Category: Human Resources
HR Outsourcing | Commercial Insurance | Payroll – Fortune Business Consulting
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Business Grants, Loans, and Other Resources During COVID-19
[et_pb_section fb_built=”1″ admin_label=”section” _builder_version=”3.22″][et_pb_row admin_label=”row” _builder_version=”3.25″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text admin_label=”Text” _builder_version=”3.27.4″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”]In the wake of Coronavirus Disease 2019 (COVID- 19) many businesses are facing significant economic losses. In an effort to mitigate the adverse financial impact, many local, state and federal programs and loans have become available to businesses. From loan programs to grant relief.
On March 18th the Families First Coronavirus Response Act was signed into law. This law is in place to provide sick leave and free coronavirus testing expanding food assistance and unemployment benefits and requiring employers to provide additional protection for health care workers. On April 2nd this law goes into effect.
The bill also includes provisions that address the following:
- Establish a federal emergency paid leave benefits program to provide payments to employees taking unpaid leave due to the coronavirus outbreak,
- Expand unemployment benefits and provide grants to states for processing and paying claims,
- require employers to provide paid sick leave to employees,
- establish requirements for providing coronavirus diagnostic testing at no cost to consumers,
- treat personal respiratory protective devices as covered countermeasures that are eligible for certain liability protections, and
- temporarily increase the Medicaid federal medical assistance percentage (FMAP).- Congress.gov
The U.S. Small Business Administration is offering low-interest federal disaster loans to designated stated and territories. Areas eligible include the following:
Apply Here for SBA Disaster Loan Assistance
- Arizona
- California
- Colorado
- Connecticut
- Delaware
- District of Columbia
- Florida
Florida Small Business Emergency Bridge Loan Program
Governor Ron DeSantis Activated the Emergency Bridge Loan Program for small businesses. Managed by the Florida Department of Economic Opportunity (DEO) in partnership with the Florida SBDC Network and Florida First Capital Financial Corporation. The application period is from March 17, 2020 and runs through May 8th, 2020.
This loan will apply to small business owners with two to 100 employees located in Florida affected by COVIC-19 who can then apply for a short-term loan up to $50,000. These loans are interest-free for up to one year. – Florida Disaster Loan
Apply Here for Florida Small Business Emergency Bride Loan COVID-19
Short Time Compensation Program
The Department of Economic Opportunity is providing a program for employers and employees who are impacted by the Virus.
The Unemployment Compensation program for employees provides partial benefits to groups of employees working reduced hours. Employers may elect to participate in this program to retain valued employees by reducing hours for an entire group of employees instead of resorting to temporary layoffs.
Apply Here for Short Time Compensation Program
The Florida Department of Revenue has provided access to a dedicated team to address tax-related issues pertaining to COVID-19 via email. COVID19TAXHELP@FloridaRevenue.com
Tax Day Now July 15
The U.S. government has also extended the tax-filing deadline from April 15th to July 15th allowing for three additional months to both file and pay taxes. The IRS says taking advantage of the extra 90 days will not incur interest or penalties.
For more information on the tax-filing extension from the IRS click here
The CARES Act
The new law called THE CARES ACT does just that. It allows you to RETAIN YOUR EMPLOYEES! It provides $350B in forgivable loans to business owners that maintain or rehire their employees. Your employees will not need to file for unemployment. From now through June 30th, 2020 the SBA will be giving loans to keep payrolls going, and those loans will be forgiven if employees are kept on the payroll. The basics:
• Contact your local bank.
• Sign an affidavit saying your business has been adversely affected.
• Your business must be less than 500 employees (for restaurants, less than 500 per location!).
• The total amount of the loan can be up to 2.5 times your monthly payroll.
• The Loan must be used for payroll, rent, utilities, and mortgage interest.
• The loan will be forgiven if it used for the above expenses (keep your records!).
• Any portion not used for the above will become a 10-year loan at no more than 4% interest.To be ready, you will need your payroll data from February 1st-28th, 2019 and payroll tax filings.
SBA 7(a) Loan
The CARES (Coronavirus Aid, Relief, and Economic Security) Act expands the 7(a) loan and provides a “forgivable” program so long as the business meets the requirements of the loan, which include less than 500 employees, operational on Feb. 14.
The amount and periods, and partial forgiveness, will be determined on a case-by-case application basis, but the gist of this loan is that if it keeps all employees on payroll. There will be deferred interest for a year (then no greater than 4%), and some portion could be forgivable. The maximum term is 10 years, and there’s no prepayment penalty.
This is obviously still in development, and we’re getting more information by the minute, but it can be used to pay payroll, including paid sick or medical leave, mortgage, rent and utility payments, insurance premiums, and other debt obligations.
Certain borrowers are eligible for forgiveness for the amount spent in the 8 week period after origination on the following items: payroll costs, mortgage payments if mortgage incurred before February 15, rent payments on any lease if leased before February 15, and utilities if began service before February 15.
The amount forgiven would be ratcheted down in proportion to any reduction in employees compared to the prior year and in proportion to any reduction in pay to employees beyond 25% of the prior year’s compensation.
Apply through your normal banking contact – typically an SBA approved lender.
LISC Small Business Relief Grants
Thanks to a $1 million grant from Sam’s Club, LISC will provide emergency assistance that small businesses desperately need during the Covid-19 crisis. And it doesn’t stop there: Sam’s Club is mobilizing its members to support this effort as well. LISC will focus these efforts on historically underserved communities, with particular focus on those enterprises owned or led by women, minorities and veterans, which often lack access to affordable capital. Our goal is to help bridge financial gaps and navigate the intricate web of public and private resources now available.
Click here for more information
Companies offering assistance
Facebook
Facebook is offering $100M in cash grants and ad credits for up to 30,000 eligible small businesses in over 30 countries where they operate.
Click here for more information.
Google
Google is offering small and medium-sized businesses (SMBs) $340 Million in ad credits which can be used at any point until the end of 2020 across Google platforms. The ad credits will be available for businesses that advertise directly with them or through partners and who have had active accounts since the beginning of 2019.
