Fortune Business Consulting

Category: Human Resources

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  • Talent Acquisition and Retention in Competitive Markets

    Talent Acquisition and Retention in Competitive Markets

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    Are you wondering how talent acquisition and retention are advantageous for a company? Well, talent acquisition is the method of attracting, identifying, recruiting, and retaining the best talent. This comprises selecting some fine candidates who are best suited for the positions available. 

    Higher retention reduces lost knowledge, missed revenue, and hiring costs. It also overcomes market barriers. Retention leads to better performance and delighted clients. Lets find out some of the smartest ways to retain top employees.

    What are the Effective Talent Acquisition and Retention Strategies?

    Following are some of the finest strategies based on talent acquisition and retention in the competitive market:

    Designing Competitive Compensation and Benefit Packages

    Research is key when it comes to creating competitive compensation and benefits packages which attract talented candidates and fulfil employees’ needs.

    External can be of immense help for employers as it helps them understand what the competition actually relies on. On the other hand, internal data illuminates how employees perceive their incomes and what types of benefits they value most.

    Offering Flexible Work Schedules

    Flexible work schedule is highly preferred by employees nowadays. This is because it significantly helps them achieve better results and enjoy a proper work-life balance, which in turn benefits employers as well.

    To be precise, flexibility boosts productivity as it curbs time lost in travelling and other office distractions. Furthermore, it promotes engagement, which upsurges profitability and reduces absenteeism.

    Offering Better Career Growth and Development Opportunities

    Scanty learning opportunities lead to dissatisfaction among workers by a large margin. Providing new scopes and better career development opportunities will help lure skilled candidates from other organisations and prepare existing employees for their succeeding big promotions.

    Learning opportunities come in several types which include leadership training, mentoring, orientation, etc. If workers repetitively get the scope of growing and learning, they are less likely to get bored or depressed. Providing new opportunities is a great way to retain talented people for a longer time.

    Growing Outreach Strategies

    Often, employers mistakenly opt for the traditional channels of recruitment to quest for candidates through various referrals and job postings.

    Under such circumstances, they can adopt some advanced outreach strategies like video recruiting, text interviews, social media ads, employee referral campaigns, etc. to get access to a larger number of candidates.

    Using creative recruiting techniques enables owners to form an even better workforce which is more engaged and committed to their work.

    Utilising Data Analytics 

    Employers that pay no attention to data and analytics in acquisition and retention tend to overlook the information through which they can fetch talent. Data analytics is beneficial not only to stimulating strategic decision-making, diminishing risk, and upsurging operational efficiency but also to determining the problems that lead to employee turnover.

    Looking for Candidates with High Potential

    Pick the applicants whose resumes show that they are associated with a certain organisation for a longer period of time.

    In other words, candidates who have worked for a respective company for a long time are likely to get a better opportunity at their next opportunity. Hiring supervisors or managers require comprehensive reference checks in order to ensure their trustworthiness and authenticity.

    Creating a Talented Workforce Via Local Universities

    College campuses serve as a powerhouse of talent. By going to such campuses, employers can meet skilful interns and promote their employer brand. College campuses help employers provide budding candidates with excellent internship opportunities with good stipends and even placement confirmation.

    Creating a Positive Work Environment

    Forming a positive work atmosphere is essential when it comes to attracting and retaining talent. A collaborative and supportive work culture, outstanding growth/development opportunities, flexible working schedules, and employee appreciation campaigns lead to employee engagement and satisfaction.

    Your company needs to encourage seamless communication, promote good teamwork, and provide different crucial resources that enhance productivity, loyalty, and well-being. 

    What are the Advantages of Talent Acquisition and Retention?

    Mentioned below are the notable benefits of executing talent acquisition and retention strategies in a workplace:

    • Cost reduction
    • Morale development 
    • Efficiency of recruitment and training 
    • Better productivity
    • Improved customer experience
    • Enhanced employee experience
    • Enriched corporate culture
    • Greater employee commitment and satisfaction
    • Higher revenue

    Final Words

    To sum up, cultivating a healthy work culture and stimulating work-life balance plays an essential role in retention. Talent acquisition and retention are key elements in any organisation’s growth strategy. By making proper investments in these regions, businesses can gain and retain skilled individuals which will ensure their excellent productivity, success, and competitiveness in the global market.

    If face difficulty in implementing the above-stated strategies regarding employee acquisition and retention, feel free to contact us or go through our blogs section for better insight. 

    Reference Links:

    https://www.fm-magazine.com/news/2022/oct/using-data-to-improve-employee-retention.html

    https://www.betterup.com/blog/talent-acquisition

    https://www.netsuite.com/portal/resource/articles/human-resources/employee-retention-benefits.shtml

    https://www.linkedin.com/pulse/talent-acquisition-strategies-competitive-job-market/

    https://boarcommunity.com/talent-acquisition-andretention-strategies/

    https://www.icims.com/blog/11-talent-acquisition-strategies-to-retain-employees/

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    Contact Us

    Find out if a PEO is the right solution for your business.
    Fill out the form below and we will contact you to schedule a chat.

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  • Benefits of Having a PEO for the Start of the Year

    Benefits of Having a PEO for the Start of the Year

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    Is your business ready to consider a PEO for a smooth transition? 

    As we look forward to what the new year has in store, several companies are looking for ways to grow and improve. Among the strategic priorities that is becoming increasingly important, partnering with a PEO (Professional Employer Organization) stands out, especially for SMEs, as a path to significant benefits.

    The human resources (HR) are an important aspect that can significantly impact your business success in the coming year. But for a lot of small and medium enterprises (SMEs), managing HR can be a lot of work. That is where a PEO comes in.

    6 Reasons to Partner with a PEO at the Start of the Year

    There are many reasons why partnering with a PEO can be beneficial for your business, especially at the start of a new year. Here are just a few of the most significant advantages:

    Payroll and Tax Filing Efficiency

    One of the primary benefits of engaging with a PEO is that you do not need to worry about payroll and tax-related responsibilities. PEOs will process payroll and, in certain instances, also manage local, state, and federal employment taxes.

    By combining payroll with time and attendance systems, you not only cut down on repetitive tasks but also lower the risk of errors, guaranteeing precision in financial transactions.

