Are you prepared to handle all of the challenges associated with being an employer?
Each business' answer to this important question is different. Some businesses benefit from a stable, dependable workforce that is inherent to their situation: perhaps there is core group that was with the business "from the beginning"; perhaps the business has always had consistent and excellent leadership; perhaps the business has market conditions that attract great employees. There are many scenarios that may enable a great staff and a great culture to grow organically within a business, and continue indefinitely as a great work environment. We'll call these businesses the "lucky ones".
Not all businesses are so "lucky." For many businesses, developing or maintaining an excellent staff is a constant challenge and for others, employment challenges seem to come and go in peaks and valleys with different causes and story lines for each episode. The result is a host of business challenges created by employees that expose the business to large risks, and act as a drag on revenue and profit growth.
Here are four risk factors employers should look out for:
1. Inexperienced supervisors that unknowingly expose the business to lawsuit or safety risks.
2. Unmanaged employee benefits programs that either don't deliver what was expected or cost more than they should.
3. Lack of access to efficient ongoing training programs that could otherwise mitigate some of the risk exposures
4. Wage and benefit programs that are inconsistent with the local market, and thereby expose the business to unnecessarily high turnover or high cost.
For these businesses, access to a great HR team can make a big difference. The solution is referred to as a "professional employer organization" (PEO) arrangement (PEO). Human resource management and administration is such a wide ranging field and so large that it is impossible for a single person to have all the knowledge and skills necessary to meet the day-to-day needs of your organization. Your organization needs a support "team," but your budget may only be able to handle a single person. Hiring a PEO company can improve the overall efficiency and profitability of your organization. Just as you have a strategy for controlling supply costs and capital structuring, there is a very real need to implement a "people strategy" — developing, communicating and enforcing the standards and culture you want to instill in your company.
PEOs can help your company:
• reduced employee turnover rates;
• handle high risk employment situations worth millions of dollars in risk exposure, with minimal realized claims expenditure;
• reduce employee benefit program expense through effective negotiation and "economies of scale" associated with the PEO model;
• set up management/supervisor training programs at a fraction of the cost of what a professional could obtain on their own;
• consolidate your company's HR services vendor lists from to a single point of contact; and
• roll out a fully automated, online HR system from timekeeping through direct deposit of each employee paystub, electronic online enrollment of benefits, and online employee self service.
Whether you decide to utilize internal resources or to outsource to a PEO, expertise is required when handling not only your most valuable asset — but also your greatest potential liability — your employees.
Learn more about MedHQ.
Each business' answer to this important question is different. Some businesses benefit from a stable, dependable workforce that is inherent to their situation: perhaps there is core group that was with the business "from the beginning"; perhaps the business has always had consistent and excellent leadership; perhaps the business has market conditions that attract great employees. There are many scenarios that may enable a great staff and a great culture to grow organically within a business, and continue indefinitely as a great work environment. We'll call these businesses the "lucky ones".
Not all businesses are so "lucky." For many businesses, developing or maintaining an excellent staff is a constant challenge and for others, employment challenges seem to come and go in peaks and valleys with different causes and story lines for each episode. The result is a host of business challenges created by employees that expose the business to large risks, and act as a drag on revenue and profit growth.
Here are four risk factors employers should look out for:
1. Inexperienced supervisors that unknowingly expose the business to lawsuit or safety risks.
2. Unmanaged employee benefits programs that either don't deliver what was expected or cost more than they should.
3. Lack of access to efficient ongoing training programs that could otherwise mitigate some of the risk exposures
4. Wage and benefit programs that are inconsistent with the local market, and thereby expose the business to unnecessarily high turnover or high cost.
For these businesses, access to a great HR team can make a big difference. The solution is referred to as a "professional employer organization" (PEO) arrangement (PEO). Human resource management and administration is such a wide ranging field and so large that it is impossible for a single person to have all the knowledge and skills necessary to meet the day-to-day needs of your organization. Your organization needs a support "team," but your budget may only be able to handle a single person. Hiring a PEO company can improve the overall efficiency and profitability of your organization. Just as you have a strategy for controlling supply costs and capital structuring, there is a very real need to implement a "people strategy" — developing, communicating and enforcing the standards and culture you want to instill in your company.
PEOs can help your company:
• reduced employee turnover rates;
• handle high risk employment situations worth millions of dollars in risk exposure, with minimal realized claims expenditure;
• reduce employee benefit program expense through effective negotiation and "economies of scale" associated with the PEO model;
• set up management/supervisor training programs at a fraction of the cost of what a professional could obtain on their own;
• consolidate your company's HR services vendor lists from to a single point of contact; and
• roll out a fully automated, online HR system from timekeeping through direct deposit of each employee paystub, electronic online enrollment of benefits, and online employee self service.
Whether you decide to utilize internal resources or to outsource to a PEO, expertise is required when handling not only your most valuable asset — but also your greatest potential liability — your employees.
Learn more about MedHQ.