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Business Continuity Tips – How to Keep Your Business Running During Coronavirus Disease (COVID- 19) Outbreak
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Business Continuity Tips- How to Keep Your Business running During Coronavirus Disease (COVID- 19) Outbreak
[/et_pb_text][et_pb_blurb title=”What is Coronavirus Disease (COVID- 19)?” _builder_version=”4.0.9″ header_level=”h3″ header_font=”Lato|700|||||||” header_text_align=”center” header_line_height=”1.5em” body_font=”Lato||on||||||” body_text_align=”left” body_font_size=”26px” background_color=”#0c71c3″ background_layout=”dark” custom_margin=”30px||30px||true” custom_padding=”10px|10px|10px|10px|true|true” border_radii=”on|5px|5px|5px|5px” border_style_all=”groove” box_shadow_style_image=”preset1″ box_shadow_horizontal_image=”4px” box_shadow_color_image=”#ffffff”][/et_pb_blurb][et_pb_text _builder_version=”4.0.9″ text_font=”Lato||||||||” text_font_size=”18px” text_line_height=”2em” header_font=”||||||||” header_4_font=”Lato|700|||||||”]
Many businesses are now finding themselves in very challenging times as the country faces Coronavirus disease (COVID- 19). Coronavirus disease is a respiratory illness that can spread from person to person. The common signs of infection include respiratory symptoms, fever, cough, shortness of breath and breathing difficulties. In more severe cases the infection can cause pneumonia, severe acute respiratory syndrome, kidney failure and even death.
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With a total US cases at 140,904, 2,405 deaths and 6,338 reported cases in FL (and rising) businesses are wise to take heed of the recommendations to prevent infection spread. –CDC
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Standard recommendations include regular hand washing, covering mouth and nose when coughing and sneezing, thoroughly cooking meats and eggs. Avoiding close contact with anyone showing symptoms of respiratory illness such as coughing and sneezing. It is also advised to avoid large groups of 50 or more, refrain from touching your face, refrain from touching common areas and remain 3ft apart from others. – CDC
[/et_pb_text][et_pb_text _builder_version=”4.0.9″ text_font=”Lato||||||||” text_font_size=”18px” text_line_height=”2em”]Social distancing or the act of being remote and distancing yourself from social groups or gatherings is becoming a standard. Which is becoming a huge concern for many businesses that work directly with clients and the general public. [/et_pb_text][et_pb_video src=”https://www.youtube.com/watch?v=1APwq1df6Mw” _builder_version=”4.0.9″][/et_pb_video][et_pb_video _builder_version=”4.0.9″ src__hover_enabled=”on|hover” src__hover=”https://www.youtube.com/watch?time_continue=76&v=1APwq1df6Mw&feature=emb_logo”][/et_pb_video][et_pb_blurb title=”What is the impact to businesses ” _builder_version=”4.0.9″ header_level=”h3″ header_font=”Lato|700|||||||” header_text_align=”center” header_line_height=”1.5em” body_font=”Lato||on||||||” body_text_align=”left” body_font_size=”26px” background_color=”#0c71c3″ background_layout=”dark” custom_margin=”30px||30px||true” custom_padding=”10px|10px|10px|10px|true|true” border_radii=”on|5px|5px|5px|5px” border_style_all=”groove” box_shadow_style_image=”preset1″ box_shadow_horizontal_image=”4px” box_shadow_color_image=”#ffffff”][/et_pb_blurb][et_pb_text _builder_version=”4.0.9″ text_font=”Lato||||||||” text_font_size=”18px” text_line_height=”2em” header_font=”||||||||” header_4_font=”Lato|700|||||||”]
Many small businesses are now faced with clients that are canceling orders or events, suppliers with little to no inventory, and employees that they may need to reduce hours or worse, lay off.
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From marketing companies, party planners, construction professionals to nonprofit organizations, many are feeling the impact of this virus. As a result, many business owners have turned to either sending employees home to work, reducing the hours that employees are working, or simply letting go of a large part of their workforce.
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Companies are looking for alternatives to closing their doors, reducing hours of operation, seeking funding or financial resources from the Small Business Administration or even calling their insurance providers to determine if their business interruptions insurance or unemployment insurance will cover the loss associated with the virus.
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Still, there are many businesses that have seen a rise in demand. From grocery stores, cleaning companies, staffing companies, medical transportation companies to cloud-based computing companies.
For these companies, the challenge is how to effectively capitalize on the high demand for their services given the current market conditions.
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As a small business owner facing a slow period here are some options to consider:
1. As opposed to laying off your workforce, reduce the number of hours each employee has to work.
2. Make a request of your staff to take a mandatory non-paid 4 week time off during the year to allow for your employees to keep their jobs. Be sure to stagger the time-off requests throughout the year.
3. Review your insurance policies to determine if your business and employees are covered.
4. Contact your local small business administration office to see what resources are available to you. These can range from grants to loans with smaller interest rates. The Florida Small Business Emergency Bridge Loan Program is currently available to small business owners locate in all Florida counties statewide that experience economic damage as a result of COVID- 19.[/et_pb_text][et_pb_text _builder_version=”4.0.9″ text_font=”Lato||||||||” text_font_size=”18px” text_line_height=”2em” header_font=”||||||||” header_4_font=”Lato|700|||||||” header_4_line_height=”1.6em”]
As a small business owner facing a rise in business here are some options to consider:
Make sure you have an effective business continuity plan in place that ensures that personnel and assets are protected and are able to function quickly in the event of a disaster.
a. Working remotely
b. Access to critical data
c. Safety and security risks
d. Hiring & firing
e. Client onboarding & mitigating client impact and loss1. Working remotely not only assists in the mitigation of spreading the virus, it also protects your employees from contracting it which means they are able to remain working. This also results in your employees not seeing a decline in hours worked impacting their compensation and your clients not seeing a decline in service.
2. Access to critical data gives your employees the ability to truly be effective while out of the office. There are various platform the allow for sharing data and storing information and virtual desktops. Here are a few you can reference: Citrix, Amazon Workspaces, IBM Cloud
3. Safety and securities risk can range from dealing with sensitive data to making sure your employees are adequately washing their hands, keep a reasonable distance from one another and clients, and remaining home if they believe they are sick.
