Fortune Business Consulting

Category: Workers Compensation

  • 6 Mistakes That Lead to Higher Compensation in Companies

    6 Mistakes That Lead to Higher Compensation in Companies

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    Compensation is an important factor influencing a business’s ability to attract talented candidates. Thus, it must be treated as an investment to hire, retain and motivate qualified workers. However, employees typically think they are paid too little, but this must not force employers to pay higher compensation.

    It must be a perfect balance between inflation, demand, competitor package, and other factors. While it is impossible to get everything right, one can try and reduce their mistakes to a minimum by identifying the common ones.

    Interested to know more? Then check out the following points mentioning the same!

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    What Are the Common Compensation Mistakes and How to Fix Them?

    Here are some compensation mistakes managements often incur while fixing terms. One should learn about them to avoid them while designing their company policy and ensure a competitive, fair pay system:

    • Ignoring Organisational Goal

    An organization can maintain the most effective pay policy only when the needs of its employees are aligned with the company’s target. So, before setting employee compensation and salary, management must always consider company goals. Later, craft the compensation in a way it meets these goals.

    • Not Negotiating Salary Terms Well

    Companies often have a disparity in their pay. While some can negotiate their salary term better, some can not. This leads to differentiation in pay for men, women, people of color, and other classifications. So, management must ensure they pay their employees according to their compensation strategy and not based on their negotiation skills.

    • Not Considering Employee Performance While Matching Competitor Package

    It will be wrong if a company maintains a competitive system of raises, compensation, and promotion among similar employees. Rather companies must set a benchmark to identify if an employee is being overpaid or underpaid concerning their performance. Also, one must consider these while reviewing annual performance to simplify data-gathering.

    • Considering Wrong Survey for Decision-Making

    It is a common practice among companies to review salary surveys available in the market to determine what competitors of similar industries, sizes, and locations are offering to their employees. However, companies must understand that many tend to exaggerate the job and pay level. Also, there are times when surveys may match the job but not a job description. So, it might be misleading.

    • Not Disclosing Every Information Regarding Employee Pay Process

    When employees cannot understand a company’s compensation system or find gaps in policy, they form an opinion that they are receiving an unfair salary. This further lead to low employee engagement and increased turnover. However, management can avoid this by paying little attention to maintaining transparency and educating team members about what they can do to earn.

    • Ignoring Pay Equity 

    Pay equity is an important factor that employers often miss to maintain. However, this can attract several actions among the company since now legislators are incorporating pay equity law under which employees have the right to get share pay information. Not to mention, salary information is easily available online. So, if an employee does not get fair pay and he or she finds out about it, it can increase penalties and damages for violations. Therefore, companies must maintain parity in pay.

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    With so many complexities involved in figuring employee compensation, companies should get professional help. Those looking for experienced management assistance can contact us. We can maintain a simplified and accurate system of payroll, employee compensation, HR, and risk management services to improve company productivity and turnover. Remember, employee compensation is one of the company’s highest operating costs and needs special assistance. Also, if you want to read more about management and other services, check out our blog section now.

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    Reference Links:

    https://www.payscale.com/compensation-trends/5-mistakes-pay-brand/

    https://www.terrastaffinggroup.com/resources/blog/compensation-mistakes/

    https://hrdailyadvisor.blr.com/2012/04/28/the-six-most-common-compensation-mistakes/

    https://sbshrs.adpinfo.com/blog/8-compensation-mistakes-and-how-to-avoid-them

    https://www.compa.as/blog/common-compensation-mistakes

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    Contact Us

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  • Know How to Help Your Employees in Career Development While on the Job

    Know How to Help Your Employees in Career Development While on the Job

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    Every employee joins an organization expecting it will help them grow in their career. For it, employees also work hard and show their dedication. However, when managers neglect to have an important conversation about career development and what an employee’s future looks like, it hurts workers’ morale and productivity. As a result, leaving them feeling unappreciated. 

