The unemployment process isn’t an easy one, both for the former employee and the employer. While many small- and medium-sized companies view unemployment as an unmanageable major expense, there are ways that you can save money so that the process isn’t as much of a threat to your company’s cashflow.
Professional Employment Organizations (PEO) can protect your business from unemployment claims, while helping your business’ bottom line, allowing you to focus on the future without being held back by the past.
It’s expensive to pay employees, and I’m not just talking about salaries and benefits.
The payroll process is pricier than many business owners realize. It costs an average of $2,000 per employee per year for a small or mid-sized company to handle payroll. In addition, up to 40 percent of businesses in the United States are given an average of $845 in IRS penalties each year.
These costs add up and can really hurt a company’s cashflow. We’ve already discussed how loss prevention and cost containment can help your business, but a professional employer organization (PEO) can also save you money and time by handling your payroll.
Accidents happen, which is why workers’ compensation is a mandatory expense. Still, high rates can destroy your cashflow.
In my last post, I talked about how loss prevention strategies help prevent accidents in the first place, which can lower your rates. Today, I’d like to explain how an effective Cost Containment strategy can cut your costs, even if a claim is filed.
Cashflow is key for any business. That’s an easy concept. What’s more difficult to understand is how to effectively manage all the things that pose a risk to that precious cashflow.
As a business owner, one of your biggest risks is workers’ compensation. According to the Liberty Mutual Workplace Safety Index, workers’ compensation cost business owners nearly $60 billion in 2012. That’s a lot of money!
The good news is that you don’t have to accept rising costs – and a strained cashflow - as a fact of business life.
Choosing to partner with a professional employer organization (PEO) is a great decision for your business. If you’re like most business owners who are considering a PEO, you have done a lot of research and have tons of questions and concerns.
Below, we’ve debunked four of the most common PEO myths to make your decision a little easier.
We're proud to announce that GMS was listed #29 in the inaugural Crain's Cleveland Business FAST 50 program!
FAST 50 recognizes Northeast Ohio businesses that:
- have achieved the most substantial margins of revenue growth between 2009 and 2013.
- are at least 5 years old.
- have accrued at least $5 million in revenue at the end of 2013.
Read more about the FAST 50 program and see photos from the event on the Crain's Cleveland Business website.
Still not sure what exactly a PEO (professional employer organization) is? Need help selecting a PEO? Ever think about outsourcing payroll?
You're not alone, but you’ve come to the right place for answers! Today, we're proud to announce the launch of our new Education Center.
In our Education Center, you'll learn more about what PEO is. For example:
- A PEO offers a cost-effective and unified method for handling back-office services for small and medium sized businesses.
- PEOs provide services to help reduce business risk, manage employee benefits, process payroll, find quality employees, and more.
- PEOs exist in every state and provide services to more than 2.5 million people.
- The PEO industry is valued at $80 billion per year (and growing).
If you've been to our site over the past few days, you probably noticed something...really different.
Different as in: "Hey, look! We got ourselves a new website!"
Why did we do it? It might look nice, but it's not just for aesthetics. We did it because the only thing that's constant is change, and our old website wasn't serving our existing or potential customers as well as it used to.
True or false: You can’t do anything to manage your company’s unemployment tax rates?
If you answered true, you answered incorrectly. But take heart because:
- Many other business owners would have also answered “true”
- There is actually a lot you can do to manage unemployment tax rates
What would you say if a prospective employer offered you perks like free catered meals, free fitness classes, tuition reimbursement, unlimited vacation days, and-- for the expectant parents out there-- four months of paid parental leave?
You might be tempted to rip the contract out of his or her hand and sign it on the spot—right?
Well, we didn’t make those up. Practical benefits like these are real, and some are being implemented at companies that constantly rank at the top of employee satisfaction lists.