4. Hiring and firing might come as a result of sudden growth, more specifically hiring. In this instance you want to make sure you hiring the right people for the job, setting proper expectation on the responsibilities and the term of the position as well as following labor laws that apply to your industry, local and federal level. In these instances, if you are unfamiliar as to what might apply to you and your industry or simply do not know where to start, Fortune Business Consulting can be a resource to you! From identifying payroll and insurance providers to HR outsourcing companies that will provide all of the labor posters and resources you need.
5. Client onboarding and mitigating client impact and loss will be huge undertaking especially if your business has not seem growth at this magnitude. Create and have processes and procedures in place to not only minimize error but to make sure your clients are all getting the highest level of services each and every time. Prequalify using the phone or videoconferencing platforms such as GoToMeeting, Zoom, and Skype. When delivering services that can be electronically delivered or onboarded, use platforms that are user-friendly and easy to learn. When delivering products, be sure to wash your hands both before and after. Have an effective time and money management platform to assist with those administrative aspects of the business. For money management and accounting these platforms are useful: Freshbooks, Xero, Quickbooks and Waveapps .
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We are in uncharted territory as it pertains to COVID- 19 and it’s ultimate impact. For business owners these are very trying and uncertain times.
[/et_pb_text][et_pb_blurb title=”Here are some helpful Links ” _builder_version=”4.0.9″ header_level=”h3″ header_font=”Lato|700|||||||” header_text_align=”center” header_line_height=”1.5em” body_font=”Lato||on||||||” body_text_align=”left” body_font_size=”26px” background_color=”#0c71c3″ background_layout=”dark” custom_margin=”30px||30px||true” custom_padding=”10px|10px|3px|10px|false|true” border_radii=”on|5px|5px|5px|5px” border_style_all=”groove” box_shadow_style_image=”preset1″ box_shadow_horizontal_image=”4px” box_shadow_color_image=”#ffffff”][/et_pb_blurb][et_pb_text _builder_version=”4.0.9″ text_font=”Lato||||||||” text_font_size=”18px” text_line_height=”2em” header_font=”Lato|700|||||||” header_text_color=”#0c71c3″ header_line_height=”1.4em” header_2_font=”Lato|700|||||||” header_2_text_color=”#0c71c3″ header_2_line_height=”1.4em” header_3_font=”Lato|700|||||||” header_3_text_color=”#0c71c3″ header_3_line_height=”1.4em” header_4_font=”Lato|700|||||||” header_4_text_color=”#0c71c3″ header_4_line_height=”1.4em” custom_padding=”3px|||||” link_option_url=”https://floridadisasterloan.org/?fbclid=IwAR02v7Tv9R0ExDPsP0NnFSAi8Jl35IsrWWudwhOkZPJojIzNhT2xIcR4O_g” hover_enabled=”0″]
Florida Small Business Emergency Bridge Loan Program
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SBA Disaster Loans
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SBA Funding Program
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US Department of Labor on Unemployment Insurance
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Florida Department of Health Guidance for Business
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Florida Department of Economic Opportunity (DEO Guidance for Business
[/et_pb_text][et_pb_cta title=”Still have questions?” button_url=”https://meetings.hubspot.com/stephanie76/discovery-meeting” url_new_window=”on” button_text=”Click Here” _builder_version=”3.19.11″ background_color=”#0c71c3″ border_radii=”on|5px|5px|5px|5px” 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”]
Schedule your free analysis to see what option works best for your business
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What is A Professional Employer Organization (PEO)?
[et_pb_section fb_built=”1″ use_custom_width=”on” specialty=”on” custom_padding_last_edited=”on|desktop” padding_left_1=”0px” padding_left_2=”5px” _builder_version=”3.19.11″ custom_margin=”|-5px||-15px” custom_margin_last_edited=”on|desktop” custom_padding=”32px|0||0px|false|false” top_divider_height=”176px” top_divider_repeat=”5x”][et_pb_column type=”3_4″ specialty_columns=”3″ _builder_version=”3.0.47″ parallax__hover=”off” parallax_method__hover=”on” padding_left__hover=”0px” padding_left=”0px” parallax=”off” parallax_method=”on”][et_pb_row_inner custom_padding=”22.25px|15px|17.6px|0|false|false” _builder_version=”3.19.11″ custom_margin=”3px||”][et_pb_column_inner type=”4_4″ saved_specialty_column_type=”3_4″ _builder_version=”3.0.47″ parallax__hover=”off” parallax_method__hover=”on” parallax=”off” parallax_method=”on”][et_pb_text _builder_version=”3.19.11″ text_font=”Lato||||||||” text_font_size=”18px” text_line_height=”2em” header_font=”Lato|700|||||||” header_2_font=”Lato|700|||||||” header_2_text_color=”#0c71c3″ header_2_line_height=”1.4em” header_text_color=”#0c71c3″ header_line_height=”1.4em” header_3_font=”Lato|700|||||||” header_3_text_color=”#0c71c3″ header_3_line_height=”1.4em” header_4_font=”Lato|700|||||||” header_4_text_color=”#0c71c3″ header_4_line_height=”1.4em”]What is a Professional Employer Organization (PEO)
[/et_pb_text][et_pb_text _builder_version=”3.19.11″ text_font=”Lato||||||||” text_font_size=”18px” text_line_height=”2em” header_font=”||||||||” header_2_font=”Lato|700|||||||” header_2_text_color=”#0c71c3″ header_2_line_height=”1.4em”]If you’ve found yourself wondering what a PEO or Professional Employer Organization is, you are not alone. A Professional Employer Organization (PEO) company partners with small and mid-sized businesses to offer human resource management services.
[/et_pb_text][et_pb_text _builder_version=”3.19.11″ text_font=”Lato||||||||” text_font_size=”18px” text_line_height=”2em”]PEOs or “Employee Leasing” companies, as some may know them, offer various services to their clients or co-employers. PEOs offer complete payroll processing, risk management support, benefits and human resource management resulting in a complete HR solution.