    So, what can a manager do to maintain their employee’s motivation and increase their retention rate?

    Here are a few ways to give employees a sense of importance and job satisfaction. It lays down the path of career development for them and ensures the growth of both employees and the company.

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    6 Ways to Help Employees Build Their Career While on Their Job

    Here are six important ways describing how management can add to the professional advancement of their employees for a better future:

    • Understand the Employees’ Aspirations

    Managers must take a personal interest in their employees’ near- and long-term aspirations. As a result, it gives them a better understanding of how to align and develop the skill of employees to achieve company priorities. In addition, when there is clear, consistent, and direct communication between the boss and their employees, workers feel more engaged and loyal.

    • Help Employees Find Their Fit into the Company

    When an employee joins a company, he or she works in his or her shell or under the contribution of his or her team. Here, managers must help their employees see how they fit in the company to contribute to its vision, mission, and goal. This brings a sense of value to workers who work hard to connect their daily actions in contributing to the company’s overall growth.

    • Maintain a Work-Life Balance Within the Organisation

    Recently as many companies adopted work from the home culture, it interfered in maintaining a work-life balance for employees. People working at home tend to save their energy to maintain a positive home environment. This blurs the line separating home and workplace. 

    So, while companies monitor the total hours worked by their employees every week, management must also ensure they are not burdening their employees. This maintains productivity level and the scope for career development.

    • Hold Training and Development Sessions Regularly

    Regular training sessions and development programs are the basic steps to fuel employee career growth. Thankfully, virtual learning opportunities are affordable now and create the same result in nurturing employees’ needs and skills. Not only this, but it also helps the company keep up with the new advancements introduced in the industry.

    • Keep Rotating the Duties and Position of Employees

    It is a general understanding that everyone knows that the human brain thrives on job rotation and variety. In other words, when management keeps shaking the daily routine of employees relating to working in different departments and under different roles, it helps them grab new skills and work for better career goals.

    • Be Clear About the Future of Employees 

    Last but the most important point is that management needs to keep reminding their employees how their contribution adds to the company’s mission. This further motivates them to advance in the organization and expand their responsibility.

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    Management is the foundation of every organization. It can either take the company’s progress to the sky or drag it through the mud. So, if you are looking for professional management to help your company better manage employees, look after payroll, HR services, employee compensation, and other areas, contact us. We can help you grow your business by solving your different challenges while you serve your clients. Also, check our blog to find out more about company management and services. 

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    Reference Links:

    https://www.intoo.com/us/blog/ways-to-help-employees-with-career-development/

    https://www.cloud4c.com/growing-together-ways-to-support-employee-career-advancement

    https://www.forbes.com/sites/forbesbusinesscouncil/2021/06/03/10-ways-managers-can-support-employee-career-growth/?sh=734e5f107ab7

    https://www.roberthalf.com/blog/management-tips/7-ways-to-support-employees-career-advancement

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  • Effective Ways to Improve Individualized Employee Experience

    Effective Ways to Improve Individualized Employee Experience

    [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”]An organization is said to be making efforts to improve individualized employee experience when it takes an individual approach to build employee experience strategy. As a result, its employees’ unique needs, aspirations, and preferences get fulfilled. 

    This is also important because when employees notice they are being heard, it increases a sense of loyalty and makes them feel more dedicated to work. Thus, employee engagement increases which further helps in earning more revenue for the company. 

    But how to implement it is the main question? Find some effective ways to improve the individualized employee experience below.

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    5 Ways of Improving Employee Experience at Work

    Nowadays, companies do not focus solely on increasing the number of sales. After the findings of human motivation research were out, companies realized how important it is to maintain their employee’s morale to increase their turnover. So, the focus has now shifted to improving the individual experiences of employees. Some effective ways to do that include:

    Better Communication

    The job of the internal communication team is not just to disseminate information across the company but to encourage employees to work together to achieve a common goal. Moreover, they must be making an effort to win the trust of their employees and build a connection with them. This rules out any gap and gives employees a purpose to work. Thus, as a result, it increases the annual productivity of a company.

