In the business world, everyone is always looking to maximize profitability. It’s not because business owners are greedy trying to grab every last dime. It’s because they are working their tail off to either make the business succeed or make it grow.
In their efforts to do so, business owners look to control what they can, especially when it comes to costs. As a salesperson, I have often been the person who they tried to control costs through by either beating me up on price, extracting extra services or using what my company does to help make them more profitable. However, it often seems to come back to controlling costs.
When a business owner thinks of controllable costs, they often think of material prices, employee hours or something else on the production end. What seldom comes into play is controlling workers comp, healthcare and unemployment costs. But, how can you control those costs? Those things are completely out of a business owner’s control. Right?
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).
Ahhhh---feel the ocean breeze blowing through your hair, your toes digging into the sand, and the cool drink in your hand. Your computer is nowhere in sight. That’s right, you’re on vacation!
As an employee, taking time off is important. It keeps you focused, gives you a break and lets you spend some quality time with your family or friends. As a company, administering a paid time off (PTO) policy is also important, and much less relaxing than taking the time off.
With traditional PTO and sick time plans, your company is trying define and limit the liability of paying an employee for time they didn’t work. Sounds simple.
But how do you keep track of it all? Without a streamlined system it can be easy to miscalculate PTO for your employees. Miscalculations mean lost money for your company. According to a 2010 survey by Kronos conducted with Mercer, poorly planned absences cost U.S. organizations over 8% of their payroll each year.
If we asked you to guess the top reasons people hate their job, what reasons come to mind?
The National Business Research Institute took a poll through Twitter and found that 33% of people blamed their job blues on annoying coworkers.
So how can you avoid hiring one of the 15 most annoying coworkers, and select the best candidate for the position?
We collected the articles below that share how to prepare for an interview, interview tips, and questions to ask when bringing on a new employee.
These tips will help you as you assess the skills, experience, and cultural fit of your potential employees.
It’s likely that as a small business, you don’t have a dedicated HR team. You may divide the tasks amongst a group of people, you may spend your nights and weekends making sure you’re keeping up to speed on the various HR regulations out there, or, even worse, you ignore it all together and just ‘wing’ HR management.
If you find yourself spending more and more time dealing with HR functions and less and less time growing your business, you have a couple options: hire a professional employer organization (PEO) to handle the tasks for you, or hire someone dedicated to the management of your HR needs.
Of course, we’d love it if you chose the option of hiring a PEO, but if you opt for hiring an HR manager, we’ve compiled a helpful list of 8 traits you should watch out for.
According to a Wells Fargo study, 37% of people expect to work until they die. That’s an alarming number, but one that you can use to your advantage.
Most people would rather spend their later years comfortably enjoying their retirement, so by offering a quality 401k plan, you give your business a step up in attracting and retaining quality employees.
Avoid Financial Confusion: Educate Your Group
Before we give you the key elements to a great 401k plan, it’s worth taking a moment to remind you that financial choices can be intimidating and confusing for many employees. One way you can help is by making an effort to ensure employees are educated about their choices. These resources will help make sure everyone is on the same page.
As a small business owner, you probably rely on the services of other organizations to accomplish a range of tasks, services and other duties. Your health insurance broker or policy provider is one you expect has your best interest in mind. The reality is, they may not, especially when it comes to premium and individual claim costs.
With all your other responsibilities, you don’t have time to keep tabs on everything your health insurer does, however, there are some key questions you need to ask in order to effectively evaluate just how much they are working for you:
With today’s challenging economy, employees are often finding themselves searching for a better paying job. A recent survey states that 47 percent of top-performers are looking for jobs. That statistic could be earth shattering for any business. "Whenever there’s a shift in talent, it’s the ones you want to keep that leave first."
Little do they know, they may be making more than they think. Employees typically only see their take home pay and not the cost of the additional benefits you as the employer are offering.
As an employer, it is imperative to make sure your staff feels valued. A great way to accomplish this is to show employees everything they are being offered besides what they put in the bank. By presenting your employees with these facts, it will encourage them to stick around. Turnover rates can not only bring morale down, it is also a huge cost to you. With costs like unemployment taxes, job ad placements, background checks, training, and administrative costs during the process, it could cost you thousands of dollars each time an employee quits.
Conducting an employee review is one of the most disliked tasks among managers and business owners. However, these evaluation opportunities are critical in retaining good employees, motivating employees to remain productive and maintaining a good relationship with your staff.
Before you sit down to complete your laundry list of assessment points, consider the following tips to help your employee reviews be more effective than ever:
While it is tempting to run down the list of “grades” the employee has earned throughout the year, engaging in an open discussion is the best form of evaluation. Instead of leading with the company form, ask your employee about their performance throughout the year, the problems and challenges they have encountered and how they overcame those obstacles. Carefully listen to your employee to help solve their work-related problems and create goals for the coming year.
"Keeping the plates spinning," is an idiom many small businesses use to describe the way they manage their human resource responsibilities. Some outsource HR functions to various companies while some tasks are handled by an in-house team member who has many other job duties
There's no need to juggle between outsourcing tasks to multiple companies and attempting to have them work together on your behalf. Professional employee organizations, or PEOs, can help minimize the stress, time and costly resources you spend administering your HR functions by managing: