Whether you’re dealing with workers’ compensation or unemployment claims, risk management can be a struggle for any business. You only have a certain amount of hours and budget to handle everything that needs to get done to run a successful organization, so having to deal with potential risks can put a damper on your profitability.
Fortunately, a Professional Employer Organization (PEO) like Group Management Services (GMS) can help. Our trained professionals know human resource functions like risk management inside and out, allowing you to breathe easy and save both time and money in the process.
If you’re like most business owners, you probably didn’t go to school to learn the intricacies of human resource management. As a result, you’re either spending too much time on HR or too little. Neither is good for your bottom line.
I’m Spending Too Much Time on HR Management
According to the Society for Human Resource Management (SHRM), there are 45 components to successful HR management. Forty-five!
If you’re trying to be proactive about HR management, good for you. But if you have to manage multiple vendors who are working in “silos” while trying to make sense of everything they’re doing for you, you’re probably not spending as much time as you’d like growing your business. Either that or you’re burning the midnight oil to keep up.
Neither option seems that appealing, do they?
I’m Not Spending Enough Time on HR Management
On the other hand, if you’re not spending enough time on HR management, you’re more likely to be at risk for non-compliance fees, inefficiencies that slow down your production schedule, lower employee morale, and more. And you’re probably losing sleep at night because when it comes to HR, you don’t know what you don’t know.
HR Management is never a problem… until there is a problem and then it’s too late.
Manage HR Functions Effectively and Efficiently With a PEO
Regardless of which path you’ve chosen when it comes to HR management, a Professional Employer Organization (PEO) can be a good fit for your business.
When you partner with a PEO, you get access to a full team of HR experts that can help you:
- Maintain / obtain COBRA, ERISA, HIPAA, ADA, FMLA, EEOC, and DOL compliance
- Find and recruit top talent
- Write detailed job descriptions
- Develop employee handbooks
- Set up training and rewards programs
- Ensure that you’re compliant for employee terminations, and more
Additionally, because PEOs can also help you with risk management, payroll administration, and employee benefit administration, you can find money-saving opportunities that would have been much more difficult to spot with siloed vendors.
Best of all, you get the final say on all decisions. PEOs just make those decisions a little easier.
Stop living in fear of HR problems and get back to growing your business. Contact GMS online or give us a call at 888-823-2084 today.
Administrative professionals in a wide variety of industries work long and hard to make sure that their office provides the proper support it needs to succeed. Given their contributions to an organization’s wellbeing, it’s only appropriate that you show your appreciation for these important employees.
Conveniently enough, April 22 marks Administrative Professionals’ Day in the U.S., giving employers a chance to reward the office administrators, secretaries, and every other person in a position that helps to hold the office together.
Human resources is a very important part of any business, but it can take a lot of time and money to properly manage. Even then, there are cashflow hurdles that you may come across simply because you aren’t an HR professional with all of the proper tools of the trade.
A Professional Employment Organization (PEO) like GMS can get over those hurdles because HR is what we do. We’ve already discussed how a PEO can improve your cashflow through loss prevention, cost containment, payroll, and unemployment claims management strategies, but there’s another major factor as to how we can save you money: economy of scale.
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.