A safe workplace can help make for a more successful business. Not only do safety guidelines help keep your employees safe, they also save you from having to deal with costly workers’ compensation claims.
In our last blog post, we discussed the cost of employee injuries and how workplace safety programs can help keep your workers on the job and your cashflow strong. This time we focus on some unexpected benefits of safety programs.
Workplace injuries can cause more than just physical pain. Businesses lose billions of dollars each year because of injuries, which can include costs from compensation claims and loss of productivity.
Injuries can’t always be prevented, but workplace safety programs can really limit the amount of incidents on the job. With June being National Safety Month, take a chance to learn about how much injuries can hurt your business and what you can do to help.
Many small business owners can tell you in a given day what they are paying for fuel in their fleet of vehicles, how much their labor costs are, what their inventory costs are, etc., etc., but most cannot tell you their Unemployment Tax Rate.
No, it's not because owners don't care about the bottom line. More likely, this is because many business owners do not understand that Unemployment Tax is an expense that can be controlled.
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.
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.
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.
The Equal Employment Opportunity Commission (EEOC) has begun commission meetings under its new chair, Jenny R. Yang, this month. The newest commissioner was also sworn in at this time bringing the board back to its full strength of five members.
This month, they have also begun hearings on workplace harassment. What they have learned from experts in the field is that workplace harassment is still a major problem.
So you have that “bad apple” employee that you have to get rid of. He’s a pain in your side. Your management team spends an inordinate amount of time dealing with him and frankly, his co-workers don’t like him either. Sounds like a no-brainer, right?
When letting an employee go for cause, you need to make sure that you’re protecting yourself from the liability of:
- An unemployment claim that will drive your unemployment insurance up, cutting into your margins or putting you in a competitive disadvantage with your competitors
- A potential discrimination lawsuit filed by the employee
- A possible violation of either the FMLA or ADA that will have the federal government breathing down your back
How do you avoid these pitfalls? As with all things, there’s an easy way and a hard way.