    Comprehensive Benefits Administration

    In a co-employment arrangement facilitated by PEOs, businesses gain access to a spectrum of benefits administration services. This includes providing your employees with high-quality, cost-effective health insurance, dental care, retirement benefits, and other benefits.

    Additionally, the PEO will take charge of the enrollment process for these benefits and efficiently handles claims, reducing the administrative burden on businesses.

    Expert Guidance on Compliance

    PEOs are experts in HR compliance and can help you stay up-to-date on all the latest laws and regulations. This can give you peace of mind knowing that you are avoiding costly penalties and fines.

    PEOs have compliance experts who know everything from payroll tax law to unemployment insurance, workers’ comp, hiring, and HR compliance. It is like having a shield around your business to protect you from fines and penalties.

    Risk Mitigation and Improved Risk Management

    Besides providing workers’ compensation insurance, PEOs also help in offering safety audits and training programs. These initiatives can help your businesses from the beginning of the year in limiting claims and maintaining a safe work environment.

    Furthermore, PEOs can assist in preparing for and managing Occupational Safety and Health Administration (OSHA) inspections, ensuring adherence to safety standards.

    Holistic Human Resource Support

    A PEO partnership can help your overall human resources from the start and offer you the peace of mind by providing a full range of HR services.

    So, whether your company already has an internal HR function or not, a PEO works with the HR function to provide strategic and administrative support. They work with HR functionaries to provide expert advice and support to the HR function.

    End-to-End Talent Management

    Some PEOs extend their services beyond traditional HR functions to offer talent management services. This comprises support with recruitment and strategic recruitment, employee education and engagement, and performance management plans.

    So, you will not only be able to manage existing workforce dynamics, but also to support the strategic development of the business by optimizing talent.

    Final Words

    Businesses of all sizes can benefit from partnering with a PEO, especially at the beginning of a new business year. By partnering up with a dependable PEO, you can free up your time and resources, improve compliance, attract and retain top talent, reduce costs, and create a more positive and engaged work environment.

    In case you are looking for a comprehensive PEO service then contact us right away. 

    If you are looking for more insights on related topics, you can check out our blog section.

    Reference Links

    https://www.adp.com/resources/articles-and-insights/articles/p/peo-what-is-a-peo-professional-employer-organization.aspx

    https://www.shrm.org/resourcesandtools/tools-and-samples/hr-qa/pages/whatisapeoanditsadvantagesanddisadvantages.aspx

    https://www.forbes.com/advisor/business/what-is-peo/

    https://www.trinet.com/insights/peo-benefits

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    Contact Us

    Find out if a PEO is the right solution for your business.
    Fill out the form below and we will contact you to schedule a chat.

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  • Upcoming Tax Period and Important Dates for 2024 taxes

    Upcoming Tax Period and Important Dates for 2024 taxes

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    Is your business ready for the upcoming tax season? 

    As the calendar year comes to a close, companies of all sizes must begin to plan for the tax season. Although filing taxes isn’t the most thrilling part of running your business, it is an important part that helps you stay compliant with tax laws and manage your finances efficiently. 

    10 Key Tax Deadlines for Businesses

    Mark these important dates in your calendar so you do not miss them:

    January 16, 2024:

    Fourth quarter 2023 estimated tax payment due.

    If you file your 2023 return by Jan. 31, 2024, and ensure that your entire balance owed is submitted with that return, you do not have to make the Jan. 16 2024 payment.

    January 31, 2024:

    Employers need to send W-2 forms to their employees.

    The W-2 form is a commonly used tax document prepared by the employer for their employees, displaying the complete earnings and tax deductions for an employee throughout the calendar year.

    January 31, 2024:

    Send 1099 forms out.

    If you are using the form 1099 to report payments to independent contractors, you must also correctly classify your workers as employees or independent contractors.

    February 28, 2024:

     Report employee ISO exercises.

    Form 3921 must be filed by mail. This form is required for all corporations that have employees who exercised incentive stock options (ISO) during the financial year. Each employee who exercised an ISO must file a separate form 3921. 

    The date is extended to April 1, 2024, for filing electronically.

    March 15, 2024:

    Taxes due for partnerships, multi-member LLCs, and S-Corporations.

    If your business falls under the above categories, mark your calendars for March 15th. This is the deadline to file forms 1065 or 1120S.

    April 15, 2024:

    Taxes due for C-Corporations.

    If your business runs on a calendar year, you need to file a form 1120 as a C-Corporate by April 15th, 2024.

    May 15, 2024:

    Return of Organization Exempt from Income Tax.

    As a tax-exempt organization, you have to file your form 990 by May 15th, 2024. If you need an extension, you can file form 8868 by November 15th.

    September 16, 2024:

    Deadline for Extended Partnership and S-Corporation Returns.

    In case you have filed for an extension, you have until September 16th to submit your completed partnership or S-corporation returns and also this is the deadline for estimated tax payments as well.

    October 15, 2024:

    Deadline for Extended C-Corporation Returns.

    C-Corporations with extensions have until October 15th to file their completed returns.

    January 15, 2025:

    Tax payment due in the fourth quarter of 2024.

    This is your last estimated quarterly tax payment due in 2024. If you decide to pay your entire tax liability from your previous tax year, any outstanding taxes will be due at the time you file your 2024 Individual Tax Return by the April 2025 due date.

    Final Words

    It is important to remember that the most effective way to prepare for tax season is to begin planning ahead of time, maintain a well-structured workflow, and make the most of available resources. With these tips in mind, you can approach the tax season with peace of mind.

    Furthermore, if you are in need of expert support for State(s) and Federal withholding tax filing, deposits, HR, compliance, or related services, we are here to help. Contact us for your outsourcing needs. For more in-depth information, browse through our additional blog content.

    Reference Links

    https://turbotax.intuit.com/tax-tips/tax-planning-and-checklists/important-tax-deadlines-dates/L7Rn92V1d

    https://www.taxfyle.com/blog/important-2024-tax-deadlines-every-tax-deadline-2024-tax-season-irs-income-tax-for-the-2023-tax-return-year

    https://carta.com/blog/business-tax-deadlines/ 

    https://www.irs.gov/charities-non-profits/political-organizations/exempt-organization-filing-requirements-form-990-due-date 

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    Find out if a PEO is the right solution for your business.
    Fill out the form below and we will contact you to schedule a chat.