[/et_pb_text][et_pb_text text_font_size=”18px” text_line_height=”2em” _builder_version=”3.19.11″ text_font=”Lato||||||||”]Under the PEO framework, the client company and the PEO form what is called a co-employer relationship. The National Association of Professional Employer Organizations (NAPEO) defines co-employment as the contractual allocation and sharing of employer responsibilities between a PEO and its client.[/et_pb_text][et_pb_blurb _builder_version=”3.19.11″ background_color=”#0c71c3″ border_style_all=”groove” box_shadow_style_image=”preset1″ box_shadow_horizontal_image=”4px” box_shadow_color_image=”#ffffff” background_layout=”dark” body_font=”Lato||on||||||” body_text_align=”left” body_font_size=”26px” header_font=”Lato|700|||||||” header_level=”h3″ title=”PEOs partner with SMBs to provide HR, Payroll, Workers’ Compensation and benefits solutions.” header_text_align=”center” header_line_height=”1.5em” custom_padding=”10px|10px|10px|10px|true|true” border_radii=”on|5px|5px|5px|5px” custom_margin=”30px||30px||true”][/et_pb_blurb][et_pb_text _builder_version=”3.19.11″ text_font=”Lato||||||||” text_font_size=”18px” text_line_height=”2em” header_font=”Lato|700|||||||” header_text_color=”#0c71c3″ header_line_height=”1.4em” header_2_font=”Lato|700|||||||” header_2_text_color=”#0c71c3″ header_2_line_height=”1.4em” header_3_font=”Lato|700|||||||” header_3_text_color=”#0c71c3″ header_3_line_height=”1.4em” header_4_font=”Lato|700|||||||” header_4_text_color=”#0c71c3″ header_4_line_height=”1.4em”]What does a PEO do?
[/et_pb_text][et_pb_text _builder_version=”3.19.11″ text_font=”Lato||||||||” text_font_size=”18px” text_line_height=”2em” header_font=”||||||||” header_4_font=”Lato|700|||||||”]Payroll:
PEOs process your payroll and manage the entire operation. So consider your automated deposits, one time payments, vacation and time off accrual. They manage it all. Not to mention the tax reporting and management process.
[/et_pb_text][et_pb_text _builder_version=”3.19.11″ text_font=”Lato||||||||” text_font_size=”18px” text_line_height=”2em” header_font=”||||||||” header_4_font=”Lato|700|||||||”]Benefits:
PEOs assist in providing small and mid-sized businesses access to benefits options they would not otherwise have access to. Such as benefits administration, access to various plan designs, and the claims process.
[/et_pb_text][et_pb_text _builder_version=”3.19.11″ text_font=”Lato||||||||” text_font_size=”18px” text_line_height=”2em”]They can also provide access to medical, dental and vision coverage. Some PEO’s or leasing companies even offer life and disability coverage and 401(k) plans to their client companies as well.
[/et_pb_text][et_pb_text _builder_version=”3.19.11″ text_font=”Lato||||||||” text_font_size=”18px” text_line_height=”2em” header_font=”||||||||” header_3_font=”||||||||” header_4_font=”Lato|700|||||||”]Risk Management & Compliance:
A PEO takes the burden of securing workers’ compensation coverage and places its client companies under their workers compensation classification code. As a result the client company can potentially reduce the their workers comp rates and overall premium costs. In addition, the risk department of a PEO also gives you access to risk management experts that review your companies safety procedures and recommend and assist in implementing safety measures to create a safe work environment for the employees.
[/et_pb_text][et_pb_text _builder_version=”3.19.11″ text_font=”Lato||||||||” text_font_size=”18px” text_line_height=”2em”]For many small and mid-sized businesses, securing workmen’s compensation is a challenge. Even using an insurance broker can come to no avail. Consequently, PEO’s have offered a solution to such problems in providing an alternative to finding workers compensation coverage.
[/et_pb_text][et_pb_text _builder_version=”3.19.11″ text_font=”Lato||||||||” text_font_size=”18px” text_line_height=”2em” header_font=”||||||||” header_4_font=”Lato|700|||||||” header_4_line_height=”1.6em”]Human Resource Management (HRM):
Human resource consultants are provided by PEO’s to give their client company the tools to help manage and support the employees. From training and development to new hire packages and on-boarding processes and procedures. A PEO provides all of the support the client company would need to help in successfully on-boarding, training, and if necessary off-boarding of employees and everything in between.
[/et_pb_text][et_pb_blurb title=”According to a recent study by noted economists Laurie Bassi and Dan McMurrer, businesses that use PEOs grow 7 to 9 percent faster, have 10 to 14 percent lower employee turnover, and are 50 percent less likely to go out of business -NAPEO” _builder_version=”3.19.11″ header_level=”h3″ header_font=”Lato|700|||||||” header_text_align=”center” header_line_height=”1.5em” body_font=”Lato||on||||||” body_text_align=”left” body_font_size=”26px” background_color=”#0c71c3″ border_radii=”on|5px|5px|5px|5px” border_style_all=”groove” box_shadow_style_image=”preset1″ box_shadow_horizontal_image=”4px” box_shadow_color_image=”#ffffff” background_layout=”dark” custom_padding=”10px|10px|3px|10px|false|true” custom_margin=”30px||30px||true”][/et_pb_blurb][et_pb_text _builder_version=”3.19.11″ text_font=”Lato||||||||” text_font_size=”18px” text_line_height=”2em” header_font=”Lato|700|||||||” header_text_color=”#0c71c3″ header_line_height=”1.4em” header_2_font=”Lato|700|||||||” header_2_text_color=”#0c71c3″ header_2_line_height=”1.4em” header_3_font=”Lato|700|||||||” header_3_text_color=”#0c71c3″ header_3_line_height=”1.4em” header_4_font=”Lato|700|||||||” header_4_text_color=”#0c71c3″ header_4_line_height=”1.4em”]How do you know which PEO is right for you?
[/et_pb_text][et_pb_text _builder_version=”3.19.11″ text_font=”Lato||||||||” text_font_size=”18px” text_line_height=”2em”]So how do you know if a Professional Employer Organization (PEO) if right for your business needs? If you have a small or mid-sized business and are great at running your business and providing services to your client but find it challenging to manage the HR aspects of things, you may want to consider a PEO.
[/et_pb_text][et_pb_text _builder_version=”3.19.11″ text_font=”Lato||||||||” text_font_size=”18px” text_line_height=”2em”]Say you’re a small business and want to offer benefits to your employees but simply don’t have enough employees to participate. A PEO should be considered.
