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.
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.
Losing weight is one of the most popular New Year’s Resolutions. After a holiday season filled with cookies, candy, and booze, it’s easy to understand why.
Unfortunately, most people don’t stick to their resolutions. In fact, so many people fail at keeping them that January 17th has become known as National Ditch Your Resolution Day.
How Does This Impact Me?
It’s simple. Unhealthy employees cost more to employ. They are less productive, more likely to miss work, increase insurance premiums, and drive up workers’ compensation costs.
We have all heard the phrase, “there are two types of people in the world. Those who… and those who…” The blank spot is usually then filled in with whatever point someone is trying to make.
In the world of business, you can make a strong case that the old adage that holds truest is “those who are union and those who are not”.
Well, many “who are not” maybe counting down the days to when they will be.
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.
If pressed, most employers would say that having a “rich benefits package” is a great way to attract and retain top quality employees. The more perks the better, right?
Those same employers would also probably say that they can’t afford the richest of plans, but try to offer the best that they can afford. Well, if you believe those two statements, you’re going to love reading this.
The EEOC has made it into the news again, but you may not have heard about it.
A few months after the Equal Employment Opportunity Commission (EEOC) issued a ruling on how pregnancy in the workplace can be viewed as a worker’s comp issue, they have now weighed in on wellness programs.
Under the Affordable Care Act, there has been a strong push on advocating wellness for employees, and rightfully so. Wellness programs improve the health and productivity of your employees while increasing efficiencies and increasing profitability.
However, according to an article on jdsupra.com, the EEOC has not yet issued guidelines on how employers can and must structure wellness programs to be in compliance with the Americans with Disabilities Act. Despite the lack of guidelines, the EEOC is pursuing two litigation cases against two separate companies for what they say are violations of the ADA (Americans with Disabilities Act).
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?