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  • Year-End Financial Checklist and Services to Review before Welcoming 2024

    Year-End Financial Checklist and Services to Review before Welcoming 2024

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    Have you secured a financially sound year-end for your business before moving into 2024? As the calendar year draws to a close, businesses should start preparing for the upcoming tax season. A lot seems to have changed in the past 12 months economically, especially the burden of inflation going down. 

    But, how has all of this affected your business?

    Taking proactive steps now can not only help to save money in the long run but can also reduce stress in the future. To assist businesses in preparing for the new year, here is a financial checklist of the most important steps to take before entering 2024.

    Tick Off These 5 Things on Your Year-End Financial Checklist before Entering 2024

    Here are 5 important points in your financial checklist to look into before ending the year:

    Partner Agreements: When was the Last Time You Reviewed Them

    Partnerships are the backbone of many successful businesses. However, as circumstances change, so should your partnership agreements. If you have a partnership agreement, it is a good idea to review it every year to see if there are any changes to the laws or taxes that need to be taken into account.

    You should also review it every time one partner leaves or a new one joins the business. Take the time to review and update the agreements, ensuring they reflect the current state of your business and the responsibilities and expectations of each partner.

    Key Man Insurance Policy: Is it Up-To-Date

    Key man insurance is vital to safeguard your company from the financial repercussions in case of the loss of a key employee. If it has been some time since you last reviewed your key man insurance coverage, now is the appropriate time to review it.

    Ensure that the coverage amount remains reasonable and the key individuals specified in the policy are accurately reflected. For instance, review the following information: The number of insured employees, the amount of coverage each employee is entitled to, and whether the employee has consented to the policy.

    Retirement Plans: Have You Reviewed Them Lately

    When it comes to employee benefits, retirement plans are one of the most important things you can do to attract and retain top talent. Take a look at your 401(k), 403(b), and other retirement plans to see if they are competitive and meet your employees’ needs.

    Additionally, review the life insurance coverage, to ensure that they are competitive, meet the requirements of your employees, and are cost-effective. Remember to review other benefits that raise employee morale like disability insurance, paid time off, employee recognition and rewards, etc.

    Business Loans and Credits: Are Your Repayments On Track

    With interest rates and the economy going up and down, it is a good idea to take a look at your business loans and credit. See what the terms are, what the interest rate is, and what the financial impact is of these loans.

    In addition, look for ways to re-finance or change terms to better fit your business objectives. Consider alternative options of financing, including lines of credit and equipment financing, as well as merchant cash advances, to better match your business requirements and cash flow cycles.

    Cost of Services: Are They Optimized

    Conduct a thorough analysis of your business expenditure. This may include office lease renewal costs, telephone costs, credit card costs, and other services that are essential for running your business.

    You can identify areas of expenditure that can be reduced without compromising on quality or productivity. Consult with vendors and look for alternative vendors to optimize your expenditure.

    Final Words

    As the end of the year approaches, it is essential to take the necessary steps to protect your business from financial uncertainty and to prepare for a more organized and successful future. 

    The end of the year is not just a time to reflect. It is also a time to prepare for the future. Do not wait until it is too late

    Moreover, for better planning and strategy for the upcoming year, you should consult a financial advisor. In case you are a company in search of HR, employee benefits, and compensation services, contact us. You can also check out our blog section to find more related articles. 

    Reference Links

    https://www.cavanaghkelly.com/news/the-importance-of-having-a-written-partnership-agreement#:~:text=Ideally%20partnership%20agreements%2C%20like%20wills%2C%20should%20be,or%20a%20new%20partner%20joins%20the%20business.

    https://lattice.com/library/what-are-employee-total-rewards-and-why-should-your-company-implement-them

    https://use.expensify.com/resource-center/guides/end-of-year-financial-checklist-for-small-businesses

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    Find out if a PEO is the right solution for your business.
    Fill out the form below and we will contact you to schedule a chat.

    [/et_pb_text][et_pb_contact_form use_spam_service=”on” recaptcha_list=”Default-0″ recaptcha_min_score=”0.7″ email=”stephanie@fortunebizconsulting.com” custom_message=”New Form Submission!||et_pb_line_break_holder||||et_pb_line_break_holder||First Name: %%FirstName%%||et_pb_line_break_holder||Last Name: %%LastName%%||et_pb_line_break_holder||Company Name: %%CompanyName%%||et_pb_line_break_holder||Company Email: %%CompanyEmail%%||et_pb_line_break_holder||Phone: %%Phone%%||et_pb_line_break_holder||Message: %%Message%%” module_id=”et_pb_contact_form_0″ _builder_version=”4.4.4″ form_field_background_color=”rgba(0,0,0,0)” form_field_font=”Lato||||||||” custom_button=”on” button_text_size=”14px” button_text_color=”#ffffff” button_bg_color=”#003bde” button_border_width=”10px” button_border_color=”rgba(0,0,0,0)” button_border_radius=”4px” button_letter_spacing=”1px” button_font=”Montserrat|||on|||||” border_radii=”on|6px|6px|6px|6px” border_width_all=”2px” border_color_all=”rgba(51,51,51,0.06)” form_background_color=”rgba(0,0,0,0)” button_bg_color_hover=”#0053ef” button_border_radius_hover=”4px” button_letter_spacing_hover=”1px”][et_pb_contact_field field_id=”FirstName” field_title=”First Name*” min_length=”2″ _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”LastName” field_title=”Last Name*” min_length=”2″ _builder_version=”4.4.4″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”off” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_contact_field][et_pb_contact_field field_id=”CompanyName” field_title=”Company Name*” min_length=”2″ _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”CompanyEmail” field_title=”Company Email*” field_type=”email” _builder_version=”4.4.4″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”off” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_contact_field][et_pb_contact_field field_id=”Phone” field_title=”Phone*” allowed_symbols=”numbers” _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”Employees” field_title=”Number of employees*” allowed_symbols=”numbers” _builder_version=”4.4.4″][/et_pb_contact_field][/et_pb_contact_form][/et_pb_column][/et_pb_row][/et_pb_section]

  • How to Staff HR Support within Your Organization?