    Mapping Employees’ Journey

    Employees, from the time they join a company till they leave, live out a journey, and if an organization makes an effort to map it out, it can identify the pain points of its employees and critical moments. Using it later, an organization can design strategies for meeting the different needs of their employees. In contrast, companies can also use it to keep conversations with their people on track, thus avoiding the trap of forgetting something carried out initially.

    Invest in the Wellness of Employees

    Active employees save a lot of health costs for their companies, but wellness is not just physical. So, the wellness programs set by organizations should also encourage mental health, along with spiritual and emotional wellness. When employees are more rested, they are more attentive and productive. Apart from this, management should also look to implement sick leave, paid vacation, a health & fitness program, paid parental leave, an onsite gym, provide healthy snacks, and arrange health clinics.

    Take Action on Feedback 

    A common problem with organizations is that they implement a survey to collect employee feedback but do not act on it. As a result, the effort often backfires as employees feel the management has nothing to do with how they feel. On the other hand, when employees the management is hearing them, they feel freer to share and suggest. So, to improve individualized employee experience, companies must communicate their action plan to their employees. This must also include the person who is particularly responsible for bringing this change.

    Implement Development Programs

    Employees feel more attracted to work in a company where they have more room to grow in their careers. Moreover, one of the ways companies can gain such confidence from their employees is by implementing programs to train the next set of leaders. Also, to let employees see their future, management should design individual employee development plans and discuss long-term plans with them at least once a year. 

    These are some of the ways management can use to win the trust of their employees. Following it will help improve a company’s individual experience. However, these are way tougher than it looks. So, every company must have an experienced team of managers to look after them. If not, then reach out to us. We can handle the HR system, employee employees, payroll, attendance, and other areas for you. Also, if you want to know more about management and role, you can check out our blog section. 

    [/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”]Reference Links:

     https://www.cmswire.com/digital-workplace/11-ways-to-craft-personalized-employee-experiences/

    https://www.qualtrics.com/blog/10-ways-to-improve-employee-experience/

    https://www.tydy.co/blog/top-5-benefits-of-personalized-employee-experience#:~:text=Personalized%20employee%20experiences%20can%20help%20you%20create%20healthy%20and%20productive,their%20journey%20within%20the%20organization.

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    Contact Us

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    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]

  • Know About South Florida Workers’ Compensation Law for Trucking Business

    Know About South Florida Workers’ Compensation Law for Trucking Business

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    The state of Florida requires every employer to cover the workers’ compensation of their employees. However, the coverage requirement for an employee may differ from one employer to another. For example, it depends on the number of employees, type of industry, and entity organization. 

    Want to get more insight into how much your company is liable to pay as workers’ compensation? What if one does not meet it? Read along to find out more on this!

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    How Much Does a Trucking Business Have to Pay as Workers’ Compensation?

    A business involved in a trucking operation must protect its employees from injuries and employers from a lawsuit by covering them under workers’ compensation insurance. According to the law, the minimum requirement is $ 100,000 per occurrence, $ 100,000 per occurrence by disease, and $ 500,000 aggregate. 

    However, this rate may vary depending on factors like –

    • Employee’s payroll
    • Location of business
    • Industry and its risk factors
    • Employee number
    • Claim history
    • Coverage limit

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    Who Gets Coverage under Workers’ Compensation?

    If a business has four or more employees, it is mandatory to get workers’ compensation insurance. This insurance will cover the medical and hospital bills of the employees. In addition, it pays for temporary total disability costs, ambulance costs, and permanent disability. However, the truck driver must have got injured due to the following reasons only:

    • Injured while unloading or loading freight
    • Got wounded in an accident
    • Slipped and got injured while entering or getting out of the truck
    • Got hurt when carrying roadside repairs of the truck

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    What Happens in Case of the Non-Compliance with Workers’ Compensation Law?