[/et_pb_text][et_pb_text _builder_version=”3.19.11″ text_font=”Lato||||||||” text_font_size=”18px” text_line_height=”2em”]From processing payroll, to managing HR and workers compensation issues, time is of the essence. A Professional Employer Organization provides the expertise to help business owners free up their time to focus on what matters most, growing their business!
[/et_pb_text][et_pb_text _builder_version=”3.19.11″ text_font=”Lato||||||||” text_font_size=”18px” text_line_height=”2em”]PEO Brokers assess the client companies needs and determine which PEOs would be suited to meet and exceed their needs at the best possible rates.
[/et_pb_text][et_pb_text _builder_version=”3.19.11″ text_font=”Lato||||||||” text_font_size=”18px” text_line_height=”2em”]Consulting a PEO Broker can reduce the time spend and headache that may result from having to learn a new industry, which companies provide what, how they are all priced and the sometimes tedious submission process for each.
[/et_pb_text][et_pb_text _builder_version=”3.19.11″ text_font=”Lato||||||||” text_font_size=”18px” text_line_height=”2em”]Using a PEO Broker can take the headache and frustration out of the process and save you money and time as a result.
[/et_pb_text][et_pb_text _builder_version=”3.19.11″ text_font=”Lato||||||||” text_font_size=”18px” text_line_height=”2em”]So, is a PEO the right fit for you?
[/et_pb_text][et_pb_blurb title=”Schedule your free risk and HR audit with a PEO Broker Today” _builder_version=”3.19.11″ header_level=”h3″ header_font=”Lato|700|||||||” header_text_align=”center” header_line_height=”1.5em” body_font=”Lato||on||||||” body_text_align=”left” body_font_size=”26px” background_color=”#0c71c3″ border_radii=”on|5px|5px|5px|5px” border_style_all=”groove” box_shadow_style_image=”preset1″ box_shadow_horizontal_image=”4px” box_shadow_color_image=”#ffffff” background_layout=”dark” custom_padding=”10px|10px|3px|10px|false|true”][/et_pb_blurb][et_pb_cta title=”Still have questions?” button_url=”https://meetings.hubspot.com/stephanie76/discovery-meeting” url_new_window=”on” button_text=”Click Here” _builder_version=”3.19.11″ background_color=”#0c71c3″ 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” border_radii=”on|5px|5px|5px|5px”]Schedule your free analysis to see what option works best for your business
[/et_pb_cta][/et_pb_column_inner][/et_pb_row_inner][et_pb_row_inner _builder_version=”3.9″][et_pb_column_inner type=”4_4″ saved_specialty_column_type=”3_4″ _builder_version=”3.0.47″ parallax__hover=”off” parallax_method__hover=”on” parallax=”off” parallax_method=”on”][et_pb_comments _builder_version=”3.16″ 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_comments][/et_pb_column_inner][/et_pb_row_inner][/et_pb_column][et_pb_column type=”1_4″ _builder_version=”3.0.47″ parallax__hover=”off” parallax_method__hover=”on” padding_left__hover=”5px” padding_left=”5px” parallax=”off” parallax_method=”on”][et_pb_team_member name=”Stephanie Fortune” position=”President – Fortune Business Consulting ” image_url=”https://wordpress.fortunebizconsulting.com/wp-content/uploads/2018/07/stephanie_headshot.jpeg” facebook_url=”https://www.facebook.com/FortuneBCLLC/” linkedin_url=”https://www.linkedin.com/in/stephanie-fortune/” _builder_version=”3.12.1″] Hi, My name is Stephanie! I am passionate about helping small and medium-sized businesses empower themselves and their employees while working to achieve their strategic goals! By reviewing your unique business needs, we implement HR, Commercial insurance and payroll solutions that are right for you! [/et_pb_team_member][/et_pb_column][/et_pb_section] -
Can a PEO help my small business?
[et_pb_section fb_built=”1″ specialty=”on” custom_padding_last_edited=”on|desktop” _builder_version=”3.12.1″ custom_margin=”|-5px||-10px” custom_margin_last_edited=”on|desktop” custom_padding=”32px|0||0|false|false” top_divider_height=”159px” top_divider_repeat=”2x”][et_pb_column type=”3_4″ specialty_columns=”3″ _builder_version=”3.0.47″ parallax__hover=”off” parallax_method__hover=”on” parallax=”off” parallax_method=”on”][et_pb_row_inner custom_padding=”22.2656px|0|22.2656px|0|false|false” _builder_version=”3.9″][et_pb_column_inner type=”4_4″ saved_specialty_column_type=”3_4″ _builder_version=”3.0.47″ parallax__hover=”off” parallax_method__hover=”on” parallax=”off” parallax_method=”on”][et_pb_text _builder_version=”3.19.11″ text_font=”Lato||||||||” text_font_size=”18px” text_line_height=”2em” header_font=”Lato|700|||||||” header_text_color=”#0c71c3″ header_line_height=”1.4em” header_2_font=”Lato|700|||||||” header_2_text_color=”#0c71c3″ header_2_line_height=”1.4em” header_3_font=”Lato|700|||||||” header_3_text_color=”#0c71c3″ header_3_line_height=”1.4em” header_4_font=”Lato|700|||||||” header_4_text_color=”#0c71c3″ header_4_line_height=”1.4em”]
Can a PEO help my small business?
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You’ve come across the acronym PEO, or even heard your insurance agent reference it a time or two, but what does it mean and why does it keep coming up? We’ve been hearing the same, so let me fill in some of the gaps, so you can determine if it’s the right fit for your small business. According to NAPEO, A professional employer organization (PEO) provides comprehensive HR solutions for small and mid-sized businesses. Including payroll, benefits, HR tax administration, and regulatory compliance assistance.
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A PEO becomes a partner of sorts, forming what is called a co-employer relationship. NAPEO defines the co-employer relationship as contractual allocation and sharing of certain employer responsibilities between the PEO and the client. The client company provides worksite employees with the tools, instruments, and place to work.