    How to Staff HR Support within Your Organization?

    [et_pb_section fb_built=”1″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default”]Are you planning to staff HR support within your company and contribute to growth and development? 

    Hiring an experienced and qualified HR support team is a challenging task for any organization. Some companies attempt to outsource HR organizations that help to staff the HR department. Companies keep different attributes in mind when screening candidates for staffing.

    Keep reading to learn about a step-by-step guide that will help you effectively staff HR support.[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default”]

    5 Best Ways to Staff HR Support within a Company

     

    Staffing human resource support team within your company involves a lot of planning. It is essential to hire the right persons for a specific job role since these employees will understand organizational needs and contribute massively to the growth and development of companies.

    Following is a step-by-step guide to help you staff HR support:

    Step 1: Analyse Years of Experience

    The first step is to analyse the number of years of HR experience and the level of responsibility handled during this period. This will help in understanding which person to choose.

    • Understand a person’s experience in working with startups or organizations of similar industry or size.
    • Check education level and HR-related certifications.
    • Check if that recruit knows employment laws and other compliance issues.
    • Understand if they can access, prioritize, and handle multiple projects, conduct in-depth research and adapt quickly to the changing needs.
    • Analyse the communication skills in terms of interaction with senior level and trainee level.

    Step 2: Create Job Descriptions

    It is essential to determine the number of HR staff required depending on the company size. Accordingly, create detailed job descriptions and portfolios for each of these positions. Here is what you can do:

    • Consider the HR-to-employee ratio and plan recruitment of staff.
    • Frame responsibilities, qualifications, and reporting structures.
    • Undergo a thorough recruitment procedure to hire HR staff who have the required experience and skills.
    • Job descriptions help to determine salary levels, analyse performance reviews, clarify missions, and establish titles and pay grades acting as an effective tool for recruiting.

    Step 3: Implement Advanced HR Tools and Technologies

    To hire the right prospect, share these job descriptions with social media, recruitment agencies and employee referral platforms. You can use advanced HR tools and techniques for the hiring process.

    • Leverage online recruiting tools to ensure the best onboarding experience.
    • There are several employee engagement applications to avail to get hold of the right staff.
    • Post onboarding equip the HR team with applicant tracking systems, payroll software and other tools to streamline HR processes and enhance efficiency. 

    Step 4: Develop a Competitive Pay Structure

    Crafting a fair and competitive pay structure is one of the major aspects of retaining and attracting HR staff for the organization. To develop a proper pay structure, it is important to gather background information and then implement it accordingly. Building a market-based pay structure includes:

    • Conducting in-depth market analysis to understand the changing market scenario.
    • Calculating the cost of the pay structures and accordingly implementing the new pay structures.

    Step 5: Implement Benefit Plans

    Every organization must determine certain benefit plans that are mandatory for the employees. Implement vacations, paid leaves, sick leaves, and health benefits insurance, pension and retirement plans and other such benefits.

    • Mandatory benefits include workers’ compensation insurance and unemployment insurance under state laws. 
    • Some regions mandate paid disability insurance and/or paid sick leave for employees. Organizations must check their states’ laws to get more information on required benefits.
    • While small companies can begin by offering few benefits, others can offer a comprehensive benefit package to help attract and retain HR recruits.

    For companies you are not ready to invest in HR staffing internally can go for Professional Employer Organization or PEO as an effective alternative. PEOs come with a comprehensive solution by outsourcing HR functions. A PEO takes care of compliance and HR responsibilities for the organization including payroll, compliance, benefits administration, employee relations and more, allowing businesses to focus more on internal functions. With these aspects, a PEO empowers businesses to grow at scale.

    These steps help in tailoring an effective HR staffing plan adhering to the organization’s unique perspectives and requirements. Following these above-mentioned steps will help in the proper HR staffing process. However, you can also contact us for these services. Additionally, explore our blog section if you are interested in knowing more about such topics.

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    Reference Links:

    https://www.shrm.org/resourcesandtools/tools-and-samples/toolkits/pages/startinganhrdepartment.aspx

    https://in.indeed.com/career-advice/career-development/types-of-workplace-training#:~:text=Most%20training%20programs%20occur%20as,skill%20sets%20of%20their%20employees.[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=”1″ admin_label=”Contact” _builder_version=”3.22″ background_color=”#012780″ use_background_color_gradient=”on” background_color_gradient_start=”#012780″ background_color_gradient_end=”rgba(1,39,128,0)” background_color_gradient_end_position=”60%” background_color_gradient_overlays_image=”on” background_image=”https://wordpress.fortunebizconsulting.com/wp-content/uploads/2020/03/insurance-01.png” background_size=”initial” custom_padding=”54px|0px|120px|0px|false|false”][et_pb_row module_id=”contact_form” _builder_version=”4.4.4″ background_color=”#ffffff” custom_margin=”80px|||” custom_padding=”80px|6%|80px|6%|true|true” animation_style=”zoom” animation_intensity_zoom=”-5%” animation_speed_curve=”ease-in” border_radii=”on|10px|10px|10px|10px” box_shadow_style=”preset1″ box_shadow_vertical=”40px” box_shadow_blur=”80px” box_shadow_color=”rgba(55,104,238,0.15)”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text _builder_version=”4.4.4″ text_font=”Montserrat|300|||||||” text_font_size=”16px” text_line_height=”2em” header_font=”||||||||” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.4em” text_orientation=”center” max_width=”700px” module_alignment=”center” custom_margin=”||60px|” header_2_font_size_tablet=”30px” header_2_font_size_phone=”24px” header_2_font_size_last_edited=”on|phone” locked=”off”]

    Contact Us

    Find out if a PEO is the right solution for your business.
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  • Difference Between the Value of AI and Human Experience in HR and Payroll Management

    Difference Between the Value of AI and Human Experience in HR and Payroll Management

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    Do you know introducing artificial intelligence in human resources and payroll management can help you run a seamless business operation? With the implementation of AI, HR services have been automated and efficient. However, AI may not be able to replace the human-centric aspects of HR management, but the possibilities and advancements it can bring will help in better management. 

    Continue reading to know more about the differences between the value of human experience and artificial intelligence in HR management!