    Employers in the state of Florida who do not provide workers’ compensation to their employees attract several civil penalties. The most immediate one is that the company must stop its operation immediately until it complies with legal rules and pays the required penalties. 

    This penalty charge usually amounts to double the insurance premium payable by the employer for the previous two years. In addition, if the employer does not comply with this stop-work order, he or she may also be liable for criminal charges. 

    So, it is paramount for an employer to bear this cost. However, one can always reduce the burden by controlling the premium amount, incorporating cost-saving measures, and avoiding accidents.

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    How Can Companies Reduce Workers’ Compensation Cost?

    The following are some practical ways that companies can adopt to reduce their workers’ compensation costs:

    • Introducing Safety Program

    When companies take measures to avoid accidents even before they occur, it reduces their workers’ compensation cost-effectively. The best way to do so is by introducing a safety program to keep the employees safe. One can also take safety training at regular intervals for the purpose. 

    • Implementing Return-To-Work Program

    The claim becomes costlier day by day until the worker comes back to work. So, to save the company money, one must implement a return-to-work program either by allowing them to cover light-duty hours or work on a part-time basis. This also lowers the risk that employees might never return to work. 

    • Partnering with a PEO

    To help reduce the cost taking the help of a PEO can be an ideal decision. A PEO assists by maintaining a lower number of claims, looking after the company’s safety measures, and managing the worker code to reduce workers’ compensation insurance premiums. 

    Apart from reducing workers’ compensation costs, there are also other managerial areas in which a trusted PEO can help you. So, if you are looking for professional assistance in maintaining your company’s payroll, worker management system, cost control, compliance with HR terms, and assistance in employee recruitment, contact us. To increase your knowledge about what we do, you can also scroll through our blog section.

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    Reference Links:

    https://www.commercialtruckinsurancehq.com/workers-compensation-for-truckers

    https://www.insureon.com/small-business-insurance/workers-compensation/florida

    https://www.barbeejackson.com/workers-comp/florida-workers-comp-trucking/

    https://www.findlaw.com/state/florida-law/florida-workers-compensation-laws.html

    https://www.cornerstonepeo.com/post/how-companies-can-reduce-workers-comp-costs

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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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  • Know How PEOs Help Reduce Workers’ Compensation Costs

    Know How PEOs Help Reduce Workers’ Compensation Costs

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    According to insurance companies, specific industries are at high risk and require broader workers’ compensation insurance coverage. The premium level is set high for them, which often becomes a burden in the long run. If you are one such company dealing with high premiums and invalid claims, you can take the help of a Professional Employer Organization (PEO). 

    But how exactly PEOs help reduce the workers’ compensation cost?

    Here’s a guide to educate you about all the ways PEOs manages to lower workers’ compensation insurance premium and their overall cost in a breeze. 

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    How PEOs Reduce Workers’ Compensation Costs?

    When you outsource the task to a PEO, it staffs your workplace with HR experts that incorporate sustainable cost–saving methods and reduce overall cost. Some of the ways are mentioned below:

    ●       Ensuring Worksite Safety

    The main factor influencing insurance premiums is whether the workspace is highly contagious to employees’ health. PEO helps lower the cost by looking at the organization’s safety programs, implementing better measures, and maintaining an injury-free environment. 

    ●       Managing Workers’ Compensation Claim 

    A company has to dedicate a large chunk of its operational time to looking after workers’ compensation claims. PEOs help by taking over this complex and time-consuming job. They save costs by preventing fraud and giving enough time to the company to improve its production. 

    ●       Implementing Return-To-Work Program

    Workers’ compensation costs reduce drastically when a company implements a return-to-work program. However, as it is a complex process, it can be overwhelming to introduce without expert help. 

