best part is that this makes them fully customisable based on changing needs and allows an agency to shift focus where appropriate each month.
On a broader level, they come with other benefits. 5 of these top benefits include:
- Flexibility – Fixed price services mean you often get hit with overage charges for work not covered by your work arrangements. With a retainer, everything works on a rolling basis. Moreover, retainer agreements are often results-focused rather than task-focused. This makes it easier to stick to a budget and save money on the same services that would cost more if priced differently.
- Predictability – Hiring an HR agency to work per-hour or per-project can make it difficult to budget for the task. With a retainer agreement, you know what you’re spending each month and what you’re getting in return. More importantly, responsibilities and timetables are all clarified in the retainer agreement itself to protect both parties and keep operations more predictable.
- Work With One Agency for all Services – Agencies that operate on retainers often offer a breadth of services to account for all your needs. This allows you to partner with just one company and consolidate operations to make managing all the moving parts much simpler. This simplifies collaboration and control and, in all likelihood, leads to better project outcomes.
- Efficient – Like the ability to work with one agency for your services, retainer agreements are efficient because an agency only needs to get familiar with your organisation once. This is better than working with disparate agencies for each project and saves you the time of familiarising a new team with your company each time you need something accomplished.
- Proactive – Retainer agreements allow agencies to proactively anticipate needs and plan accordingly. If an agency is working on a program one month and sees a new need arising from it, they can account for this new project the following month. By taking projects on a rolling basis, agencies can proactively anticipate your needs and resolve them accordingly.
How HR Retainer Agreements Work at The HR Booth
HR-related needs arise at unexpected times. If your company isn’t large enough for an in-house HR team or if you believe outsourced HR will serve your company best, a retainer agreement is a solution to consider.
A fixed monthly retainer with The HR Booth gets you:
- Support to enact change
- Services to address issues you can’t address yourself; and
- Time to focus on other, more pressing matters in your business
Cost varies only according to the number of employees in your business. Regardless of the size of your company, our services remain the same:
- 1-1 group meetings or meetings with your entire staff to discuss and implement changes;
- Unlimited access to online HR resources with access to “How-To” Guides should you want to complete a project yourself;
- Preparatory services for disciplinary hearings
- Six-monthly meets to measure our progress and determine how we can better serve your organisation and changing needs;
- Initial policy and procedure review to ensure they are legally compliant and suitable for their intended purpose;
- Unlimited advice in HR and employment law
- Initial contract review; and
- Assistance or support in key areas and during pressing times, such as during a disciplinary hearing or absence management meeting
Someone is Always There With Retainer-Based Services From The HR Booth
If you feel uneasy leaving HR to chance, The HR Booth’s retainer-based services grant you immediate, timely access to professionals who can offer the assistance you need.