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    Top 6 Differences between the Role of Human Experiences and AI in HR and Payroll Management

    Artificial intelligence has brought several significant changes in managing human resources, but the role of human experiences is still essential. 

    Here are 6 differences between the value of AI and human experiences for better interpretation of the facts:

    Decision-Making 

    AI helps in processing huge data without much turnaround time and accelerates the decision-making process. It helps analyze candidates’ resumes, predicts the turnover of an employee, and assesses their skills seamlessly. Thus, AI comes forward as a crucial tool that facilitates workforce planning and recruitment. 

    However, human judgment is time-consuming, but it excels in evaluating the complex interpersonal dynamics of an employee, soft skills, cultural fit, etc. HR professionals can understand every employee’s needs and resolve any issues empathetically.

    Personalization

    With artificial intelligence, you can personalize employee experiences through customized training programs, career development opportunities, etc. This helps in increasing employee engagement and leads to excellent employee retention.

    However, when it comes to sensitive issues like workplace conflicts, mental health, career counseling, etc., a human touch is needed. AI cannot understand the compassion and mental stress of an individual.

    Efficiency

    With artificial intelligence, HR processes get streamlined and easy as repetitive tasks like data management, payroll, etc., get automated. This automation releases the administrative burden, offering enough time for strategic initiatives. 

    On the other hand, AI cannot build up employee relationships or address the concerns of an individual. Thus, HR professionals play a crucial role in building trust and a positive work environment.

    Diversity and Inclusion

    AI can put an end to the biased recruitment and promotion process and make the decision based on employees’ skills. However, this is only possible when the database is managed efficiently. On the other hand, human resources professionals can understand biases and issues properly and address them while hiring or promoting an employee. 

    Adaptability

    AI plays an essential role in accomplishing large-scale HR responsibilities and managing a huge workforce efficiently. However, when it comes to unforeseen situations, AI cannot adapt to it. Here comes the need for an HR professional, who can overcome complex situations with smart and creative thinking. 

    Cost Efficiency 

    AI improves resource allocation and automates HR tasks, thereby reducing operational costs. However, employee satisfaction, strategic planning, talent development, etc., need a human understanding. Thus, complete AI implementation in HR and payroll management cannot yield better results. Instead, companies need to balance both the human experience and AI for a successful and efficient management system.

    Final Words

    The introduction of AI in HR and payroll management has undoubtedly increased compliance, efficiency, data analysis capabilities, and more. However, the role of empathetic decision-making, emotional intelligence, etc., is still undeniable for a healthy work culture. The perfect collaboration of human experiences and AI can foster a positive work environment and enhanced employee experience. If you need professional assistance in implementing an efficient HR solution, contact us. Our blog section can also guide you in understanding these aspects in an easier way.

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    Reference Links:

    https://blog.darwinbox.com/ai-in-hr-trends-benefits-best-practices

    https://www.sciencedirect.com/science/article/pii/S2772662223000899

    https://www.hrexchangenetwork.com/hr-tech/articles/ways-ai-can-make-hr-professionals-more-efficient

    https://www.whatishumanresource.com/11-ways-ai-can-revolutionize-human-resources

    https://www.oracle.com/a/ocom/docs/applications/hcm/oracle-ai-in-hr-wp.pdf

    https://www.hec.edu/en/knowledge/articles/ai-hr-how-it-really-used-and-what-are-risks

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    Contact Us

    Find out if a PEO is the right solution for your business.
    Fill out the form below and we will contact you to schedule a chat.

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  • Five Wage and Hour Violations That May Surprise You

    Five Wage and Hour Violations That May Surprise You

    [et_pb_section fb_built=”1″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default”]Are you paying your employees what they deserve? Do you know underpaying or illegal deduction is a violation of the Wage law?

    Employers often commit wage and hour violations knowingly or unknowingly. However, this can drag them into legal hazards if reported with proof. As a reputed business organization, you should abide by the Labor Wage regulations to maintain a healthy and protected work environment. Read this blog to know about a few common wage and hour violations you must watch out for![/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default”]

    Top 5 Wage and Hour Violations That You Must Look Out For

    As a responsible employer, you should take care of your employee’s wages and benefits. So, here are the top 5 things you must stop doing to maintain the Labor Wage regulations:

    Illegal Payroll Deductions

    Some employers often deduct wages in multiple illegal ways. In most cases, employers deduct money to compensate for damages that are not associated with employees. These may include shortages in the cash register, property damages at the workplace, the value of tools, etc. Moreover, some also deduct the employment uniform’s price from their employee’s wages. 

    Here, employers must set up laws to discuss the deduction parameters with their employees before deducting their wages. For instance, an employee has worked overtime and is eligible for an overtime bonus. In that case, if you want to deduct any part of his wage, you may have to ask for permission.

    Misclassification of Employees

    As per the law, employees of the company will receive added benefits, overtime payment, and much more. However, in recent years the number of independent contractors in a business organization has increased. Generally, these contractors do not receive equal facilities as the employees of the company. 

    Some employers misclassify their employees as independent contractors to avoid paying benefits. If your company is following any such practices refrain from that as it is considered a violation of the law.

    Not Paying Minimum Wages

    As per the Federal Government, the minimum hourly wage in America is around $7.25. However, some states consider paying a higher rate showing compliance to their employees. On the other hand, some employers violate this law and refrain from paying minimum wages to their employees. This can be seen prevalently in the case of tipped employees. 

    As per the Labor Standards Act, if a worker earns a tip above $30 each month, his minimum hourly cash wage will be $2.13. If any such practices are being followed in your company, stop them immediately. Generally, no employer can deduct more than $5.12 from the wage of a tipped employee. 

    Underpaying the Employees

    Another way of wage violation is not paying the workers per their work. In such cases, employees are working more and earning less. Some employers do not pay the employees for the extra work they do even after their shift ends. 

    Other instances include not paying the employees for the prep work they are doing before their shift starts. Some employers also avoid paying their employees for side work and travel for work purposes. However, these are strict violations of the law and a responsible employer should avoid such practices to maintain his company’s reputation. 

    Not Paying Reporting Pay

    Employees reporting to the office during their shift are eligible for reporting pay irrespective of whether they worked for the day or not. However, some state laws do not include this. This is applicable in case of work interruption due to Acts of God, Government instructions for closure, or an employer closing the shift due to insufficient work. However, if the employee is leaving early due to personal reasons, employers may not compensate him with reporting pay. 