    PEOs have the required experience and thus help customize the program to benefit the company. When injured employees join the work (even part-time or at reduced capacity), it lowers the workers’ compensation benefit and the overall burden on the company. 

    This is not it! PEOs also work on strategies to lower workers’ insurance premiums to reduce the cost incurred after an employee. Some are pointed out in the next section. 

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    Effective PEO Strategies to Lower Workers’ Insurance Premium

    Working with a trusted and experienced PEO gives the required peace of mind. They help manage risk by bringing precision, reducing accidents, and saving costs. The strategies PEOs use to lower workers’ insurance premiums are as follows:

    ●       Safety Training

    PEOs help keep your employees safe by providing them with top-class safety training. Moreover, it is not only for your recruits but also for the existing ones as revising safety measures at regular intervals is necessary. This, in turn, reduces the total number of mishaps taking place at the workplace, thus lowering the insurance premium amount. Moreover, this service is available at no extra expense. 

    ●       Maintain a Lower Experience Modified Rate

    Experience Modified Rate (EMR) is the basis on which insurance companies calculate your workers’ compensation insurance premium. If the rate is high, the insurance premium rate is also high. So, here a PEO helps reduce this rate by including you in its existing workers’ compensation plan. 

    ●       Correct Employees Classification 

    Each employee working in your organization is classified under a worker’s code. However, there are times when an employee is fit for multiple codes. Here, if you choose the wrong code, it can increase the premium amount of the employee. So, a PEO helps by ensuring an employee gets the correct code with the lowest compensation rate. 

    Getting professional assistance from a PEO is a one-stop solution to solve all your problems relating to burdened employee costs, HR management, payroll system, and others. So, if you require a managerial expert to help you out in these areas, reach out to us. Moreover, if you want to know more about what a PEO can do for you, explore our blog section. 

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    Reference Links:

    https://blog.zamphr.com/how-peos-handle-workers-comp-administration

    https://blog.bcnservices.com/how-peos-reduce-workers-compensation-costs

    https://dinsmoresteele.com/dinsmore-steele-blog/how-a-professional-employer-organization-can-help-you-with-workers-compensation

    https://blog.questco.net/how-peos-control-workers-comp-costs

    https://blog.questco.net/5-ways-to-reduce-workers-comp-costs

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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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  • A Business Owner’s Ultimate Guide: Devising the 2022 Business Plan

    A Business Owner’s Ultimate Guide: Devising the 2022 Business Plan

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    As the fourth quarter of 2021 ends and a new year approaches, it is high time for leaders to craft a strategic business plan for the coming year. 

    During the past few years, technology has boomed, and innovation has become vital for survival. With these serious transpositions, it is time for business leaders to adopt a proactive strategy – one that labels important areas and helps put aside probable setbacks.

    So, if you are a business owner, remember to get clarity, share your insights with the team and start mounting the resources in motion before it’s too late.

    Let’s dive in to find out more!

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    How to Locate the Top Priorities for Business Growth in 2022?

    Your goal for setting up a proactive business strategy can comprise of a multitude of things. However, a few common focus areas for business growth include:

    • Implementing a more efficient system
    • Diversifying the team
    • Enlarging the territory
    • Upgrading client services
    • Refurbishing vision, mission, and firm’s culture

    In addition, a SWOT analysis can aid you in optimizing your digital marketing strategy. 

    A few other strategies that can help business leaders in directing their priorities are:

    • Asking the advisory board for inputs
    • Accepting inputs from employees, especially those who have shown a keen interest in driving the firm’s growth.
    • Addressing feedback from clients to determine the strengths and weaknesses of the company.

    Eventually, choosing one central goal will not be sufficient to drive business growth. Business owners typically have several plans for their business. The takeaway here is to identify the top goals and determine how they will affect the company’s functioning.

    For instance, when you implement a new system, it will positively affect customer service and increase profit margins. 