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Some PEOs provide assistance and suggestions to the client when it comes to offering worksite employees a workplace that is safe, conducive to productivity and operated with best practices with employment rules and regulations. They can also assistance with workers’ compensation insurance and a broad range of employee benefits programs. What does a PEO do for your business: Not all PEOs are made the same, however, here are services that various PEOs may provide to your business.
[/et_pb_text][et_pb_blurb title=”PEOs are not one size fits all. How can a PEO actually help you? ” _builder_version=”3.19.11″ header_level=”h3″ header_font=”Lato|700|||||||” header_text_align=”center” header_line_height=”1.5em” body_font=”Lato||on||||||” body_text_align=”left” body_font_size=”26px” background_color=”#0c71c3″ border_radii=”on|5px|5px|5px|5px” border_style_all=”groove” box_shadow_style_image=”preset1″ box_shadow_horizontal_image=”4px” box_shadow_color_image=”#ffffff” background_layout=”dark” custom_padding=”10px|10px|3px|10px|false|true”][/et_pb_blurb][et_pb_text _builder_version=”3.19.11″ text_font=”Lato||||||||” text_font_size=”18px” text_line_height=”2em” header_font=”Lato|700|||||||” header_text_color=”#0c71c3″ header_line_height=”1.4em” header_2_font=”Lato|700|||||||” header_2_text_color=”#0c71c3″ header_2_line_height=”1.4em” header_3_font=”Lato|700|||||||” header_3_text_color=”#0c71c3″ header_3_line_height=”1.4em” header_4_font=”Lato|700|||||||” header_4_text_color=”#0c71c3″ header_4_line_height=”1.4em” custom_padding=”0px||0px” custom_margin=”0px||0px”]
Payroll Administration:
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- Payroll processing, direct deposit, check, pay cards and distribution
- Federal, state and local tax deposits and filings
- Web-based online reporting
- Employer and employee portals
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Workers’ Compensation:
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- Payroll processing, direct deposit, check, pay cards and distribution
- Pay as you go, no deposit and no annual audit
- Low group rates
- Access to “A-rated” carriers
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HR Services and Compliance:
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- HR Professionals and Specialists
- HR and benefits support
- Background checks
- Local, state and federal government compliance
- Employee and management training
- Compliances checks and risk analysis
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Employee Benefits:
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- Health, dental, life, vision disability and supplemental insurance
- 401 (k) retirement plant
- Section 125 flex plan
- All benefits paid and reconciled on your behalf
- Detailed benefits reports
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So that may have come off as a mouth full. This is all new to you, well it is a lot! So, let’s apply this to a small company as an example. ABC Electric is an electrical contracting company. They have 10 employees and have been in business for three years. In the past three years, they’ve had one claim increasing their workers’ compensation rates in the open markets and that’s making it a little challenging to find coverage. Business is growing but that also means it takes the business owner more and more time away from the administrative operations of the business. Bob, the owner decided to search for a solution to processing payroll and possibly lowering his workers’ compensation rates. In addition, while he is GREAT at the electrical side of the business, managing employees has him pulling his hair out!
[/et_pb_text][et_pb_text _builder_version=”3.19.11″ text_font=”Lato||||||||” text_font_size=”18px” text_line_height=”2em” header_font=”Lato|700|||||||” header_text_color=”#0c71c3″ header_line_height=”1.4em” header_2_font=”Lato|700|||||||” header_2_text_color=”#0c71c3″ header_2_line_height=”1.4em” header_3_font=”Lato|700|||||||” header_3_text_color=”#0c71c3″ header_3_line_height=”1.4em” header_4_font=”Lato|700|||||||” header_4_text_color=”#0c71c3″ header_4_line_height=”1.4em” custom_margin=”||0px”]
Option 1 – Payroll & Insurance
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Outsource his payroll functions to a payroll company and keep his workers’ compensation policy with the current carrier with the higher rates. The payroll company will process payroll, manage tax filings and would have access to the portals. The workers’ compensation carrier and his insurance agency will prorate the premium using his claims history, number of employees in each class code and state rates associated with the code, MOD, expense constant and any discounts. The carrier will perform an audit which will determine if Bob has over or under paid and will either receive a refund or must pay the remaining balance due.
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Option 2 – Professional Employer Organization “PEO”
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He can outsource to a PEO which will handle the HR functions, payroll and workers’ compensation coverage. Being that a PEO has many client companies, they have more buying power when it comes to workers’ compensation rates. They have economies of scale; therefore, Bob would be buying a policy as if he was a company of thousands of employees as opposed to his 10. This leads Bob to have lower rates and not be as impacted by his own claim. There will no longer be annual audits as the PEO will track on actual payroll numbers.
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So, there are no year-end surprises. As a co-employer, a PEO has a vested interest in reducing risk within your organization. That means they will proactively work with your company to create a safe working environment for your employees. Bob now has more time to focus on his employees and clients. He no longer must spend hours reconciling payroll, or managing the administrative process of HR and risk, and can work on growing the business.
[/et_pb_text][et_pb_blurb title=”Two-thirds of businesses with employees survive at least 2 years and about half of that survive 5″ _builder_version=”3.19.11″ header_level=”h3″ header_font=”Lato|700|||||||” header_text_align=”center” header_line_height=”1.5em” body_font=”Lato||on||||||” body_text_align=”left” body_font_size=”26px” background_color=”#0c71c3″ border_radii=”on|5px|5px|5px|5px” border_style_all=”groove” box_shadow_style_image=”preset1″ box_shadow_horizontal_image=”4px” box_shadow_color_image=”#ffffff” background_layout=”dark” custom_padding=”10px|10px|3px|10px|false|true”][/et_pb_blurb][et_pb_text _builder_version=”3.19.11″ text_font=”Lato||||||||” text_font_size=”18px” text_line_height=”2em” text_text_color=”#000000″]
Given that two-thirds of businesses with employees survive at least 2 years and about half of that survive 5 according to Bureau of Labor Statistics, it’s critically important to manage employees and the challenges that may come along with them. The success of your business depends on it. The biggest challenges that small businesses face is cash flow, decline of customer spending, and economic uncertainty. National Association of Small Business .