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    Bottom Line

    If you are running an organization and providing employment to several workers, you should maintain the wage and hour regulations strictly. It will keep your employees satisfied with their deserved wages and also mark your company’s goodwill. If you need expert advice and suggestions regarding the wage laws, you can contact us. Moreover, you can read our blog section to get a detailed overview of these violations and ways to stop them.

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    Reference Links:

    https://wageadvocates.com/7-labor-law-violations/

    https://inspiringhr.com/five-wage-hour-violations-that-may-surprise-you/

    https://www.katzmelinger.com/blog/2020/06/5-common-wage-and-hour-violations/[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=”1″ admin_label=”Contact” _builder_version=”3.22″ background_color=”#012780″ use_background_color_gradient=”on” background_color_gradient_start=”#012780″ background_color_gradient_end=”rgba(1,39,128,0)” background_color_gradient_end_position=”60%” background_color_gradient_overlays_image=”on” background_image=”https://wordpress.fortunebizconsulting.com/wp-content/uploads/2020/03/insurance-01.png” background_size=”initial” custom_padding=”54px|0px|120px|0px|false|false”][et_pb_row module_id=”contact_form” _builder_version=”4.4.4″ background_color=”#ffffff” custom_margin=”80px|||” custom_padding=”80px|6%|80px|6%|true|true” animation_style=”zoom” animation_intensity_zoom=”-5%” animation_speed_curve=”ease-in” border_radii=”on|10px|10px|10px|10px” box_shadow_style=”preset1″ box_shadow_vertical=”40px” box_shadow_blur=”80px” box_shadow_color=”rgba(55,104,238,0.15)”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text _builder_version=”4.4.4″ text_font=”Montserrat|300|||||||” text_font_size=”16px” text_line_height=”2em” header_font=”||||||||” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.4em” text_orientation=”center” max_width=”700px” module_alignment=”center” custom_margin=”||60px|” header_2_font_size_tablet=”30px” header_2_font_size_phone=”24px” header_2_font_size_last_edited=”on|phone” locked=”off”]

    Contact Us

    Find out if a PEO is the right solution for your business.
    Fill out the form below and we will contact you to schedule a chat.[/et_pb_text][et_pb_contact_form use_spam_service=”on” recaptcha_list=”Default-0″ recaptcha_min_score=”0.7″ email=”stephanie@fortunebizconsulting.com” custom_message=”New Form Submission!||et_pb_line_break_holder||||et_pb_line_break_holder||First Name: %%FirstName%%||et_pb_line_break_holder||Last Name: %%LastName%%||et_pb_line_break_holder||Company Name: %%CompanyName%%||et_pb_line_break_holder||Company Email: %%CompanyEmail%%||et_pb_line_break_holder||Phone: %%Phone%%||et_pb_line_break_holder||Message: %%Message%%” module_id=”et_pb_contact_form_0″ _builder_version=”4.4.4″ form_field_background_color=”rgba(0,0,0,0)” form_field_font=”Lato||||||||” custom_button=”on” button_text_size=”14px” button_text_color=”#ffffff” button_bg_color=”#003bde” button_border_width=”10px” button_border_color=”rgba(0,0,0,0)” button_border_radius=”4px” button_letter_spacing=”1px” button_font=”Montserrat|||on|||||” border_radii=”on|6px|6px|6px|6px” border_width_all=”2px” border_color_all=”rgba(51,51,51,0.06)” form_background_color=”rgba(0,0,0,0)” button_bg_color_hover=”#0053ef” button_border_radius_hover=”4px” button_letter_spacing_hover=”1px”][et_pb_contact_field field_id=”FirstName” field_title=”First Name*” min_length=”2″ _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”LastName” field_title=”Last Name*” min_length=”2″ _builder_version=”4.4.4″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”off” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_contact_field][et_pb_contact_field field_id=”CompanyName” field_title=”Company Name*” min_length=”2″ _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”CompanyEmail” field_title=”Company Email*” field_type=”email” _builder_version=”4.4.4″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”off” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_contact_field][et_pb_contact_field field_id=”Phone” field_title=”Phone*” allowed_symbols=”numbers” _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”Employees” field_title=”Number of employees*” allowed_symbols=”numbers” _builder_version=”4.4.4″][/et_pb_contact_field][/et_pb_contact_form][/et_pb_column][/et_pb_row][/et_pb_section]

  • 5 Best Practices to Resolve Performance Issues in the Workplace

    5 Best Practices to Resolve Performance Issues in the Workplace

    [et_pb_section fb_built=”1″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default”]Do you know hiring policies and the recruiting system is the key to proper staff selection?

    The success story of any business is associated with the employees working there. Therefore, it is crucial for every company or business to prepare a backup plan so that they can adhere to employee issues and handle these matters efficiently.

    Scroll down to learn about 5 best practices that will resolve performance issues of employees in a workplace.[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default” custom_margin=”-26px|||||”]

    5 Ways to Resolve Employee Performance Issues in a Workplace

    Regardless of an organization’s size, even a low-performing employee can pull down the success of a company. That is a major reason why employers are working more on diligent staff selection.

    However, here are some tips that will help in dealing with employees who have low performance in the workplace:

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    Set Clear Performance Goals:

    The key to getting employees and staff to meet expectations is to set clear performance goals before them. This will help in the following ways:

    • Precise job descriptions help these employees in understanding what exactly they need to do to perform better in the workplace.
    • This will prevent issues before they start and even if it does, the employee will know the correct way to resolve them.
    • This will prevent hardworking staff to choose the wrong path in their work as they will realize what they need to put effort into.

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    Provide a Regular Feedback:

    Companies must not restrict discussing performance issues with employees to only formal review meetings. This is what they should focus on:

    • Managers should put effort into making small corrections whenever a staff slips up unknowingly.
    • Addressing these matters as soon as it begins is a proper way to prevent them from recurring.
    • Managers must work on providing simple but effective resolutions. In case of serious issues, they should conduct formal meetings.