    Consider rooting for the aim that provides a comprehensive ripple effect.

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    Know the Correct Way to Build Your 2022 Business Plan

    While preparing your business plan, you should consider a few key points mentioned below:

    1) Locate Your Assumptions

    Most leaders draw a business plan depending upon a few assumptions. One thing that prevails in the world of investment is that although cycles repeat, not everything works according to the set goal. 

    Subsequently, you must examine your assumptions from the current year. What worked? What did not? Most importantly, why did not a particular plan work? Answer such questions to avoid the same mistakes from happening twice.

    2) Examine Your Results

    Sometimes, the results that you expect are different from what you get. This does not indicate any mistakes from your side. Instead, there are hosts of moving factors influencing the market conditions, which can drive differential results. One way to tackle such situations is to examine the overall impact and let those define the business. 

    For example, if you notice that customers bought more quantities of a product surpassing your expectations, it would be sensible for you to invest more into that particular product for the forthcoming year, given market conditions remain unchanged. Judiciously determine the cause of results to know if there are any abnormalities or long-term movement for the company.

    3) Make Projections

    Financial projections indicate a leader’s commitment to the business. For instance, when you mention the amount of fund you are ready to invest in a particular area, it gains attraction from investors and shareholders. 

    Projections are also helpful in addressing any anticipated issues and foresee circumstances to keep a leader focused. Always consider the best and worst scenarios and make financial projections to draft a practical outline of the company.

    Evidently, the world, as well as the market, is dynamic. Consequently, to keep up with the pace, business plans need to be fluid. The planning and execution of a business plan could be overwhelming for certain business owners. To manage such areas of risk management, human resources, and payroll, you can reach out to us and create an internal work culture to meet your strategic goals. Know how we empower small and medium business owners by following our blogs. 

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    Reference Links:

    https://www.entrepreneur.com/article/390273

    https://www.randrmagonline.com/articles/89666-your-2022-business-plan-its-time-to-start-strategizing

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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.

    [/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]
  • 7 Things Small Business Owners Should Know Before They Hire Employees

    7 Things Small Business Owners Should Know Before They Hire Employees

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    Your business is growing, and you’re ready to hire a few employees to take up the additional load. But, merely deciding to recruit new staff isn’t enough. There’s also the question of “can you”?

    Legal compliance is a must before business owners can begin recruitment. Here’s a comprehensive guide on all that you need to know in this regard –

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    Got your EIN?

    It’s mandatory to obtain an Employer Identification Number from the IRS before you can legally proceed to get staff on board.

    Head to the IRS website to apply online for EIN. You need a Taxpayer Identification Number (TIN), which can be your Social Security Number, TIN for pending US Adoptions, Preparer TIN, or individual TIN. Also, answer a few questions concerning your business to successfully register it.

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    Get the tax withholding records in order

    It’s highly essential to maintain proper records of employment taxes as per the withholding tables set by the IRS. There are primarily three types of withholding taxes necessary in this regard –

    • Federal Wage and Tax statements

    File this report with the Form W-2 for each person to whom you pay remuneration. A copy of it shall be sent to the Social Security Administration by February each year with the following pieces of information –

    • Wages/salary paid to an employee in the previous year
    • Taxes withheld for each employee in the previous year

    You also need to send copies of individual W-2 forms to respective employees by 31st January.

    • Federal Income Tax withholding

    When you hire an employee, get them to sign and submit the W-4 form, which you need to present to the IRS.

    • State taxes

    You may need to withhold additional taxes premised on the state in which your employees are situated. Consult with an attorney concerning all things tax to avoid non-compliance.

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    Sign up with State’s New Hire Reporting System

    Every business owner needs to mandatorily report any new hire to its state’s New Hire Reporting Program. It’s to be done within 20 days from when you have onboarded an employee.