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Business owners must make a point to focus on their employees, manages the costs associated with it so that they are free to focus on growing their client base and serving their current clients. According to a study, small businesses that work with a PEO grow 7 to 9 percent faster, have employee turnover that is 10 to 14 percent lower, and are 50 percent less likely to go out of business. In addition to 70% reporting increase in revenue. NAPEO
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For your unique business, you may be processing payroll in-house to start then as you grow consider a payroll company then PEO. Your needs may vary due to your ability to manage employees or risk. For many, a PEO is a viable option because they are unable to secure proper coverage in the open market. For others it is a viable option because they need the HR assistance and can’t take on the cost associated to hire a dedicated HR professional internally.
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A PEO is not one size fits all. In addition, not all PEOs are made the same. Fortune Business Consulting helps businesses to find solutions that solve their unique business needs. Are you considering options with regards to insurance, payroll and HR? Let Fortune Business Consulting help you with the analysis process. Don’t worry, we keep you in mind! Like what you’ve read? Subscribe to our other articles and learn how to keep your business growing!
[/et_pb_text][et_pb_cta title=”Still have questions?” button_url=”https://meetings.hubspot.com/stephanie76″ url_new_window=”on” button_text=”Click Here” _builder_version=”3.19.11″ background_color=”#0c71c3″ border_radii=”on|5px|5px|5px|5px” 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”] Schedule your free analysis to see what option works best for your business [/et_pb_cta][/et_pb_column_inner][/et_pb_row_inner][et_pb_row_inner _builder_version=”3.9″][et_pb_column_inner type=”4_4″ saved_specialty_column_type=”3_4″ _builder_version=”3.0.47″ parallax__hover=”off” parallax_method__hover=”on” parallax=”off” parallax_method=”on”][et_pb_comments _builder_version=”3.16″ 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_comments][/et_pb_column_inner][/et_pb_row_inner][et_pb_row_inner _builder_version=”3.19.11″][et_pb_column_inner type=”4_4″ saved_specialty_column_type=”3_4″ _builder_version=”3.0.47″ parallax__hover=”off” parallax_method__hover=”on” parallax=”off” parallax_method=”on”][et_pb_signup layout=”top_bottom” first_name_fullwidth=”off” last_name_fullwidth=”off” title=”Want More Small busines Tips?” description=”
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Hire, Train, and Retain- How to Attract and Keep Top Talent
[et_pb_section fb_built=”1″ fullwidth=”on” _builder_version=”3.22″][et_pb_fullwidth_post_title categories=”off” comments=”off” featured_placement=”background” text_color=”light” _builder_version=”3.9″ title_font=”Lato|700|||||||” title_font_size=”32px” meta_font=”Lato|700|||||||” use_background_color_gradient=”on” background_color_gradient_start=”rgba(27,105,214,0.74)” background_color_gradient_end=”rgba(58,196,148,0.73)” background_color_gradient_overlays_image=”on” text_orientation=”center” custom_padding=”10%||10%|”][/et_pb_fullwidth_post_title][et_pb_fullwidth_image src=”https://wordpress.fortunebizconsulting.com/wp-content/uploads/2018/08/hiring-image.png” _builder_version=”3.9″ max_width=”22%” module_alignment=”center” custom_margin=”-5%|||” border_radii=”on|50%|50%|50%|50%” border_width_all=”5px” border_color_all=”#ffffff”][/et_pb_fullwidth_image][/et_pb_section][et_pb_section fb_built=”1″ specialty=”on” _builder_version=”3.22″][et_pb_column type=”3_4″ specialty_columns=”3″ _builder_version=”3.25″ custom_padding=”|||” parallax__hover=”off” parallax_method__hover=”on” custom_padding__hover=”|||”][et_pb_row_inner _builder_version=”3.25″][et_pb_column_inner saved_specialty_column_type=”3_4″ _builder_version=”3.25″ custom_padding=”|||” parallax__hover=”off” parallax_method__hover=”on” custom_padding__hover=”|||”][et_pb_text _builder_version=”4.0.9″][/et_pb_text][et_pb_text _builder_version=”3.27.4″ text_font=”||||||||” text_text_color=”#000000″ text_font_size=”16px” header_font=”||||||||” header_2_font=”||||||||” inline_fonts=”Times New Roman”]
So, you have yet another job posting on Indeed for yet another open position. The last employee barely made it to a year and you are wondering… What is it that you are doing wrong?
What is it about your company that keeps employees from staying? The truth is, it isn’t you. Well, it isn’t just you. In this highly competitive work environment, companies all over are trying to identify ways to attract, train and most importantly retain the talent they bring on. After all, you have spent a great deal of time and money bringing in these new hires.
Turnover costs can vary significantly and encompasses many factors such as job, location, pay levels and more. According to the Center of American Progress, cost of turnover can range anywhere from 16% – 22% for jobs paying less than 75k a year. This includes the cost of advertising, screening, hiring a new employee, onboarding, management time, training, lost productivity, lost engagement, customer service errors and cultural impact.
Yet, there appear to be those companies that seem to have this hiring and retention thing down to a science. How exactly are they doing this? Well, it comes down to having a system that not only works but can be duplicated.
With a focus on effective hiring and training, retention no longer becomes a problem. So, let’s dive right in.
Hiring
To oversimplify things, hiring is the practice of finding, evaluating, and establishing a working relationship with future employees, interns, contractors or consultants to solve a problem.
With a specific problem in mind to solve, there should be specific results and a proven ability by the applicant to solve those problems. Knowing this, however, many employers fail to be specific enough.
Yes, I said specific enough! Having very broad job postings, requiring many years of experience – even degrees for which the positions do not require – takes away from finding potential applicants with the skills, both hard and soft, that is needed. Create a system for how applicants will pass or fail the interviews. Now that may seem hard, but it doesn’t have to be. The reality is not every applicant will be a good fit for your organization, and your organization will not fit every job seeker. The best thing for both parties is to identify that early and often. By having a systemized approach to moving forward in the interview process, various company representatives can administer the interviews, you reduce chances of favoritism, and more importantly, you hire for what you need rather than how you feel at that time.
Once you’ve made an offer to the ideal candidate, you must have an onboarding process. For many small businesses, this is an oversight. Frankly, many are hiring because they needed employees like yesterday. There is no structure to the process…new hire documents are outdated, and the employee manual from years ago has the old company logo.