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    Diagnose the Issues:

    When these issues become recurring and an employee continues to underperform, it is essential to identify the root cause of the issue before planning an action. Generally, problems fall into 2 segments:

    • A lack of motivation in an employee makes an individual ignorant of official matters.
    • Lack of ability to perform according to their job description, where an employee might not understand what they are supposed to do.

    However, in both these cases, diagnosing the issue of this employee will help in making a proper resolution.

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    Plan a Performance Improvement Strategy:

    As soon as the cause of low performance is detected, managers must lay out a strategy to help the employee to improve. This will help in 2 ways:

    • If the issue is related to an employee’s ability, that person will benefit from certain training or a small change in their job responsibilities.
    • Employees who suffer from a lack of motivation might respond better if they receive support. Also, provide positive feedback, and ensure cooperation from the management and colleagues.

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    Keep a Record of Everything:

    The management must document all discussions related to performance with the employees which extend beyond casual verbal discussions to improve. This will help in:

    • Tracking an employee’s improvement.
    • Determining what additional steps will help the employee to improve.
    • Properly documenting performance reviews allows employers to identify whether their strategies have worked to help improve an employee’s performance.

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                                           All these above tips will assist managers in better addressing performance issues so that it benefits both employers and employees. Most of these issues can be solved without the management taking any harsh disciplinary action or decision of dismissal. If you are seeking strategies such as these do not hesitate to contact us. We will assist you in the escalation of these plans. If you are willing to know more, please explore our blog section.

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    Reference Links:

    https://www.lbmc.com/blog/managing-employee-performance-issues/

    https://www.omniagroup.com/addressing-employee-performance-problems/

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  • Complete Guide to Payroll Deductions: Find All Details Here!

    Complete Guide to Payroll Deductions: Find All Details Here!

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    Are you aware of what are the rules for payroll deductions in the US and how companies calculate them? Understanding the components of the payroll will help one to comprehend the finances associated with any business. Furthermore, this will help all employers comply with laws and payroll deductions.

    This write-up serves as a comprehensive guide to answering all your queries regarding payroll deductions.

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    What Is a Payroll Deduction?

    Payroll deductions are specific amounts that a company deducts or withholds from your paycheck in the form of voluntary deductions or taxes. All these payroll deductions examine your net pay or the take-home pay after deducting the specific amount from your gross income.

    Now, let us understand the applicable payroll deductions in the US.

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    What Are the Applicable Payroll Deductions in the United States?

    Some of the applicable payroll deductions in the United States include the following:

    Pretax Deductions: 

    These deductions are made from an employee’s paycheck before withholding any taxes. It reduces taxable income and the money one owes to the government since they are excluded from gross pay. Moreover, they reduce one’s Federal Unemployment Tax and state unemployment insurance dues.

    Statutory Deductions: 

    These deductions by government agencies are mandatory and employees require paying them for public services and programs. These include Federal Insurance Contributions Act tax and state income tax. One needs to understand the work status of an employee in order to file it properly.

    • Federal Insurance Contributions Act (FICA) Taxes: These taxes support medicare and social security. Moreover, employees require to pay social security tax at a rate of 6.2%. However, this includes a salary-based contribution limit. Additionally, they need to pay medicare tax at a rate of 1.45% without any cap.
    • Federal Income Tax: The federal government includes 7 income tax brackets which range from a marginal rate of about 10% to 37%. Here government first charges employee’s wages at the lowest rate till they reach a bracket and continue to charge at every rate till they reach their highest tax slab or total gross income.
    • State and Local Tax: These income tax laws vary since some areas charge a fixed rate against all income and others consist of several tax brackets. Additionally, some include few charges or no income tax at all.

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    Post-Tax Deductions: 

    Employers charge post-tax deductions from an employee’s paycheck after withholding all required taxes. However, post-tax deductions do not lower an employee’s overall tax burden as these taxes do not reduce net pay rather than gross pay. Some examples of post-tax deductions are IRA retirement plans, union dues, charity donations, wage garnishments, etc.

    Wage Garnishments: 

    Regulatory agencies and courts might ask an employee to withhold a section of their post-tax or net wages. This is to cover child support, default loans, alimony, or any unpaid tax.

    Voluntary Deductions: 

    Employees might also opt to take out more money from their paychecks so as to cover the cost of several benefits. One can withhold these deductions on a pretax basis or post-tax basis. Voluntary payroll deductions include health insurance, group term life insurance, retirement plans, and various job-related expenses.

    So, let us now understand how can an employee ensure accuracy in payroll deductions.

    How to Assure Accuracy in Payroll Deduction Process?

    Since payroll calculation is a challenging job, there are chances of inaccuracies and mistakes, which might further lead to penalties and litigations. Companies can opt for systematic processes and technologies to ensure proper payroll calculation. These systems will manage the following:

    • Salary Calculation
    • Loan and Advance, Reimbursement, Over Time Management
    • Full and Final Settlement
    • Bonus Calculation
    • Proof of Investments and Tax Declarations
    • Pay Slips 
    • Gratuity Calculation
    • Increment Process, and many more

    It is crucial to educate yourself with this information which will help you do further financial planning. If you are looking for professional assistance to help with payroll, please contact us. Also, explore our blog section if you are interested in learning about similar topics!

    [/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default” custom_padding=”0px|||||”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default” min_height=”240.6px” custom_padding=”0px|||||”]Reference Links:

    https://shieldgeo.com/payroll-and-tax-in-usa/

    https://www.adp.com/resources/articles-and-insights/articles/p/payroll-deductions.aspx

    https://salaryaftertax.com/us/salary-calculator[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=”1″ admin_label=”Contact” _builder_version=”3.22″ background_color=”#012780″ use_background_color_gradient=”on” background_color_gradient_start=”#012780″ background_color_gradient_end=”rgba(1,39,128,0)” background_color_gradient_end_position=”60%” background_color_gradient_overlays_image=”on” background_image=”https://wordpress.fortunebizconsulting.com/wp-content/uploads/2020/03/insurance-01.png” background_size=”initial” custom_padding=”54px|0px|120px|0px|false|false”][et_pb_row module_id=”contact_form” _builder_version=”4.4.4″ background_color=”#ffffff” custom_margin=”80px|||” custom_padding=”80px|6%|80px|6%|true|true” animation_style=”zoom” animation_intensity_zoom=”-5%” animation_speed_curve=”ease-in” border_radii=”on|10px|10px|10px|10px” box_shadow_style=”preset1″ box_shadow_vertical=”40px” box_shadow_blur=”80px” box_shadow_color=”rgba(55,104,238,0.15)”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text _builder_version=”4.4.4″ text_font=”Montserrat|300|||||||” text_font_size=”16px” text_line_height=”2em” header_font=”||||||||” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.4em” text_orientation=”center” max_width=”700px” module_alignment=”center” custom_margin=”||60px|” header_2_font_size_tablet=”30px” header_2_font_size_phone=”24px” header_2_font_size_last_edited=”on|phone” locked=”off”]