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    Check employee’s eligibility

    Employers must verify their employee’s eligibility to work in the US, per federal laws. You need to do this within 3 days post-hire by filling out the I-9 form. You do not need to submit it with any government body, but docket it with yourself for –

    • 3 years from the hiring date
    • 1 year from the employee’s termination date, whichever comes after
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    Getting worker’s comp is a must

    Every organization in the US needs to obtain a Worker’s Compensation Insurance policy from a legitimate provider.

    Small business owners can partner with a Professional Employer Organization to acquire a worker’s comp package. You can save up to $2400/employee on health insurance policies by signing up with a PEO.

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    Put up proper posters

    Every business in the US needs to hang specific posters on their premises per the Department of Labor requirements. It depends on the state in which you are located. These posters are mandatory, so your employees are aware of their rights.

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    Keep a payroll in place

    Before you recruit any employee, make it a point to have a proper payroll system, which involves a lot more than merely writing checks.

    You need to remit the salary or wages per the employment agreement and company policy and should also be legally compliant. Some business owners delegate this task to a payroll service provider so they can focus on other essential matters.

    Others partner with a PEO in this regard, so they can do away with all the HR tasks while being legally compliant. Read our guide on PEO vs payroll company to make an informed decision.

    Once you have dealt with the heavy legal stuff, focus on finding the right candidates. Because, at the end of it all, your choice of employees will make or break your company and determine where it’s headed in the long run.

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    Reference links:

    https://gusto.com/blog/hiring/small-business-hiring-guide

    https://sba.thehartford.com/managing-employees/hiring/hiring-employees/

    https://briancasel.com/hiring-your-first-employee/

    https://www.nav.com/blog/5-things-to-consider-before-hiring-your-first-employee-16574/

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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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  • 3 Tips for Sustaining a Green Construction Site

    3 Tips for Sustaining a Green Construction Site

    1. Give Thought to LEED Certification

    Leadership in Energy and Environmental Design, known as LEED, is commonly appraised as the gold standard for green construction – and there are different certifications for different levels of the process.

    “For instance, construction volume certification covers an entire portfolio of building projects. Whereas LEED campus and multiple building certifications focus on several buildings on a single site,” Construction Labor Contractors explains. “For the ladder, there are some options to help project owners determine the best way to reach their goals.”

    To put it in other words, it’s besides the point where you’re building, what you’re building, or what level of the Construction process you’re presently in, there’s something you can do to make your process more environmentally friendly. Even if you don’t go through with official LEED certification, researching upon the criteria and practices of LEED construction will only help you.

    Workers Compensation and Coronavirus

    2. Ensure proper Disposal of Materials

    Construction sites produce a considerable quantity of waste. To reduce the bad environmental affects of such waste, properly disposing of excess construction materials is a good step.

    There’s many construction “waste” materials that can be recycled and reused, consider conducting a waste inspection to find out which materials can be reused and recycled. Working with a waste removal service that prioritizes sustainability is a smart way to help reduce environmentally destructive waste disposal practices on your construction site.

    3. Maintain Equipment properly 

    How you manage equipment on a Construction site is important. While most sites will just keep equipment running at all times If you want to reduce equipment downtime between task, reduce equipment usage time which is done on Green Construction sites.

    “If your task doesn’t actually call for the equipment to be powered on, then shut it down. You don’t need to leave it running at all times,” James White writes for Mother Earth News. This might seem like common sense advice, but it’s rarely followed.

    Do I Need Workers Compensation in FL

    Contact us today for assistance with your construction insurance needs

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  • Payroll & PEOs: The Great Connection

    Payroll & PEOs: The Great Connection

    Payroll defined

    Investopedia has payroll defined as the total of all compensation a business must pay to its employees for a set period of time or on a given date furthermore, It is usually managed by the accounting or human resources department of a business; small-business payrolls may be handled directly by the owner or an associate.- Investopedia

    Payroll means everything to a business, but what does it mean to you?

