Employee retention is a significant area of focus for most business owners. According to talent management and HR site ERE Media, “78 percent of business leaders rank employee retention as important or urgent,” showing that the average owner wants to avoid losing good talent.
There are many reasons why an unexpected departure can prove problematic for employers. It can disrupt workflow. It can have a negative impact on chemistry. Also, it can cost up to 50 percent of an entry-level employee’s annual salary to find someone to replace your outgoing employee. That’s a pricey goodbye.
Retention is a big issue that many employers want to address before their company turns into a revolving door for talent. Fortunately, Professional Employer Organizations can help your business improve employee retention. Here’s how.
For an industry that serves over 2.5 million people, Professional Employer Organizations can still be a bit of a mystery for the average business owner. The industry has helped businesses manage important HR functions for decades, but one of the most common questions owners ask is “Why have I never heard of PEOs before?”
There are a few reasons for this, starting with the fact that there’s no simple, one-sentence explanation for what PEOs do.
If you own a small, five-person company, it might be tempting to think that you don’t need to invest any time or money into human resource functions like a big business. That’s a bad idea.
Every company needs HR, regardless of size. Just like how you don’t build a house without a proper foundation, a small business – or any business – needs to create a solid human resource foundation to succeed.
If you think it’s hard to find good talent these days, you’re not alone. The Society for Human Resource Management conducted a survey of more than 3,300 HR professionals and found that “more than two-thirds of surveyed organizations hiring full-time staff indicate[d] they are having a difficult time recruiting for job openings.”
Thanks to a combination of factors, hiring employees that truly fit your requirements can be a tricky process. SHRM’s Jennifer Schramm cites “a low number of applicants, lack of needed work experience among those that do apply, competition from other employers, and a lack of technical skills among job applicants” as obstacles that employers face these days.
When it comes to finding the right applicant for the job, it’s important to know where to look. Here's where you should consider looking to find the quality talent your business needs to grow.
Employee training is an effective way to teach new employees and develop existing workers. However, employers may be concerned about related expenses, as employee training has been estimated to cost around $1,888 per employee for companies with fewer than 500 workers.
That’s quite a bit of money, but the cost of training can be well worth the investment. Here are three big reasons why a commitment to employee training is a great financial decision for your business.
Immigration has been a hot topic ever since President Donald Trump was elected. New changes have put a focus on new and potential laws that will impact employers all over the country, including the update to the I-9 form and potential expansion of the E-Verify program.
Why did you start your business? Maybe because you are good at doing something. Maybe because you can offer a service that not many others can.
You worked hard to grow your business, to show everyone why they should use your company for their needs. You are a professional, and nobody knows your business better than you do. So why would you ever consider outsourcing back office tasks to a PEO if you can do them yourself?
At the end of the day, we all want the same thing: to be successful. Sometimes, to succeed we need to embrace the fact that we can’t always do everything ourselves.
As your business grows, so will your team. Adding new employees is a big part of any business, but it can be a problem if you hire new people when your business isn’t ready to take on more staff. Here are some things you should think about when you’re considering hiring additional employees.
A federal judge has blocked the upcoming Department of Labor (DOL) overtime rule instituted by the Obama Administration. The rule was set to take effect Dec. 1, 2016, increasing the salary threshold for overtime eligibility from $23,660 to $47,476. This would have made any workers under the threshold eligible for overtime pay for over 40 hours worked per week.
You’ve probably heard the old adage, “If it ain’t broke, don’t fix it.”
I remember in my youth that my grandfather swore by this philosophy. He was very particular when it came to what he owned and how to maintain it, as he lived through the depression and he was cheap! Fast forward a few years to where my grandfather trusted me to mow his lawn. Now by trust I mean he sat in his lawn chair, watched, and critiqued each and every pass I made. Like I said, he was particular.
That Christmas my family got my grandfather a new lawnmower and the first thing he said was, “That manual one still works fine. Matthew was able to mow all summer without any issues.” Now there were issues: the mower was ancient, rusted, and dull. All signs pointed to the fact that a change was necessary BUT would gramps be open to it?
The next summer I was not asked once to come mow his lawn. My grandfather religiously mowed it every week because, as he stated, “This thing is a gem! It’s like I’m not even putting forth effort and my lawn looks the best I’ve ever seen it!”