Trade Association Calls Stratus Partnership 'An Excellent Decision'

Overview

A trade association dedicated to advancing life science companies plays a crucial role in driving economic growth and fostering innovation. With a robust network of over 200 members and strategic partnerships with universities, this organization is instrumental in shaping its state’s life science future, attracting investments and unlocking transformative innovations.

Recognizing the need for HR support to address their compliance and administrative needs, the organization sought assistance from Stratus HR. As a reliable partner, Stratus provides cost-effective HR solutions that consistently alleviate the immediate day-to-day challenges. This collaborative partnership not only saves them valuable time and money but also empowers them to maintain their focus on driving progress in the local thriving life science sector.

Problem

As a small business, the association faced resource limitations in handling various critical HR functions in-house. The burden of managing personnel issues, HR matters, benefits, and payroll consumed valuable time and resources that could have been directed towards core business activities.

"If we didn't have Stratus, our options would be either contracting with a different entity, which would undoubtedly increase our costs,” explained their CEO. “Alternatively, we would have to hire someone in-house to handle all the accounting, payroll, and benefits that we currently contract for. But for an entity our size, it just doesn't make sense to handle it in-house. It would require too many resources and time.”

Solution

The association partnered with Stratus, recognizing the value that the company offered to an organization of their size. Stratus provides comprehensive services and expertise, helping them overcome challenges with limited resources. The services include handling personnel issues, HR paperwork [or] busy work, benefits administration, and payroll services. This allows them to focus on their core business operations while enjoying exceptional support from Stratus. In addition, they have access to enterprise-level healthcare benefits for their employees.

"I can say that Stratus was able to provide customizations for our small entity to meet our analysis and service needs,” explained the CEO. "They also facilitated the creation of a benefit schedule that would typically be out of reach for a small group like ours."

Results

The partnership with Stratus has allowed their small team to entrust Stratus with the HR busy work so they can focus on the core activities of their business, resulting in more streamlined operations and cost savings.

"The ability to offload these responsibilities to Stratus and trust that everything is being managed properly, that they stay up-to-date with laws and regulations, and keep us informed on what needs to be done – it's truly invaluable. If we were to hire someone to do what they do, even on a part-time basis, we would likely be looking at a salary of around $35,000 a year. So, it represents significant cost savings for us,” said the CEO.

How Stratus handles benefits, particularly when managing health and dental insurance, and 401K programs, has also been a noted advantage for the team. Stratus offers an easy and seamless administrative process for employee benefits, and, if any employees need any assistance, they can contact Stratus directly, relieving the company of the burden or any stress.

"Working with an entity like Stratus instills confidence when the people involved are responsive, direct, and honest. The team has consistently demonstrated these qualities, building trust and fostering a strong working relationship,” said the CEO.

The proactive and accountable approach of Stratus addressing any challenges has also left a lasting positive impression.

"They really mobilize their resources and work diligently to find solutions,” explained the CEO. “It's one thing to correct an error or a problem, but it's another thing to make it right by assuming financial responsibility for the mistakes. And Stratus went the extra mile to step up and make something right. I saw a negative situation turn into a very positive outcome, not only operationally, but also financially. The willingness to rectify the issue and take financial responsibility showcased their dedication to their clients."

The working dynamic between the organization and Stratus has been smooth and reinforcing. Regular meetings with the Stratus team allow for open discussions on areas for improvement and feedback, further developing a better partnership.

The leader’s positive experience even led him to extend their partnership to another entity he is involved with, entrusting Stratus with their payroll management, as well.

“We find Stratus to be a complete solution that works very well for an entity our size,” he said. “That, their expertise, and dedication, are why we stay.”

Stratus has proven to be an exceptional HR solution provider for the entire team, offering comprehensive services, tailored support, and a commitment to building strong relationships.

"When it comes to our partnership with Stratus, it's all about the people. Anyone can process payroll or provide benefits, but what sets Stratus apart is the way they prioritize relationships. It's about knowing that when issues arise, they will be addressed promptly and efficiently. With Stratus, we feel important and valued, not just another client,” explained the CEO.

“They go above and beyond to deepen those relationships, ensuring a high level of comfort in addressing concerns and seeking assistance. And to top it off, their services are competitively priced. Stratus truly understands the value of working with people, and that's what makes them exceptional.”