    Payroll frequency determines how often your employees are paid. The standard payroll schedules include weekly, biweekly, semimonthly, and monthly’s owners to manage payroll processing on their own will always be available. However, the concept of putting employee information together, providing paychecks, and identifying required taxes and withholdings can be intimidating. When contemplating the various options to DIY payroll, you want to ensure you get the best out of your selection. In addition to payroll, small and medium-sized businesses need other services – such as HR, compliance, and taxes – consider working with a professional employer organization (PEO).  

    Fact or Fiction?

    When a business recruits a PEO for payroll operations, the PEO turns into a co-employer, and remits taxes on the client companies behalf?

    Fact

    If you pick a standard finance processor, you are capable, as a business, to be protected for specialist’s pay if your state’s laws require it?

    Fact

    Payroll frequency defines how often your employees are paid. Do the standard payroll schedules include weekly, biweekly, semimonthly, and monthly?

    Fact

    What are the differences between standard payroll services and PEO payroll services? 

    Well for some, organizations, utilizing payroll service is a confirmation that their organization’s payroll handling is done effectively. Also, having one less errand to oversee can make recording assessments and representing the financial year a lot simpler. Additionally, with standard payroll services, employers retain sole responsibility of their workforce while offering standard HR services. PEOs handle all compliance and help their clients avoid legal missteps and mistakes when hiring and managing employees.

    What is a Professional Employer Organization (PEO)?

    How do we fit in?

    Fortune Business Consulting takes all of this information into consideration when working on your behalf. At FBC we take a consultative approach to make sure our solution is the best fit for your unique business needs and strategic goals. We learn about your business, the challenges you are currently facing, what’s been implemented, and how to best position you to reach your goals. Our 15 step process helps to assure you receive a high level of service and solution that meets your business needs. We work to give you peace of mind, increase your bottom line, and give you the time needed to run your business.

    Main benefits of using a PEO for payroll services

    Three employee benefits of working with a PEO.

    • Access to big-business employee benefits. Through a PEO arrangement, employees now have access to benefits such as 401(k) plans; health, dental, life, and other insurance.
    • Job security is typically improved when a company partners with a PEO
    • Job satisfaction and productivity are typically increased as a result of a PEO arrangement.

    Through Fortune Business Consulting you will find solutions for 

    • Human resources services
    • The administration of health insurance and other employee benefits
    • Employee onboarding and training
    • 401(k) and retirement plan administration
    • Workers’ compensation insurance
    • New hire recruiting
    • Regulatory compliance assistance

    As the above list clearly illustrates, there is a lot more to PEOs than meets the eye. Small and medium-sized businesses that are growing and are finding themselves buried under administrative paperwork can find significant benefits. Issues such as compliance and payroll taxes can keep your HR and payroll departments busy on tasks that may not best address the firm’s needs. Outsourcing the less employee-focused work can allow your HR team to focus on such initiatives as employee development and satisfaction.

    Here are 3 guarantees Fortune Business Consulting can ensure while parenting with us to provide the best solution.

    • Allowance to choose a payroll / PEO services provider that will allow you to easily migrate to the right solution and experience at each level of growth.
    • We will help you serve your employees so you can focus on growing your book of business.
    • First-class service will be given to you are your team while we focus on findings solutions to your payroll and HR-related challenges

    Key take away

    Simply put using a PEO for payroll assists in saving money on the benefits you offer your employees. These rates are generally significantly less expensive than if you were to seek them out on your own or hire a full-time HR professional. One of the most impactful reasons to use PEOs is because of the many complicated and always changing regulations that affect both payroll and general employment and labor law. Working with a PEO allows companies to focus on their core lines of businesses, and allow a dedicated co-employment team to handle many administrative duties.

    Start your free quote today

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  • Protected: Workers Compensation and Coronavirus (COVID-19): What Your Business Needs to Know

    Protected: Workers Compensation and Coronavirus (COVID-19): What Your Business Needs to Know

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