    Contact Us

    Find out if a PEO is the right solution for your business.
    Fill out the form below and we will contact you to schedule a chat.[/et_pb_text][et_pb_contact_form use_spam_service=”on” recaptcha_list=”Default-0″ recaptcha_min_score=”0.7″ email=”stephanie@fortunebizconsulting.com” custom_message=”New Form Submission!||et_pb_line_break_holder||||et_pb_line_break_holder||First Name: %%FirstName%%||et_pb_line_break_holder||Last Name: %%LastName%%||et_pb_line_break_holder||Company Name: %%CompanyName%%||et_pb_line_break_holder||Company Email: %%CompanyEmail%%||et_pb_line_break_holder||Phone: %%Phone%%||et_pb_line_break_holder||Message: %%Message%%” module_id=”et_pb_contact_form_0″ _builder_version=”4.4.4″ form_field_background_color=”rgba(0,0,0,0)” form_field_font=”Lato||||||||” custom_button=”on” button_text_size=”14px” button_text_color=”#ffffff” button_bg_color=”#003bde” button_border_width=”10px” button_border_color=”rgba(0,0,0,0)” button_border_radius=”4px” button_letter_spacing=”1px” button_font=”Montserrat|||on|||||” border_radii=”on|6px|6px|6px|6px” border_width_all=”2px” border_color_all=”rgba(51,51,51,0.06)” form_background_color=”rgba(0,0,0,0)” button_bg_color_hover=”#0053ef” button_border_radius_hover=”4px” button_letter_spacing_hover=”1px”][et_pb_contact_field field_id=”FirstName” field_title=”First Name*” min_length=”2″ _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”LastName” field_title=”Last Name*” min_length=”2″ _builder_version=”4.4.4″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”off” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_contact_field][et_pb_contact_field field_id=”CompanyName” field_title=”Company Name*” min_length=”2″ _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”CompanyEmail” field_title=”Company Email*” field_type=”email” _builder_version=”4.4.4″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”off” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_contact_field][et_pb_contact_field field_id=”Phone” field_title=”Phone*” allowed_symbols=”numbers” _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”Employees” field_title=”Number of employees*” allowed_symbols=”numbers” _builder_version=”4.4.4″][/et_pb_contact_field][/et_pb_contact_form][/et_pb_column][/et_pb_row][/et_pb_section]

  • 5 Tips to Ensure Your Company Is Not Overpaying for a PEO

    5 Tips to Ensure Your Company Is Not Overpaying for a PEO

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    Are you aware whether your company is overpaying for a Professional Employer Organization or not? 

    Professional Employer Organization or PEO is a cost-effective option that helps small businesses in managing their HR resources and employee benefits. However, you must be aware of their duties and responsibilities and ensure that you are not overpaying your PEO company.

    This write-up provides you with tips that will assure that you are not spending excessively on your PEO.

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    What Are the Tips to Ensure You Have a Proper Budget for PEO?

    Most companies negotiate with PEOs as the prices of these companies are never fixed and depend on the services, they are willing to provide. It is, therefore, necessary for you to decide upon the best pricing so that you know you are within your budget. 

    However, here are some tips that will help you:

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    1. Find Options and Competitors: 

    One of the significant points to remember before you are finalizing on anyone is that you must compare options when seeking a PEO. Here is what you must do:

    • Try to find the best market rates that other competitive PEOs might charge you.
    • Find the services and additional benefits that other PEOs will offer you.
    • Find their client list and their tenure of service from them.
    • Many PEOs have a challenge in bringing new clients on board. In that case, if you are finalizing them, seek some discount or concessions in exchange for your commitment.

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    2. Understand the Finances First: 

    Another significant aspect you might keep in mind is checking the financial aspect before agreeing to a term. Remember, PEO salespeople are well-trained in a way to build their value before they will let you know their cost. Therefore, you must be mindful of:

    • Avoid emotional discussions while interacting with such individuals, agreeing to specific services, or technologies.
    • Consider the cost they will provide and stick to your budget before proceeding further.
    • Understand whether the cost they are providing is adhering to that of the market.

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    3. Try to Control Privacy: 

    You must provide information only to an extent that is required. However, be sure to not provide them with the important ones, concealing which, might lead to higher quotations. Here you must also use non-disclosure acts and reference-based diligence to control the privacy of your company.

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    4. Understand the Price Locks: 

    Price locks can be much more valuable than the discount that most companies offer. For an instance, if a PEO can lock in during their medical renewal, this comes as a more valuable decision than reducing their administrative fees.

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    5. Find an Expert/Professional: 

    Try to utilize a third-party agency that will save your time and money by shopping for multiple PEOs on your behalf. They will ensure to stick to the guidelines. However, you must check the following in a professional:

    • An expert must have the appropriate market knowledge and its changing scenario. Also, he/she must be aware of the competitive price structure.
    • The concerned organization must follow best practices followed to the core and there must be no violation of laws.
    • They must have information and access to the lowest rates and must support you throughout the PEO relationship.
    • The professionals must also support you regarding annual reviews and other services.

    So, now that you have an idea of how you must avoid overpaying your PEO, it is also necessary for you to educate yourself about their services and offering before seeking one. This will also assist you in saving on your costs. Besides, if you are willing to opt for these services, contact us anytime. We can assist you with payroll, employee compensation and other services. Also, if you wish to explore more about this, you can visit our blog section.

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    Reference Links:

    https://peospectrum.com/blog/5-tips-to-ensure-your-company-is-not-overpaying-for-a-peo/

    https://peospectrum.com/blog/business-big-work-peo/

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    Find out if a PEO is the right solution for your business.
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