I get it, there is no time and we need these positions filled now. Remember, your company is a reflection of you, and your people are a reflection of your company. You want to create an internal culture that invites job seekers to want to apply to be part of your team. Be the employer of choice in your industry! By creating an onboarding process that not only shows employees they’ve made the right choice, but makes them feel it as well, you validate their decision, and provide them with the necessary tools to hit the ground running.
Here’s a quick recap!
- Be specific in your job posting: What skills (hard and soft) are needed to be effective in this role?
- Talk about the role and the culture of the organization: Are you energetic, fast-paced or more relaxed and friendly?
- Create a systematized approach to passing and failing the interview: Not only does this tremendously reduce waste and time, you increase the likelihood of job satisfaction for the employee and ROI for the business.
- Have a structured onboarding process: A systemized onboarding process allows the employee to get a feel for the culture and quickly get things into high gear.
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The reality is not every applicant will be a good fit for your organization, and your organization will not fit every job seeker.
[/et_pb_blurb][et_pb_text admin_label=”Text” _builder_version=”3.27.4″ text_font=”||||||||” text_text_color=”#000000″ text_font_size=”16px”]Training:
What do you want out of training for your employees?
Honestly, take a minute and think about it. I’ll wait…
If you don’t know it’s okay for now, however, it can be detrimental to your training process (or lack thereof).
Let’s first differentiate between training and development. According to SOLS Training is any learning activity focused on acquiring specific knowledge for skills required for a job or task. Development, on the other hand, is the continued expansion of skills, knowledge, and abilities aimed at long-term growth and career advancement.
So, going back to your goal. What is it that you want your new hire or employee to learn in order to do his/her job effectively? How will it contribute to the organization?
We know that 70% of employees believe training could help them become more focused on the job and that’s what we want (Udemy).
Having a plan and identifying the business impact of your training is step numero uno! With the company’s goal in mind, and the employees at its aid to reach them, be keenly aware of what you want that contribution to be.
Not all employees will come into the organization with the same skill set. Therefore, identifying the skills gap – where the employee is and the desired level – you can more clearly define your objectives.
Layer your training: Having a layered approach ensures that you are covering all bases. Having the aim of the employee, customers, and business in mind while also focusing on the right skill-set and employees at the right time. In addition to teaching various skills at varying times, integrate technology! There are a vast number of technological resources at your disposal to teach and train your employees, so use them.
Evaluate: How do you know if your training is truly effective if you don’t analyze the results? Review your measurable objectives and the result of the employees: Have they met their goals? Where did they fall short? What worked well? Take the time to assess the impact that training has on the organization, the culture, and the employee themselves. People like to feel like they are contributing to something greater than themselves, while also growing as a result. If the employees feel good about what they are learning and doing, the impact to the organization will be greater.
[/et_pb_text][et_pb_blurb _builder_version=”4.0.9″ background_color=”#62b7ef” background_layout=”dark” custom_padding=”25px||20px||false|false”]Evaluate! Evaluate! Evaluate!
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Retention:
You’ve hired, trained, and now you want to retain this talent you have worked to develop.
You did not work this hard to continuously see great talent walk out of the door!
We’ve talked about culture, and I cannot stress it enough. While we want to attract, train and retain good employees, let’s talk about bad ones for a second.
We all know the saying a rotten apple spoils the barrel. In the workplace, it is no different! One bad employee can be cancerous and create a toxic work environment for other employees and the company. Identify the bad apples and work to correct the behavior immediately. In some cases, removal of the employee altogether may be necessary.
Now, that we have that out the way, let’s move to keeping the good apples. Understand that humans inherently want to feel good. We feel good by contributing and helping others. I know it may not always seem that way, right? But it’s true.
One way to better retain your talent is to help create projects where their efforts are going towards a great mission. Even greater than the mission of the company.
Let’s say you are a non-profit that feeds the homeless. Your staff is more likely to see the direct impact of their efforts and the population that the non-profit serves – and studies show that 93% of nonprofit employees are engaged at work (Work for Good). However, a receptionist in a payroll company may not immediately see the impact of the work she does, and that of the product the company provides. To better reflect this, ask clients for testimonials. The company can also fundraise or offer the employees the chance to volunteer as a company with a local charity. All these efforts show that the company works as a collective to achieve a common goal!
Education and tuition reimbursement are another retention tool. Create a tuition reimbursement program or offer certification credits for continuing education courses. This shows your employees that while they are working in your company and helping the company to achieve its goals and grow, the company also wants them to achieve their individual goals and grow as well!
In addition, well thought out benefits package not only helps to attract but also retain top talent. According to a Glassdoor Survey, 4 in 5 employees want benefits or perks more than a pay raise. When considering an employment offer, applicants will look carefully at the benefits package, including but also beyond health coverage.
The benefits can range from the following:
- Health insurance
- Paid vacation
- Employee discounts
- Gym membership/wellness programs
- Diversity programs
- Flexible schedules
- Tuition reimbursement
While every company is unique, creating a benefits plan and offering perks to your employees significantly impacts that retention rate.
Bringing it all together:
Ready to add rock-star employees to your team? Ensuring you’re optimizing every part of your new employee process – from hiring to training to retaining – will make the process easier for everyone involved and develop more loyalty from those you bring on board.
Be specific in your job postings – what is the problem you want this person to solve? Have a systemized interview process that everyone is comfortable with so you can move through the process quickly and efficiently.
Once an offer is accepted, have a developed onboarding process to get new employees established within the organization, and continue to train them.
Finally, retention is all about employees feeling appreciated, accepted, and challenged – so create a benefits package that keeps them engaged and happy at work.
Now that job posting you have seems more like a great opportunity than a drag, doesn’t it? Keep these key things in mind, and you will absolutely enjoy the process of growing your team.
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If you still need more tips on hiring, training, and retaining top talent, visit Fortune Business Consulting and subscribe to our email list. Don’t forget to comment your employee related challeneges and solutions!
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My name is Stephanie Fortune! I am passionate about helping small and medium-sized businesses empower themselves and their employees while working to achieve their strategic goals! By reviewing your unique business needs, we implement HR, Commercial insurance and payroll solutions that are right for you!
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