Fortune Business Consulting

Tag: employment

  • How to Save Money With a PEO: Find 7 Ways They Reduce Company Cost

    How to Save Money With a PEO: Find 7 Ways They Reduce Company Cost

    Want to save the cost incurred behind your in-house HR team and still be able to recruit quality candidates? This is possible by taking the help of a PEO or Professional Employer Organization.

    PEOs perform similar human resource management activities as the dedicated department of a company but at a lower cost. These include employee payrolls, benefits, compensations, health benefits, and much more. So, form a co-employment agreement with a PEO to save money. Scroll below to gain detailed knowledge. 

    How Will a PEO Help a Company Save Money?

    Take a look at 7 crucial ways by which a company can maximize profits and cut down on high costs.

    Reduce Chances of Incurring Possible Expenses

    Partnering with a PEO for human resource work will allow you to shift your attention to more complicated tasks of the company. As a result, you will be able to focus on more glaring issues of the company. So, you will save avoidable costs and prevent possible company losses.

    Cost Cutting on Employee’s Health Insurance  

    The PEOs get health insurance for a group of different businesses together. Hence, the cost they pay is much lower, as compared to providing health insurance to a group of employees by one employer. When you partner with a PEO, the cost your company may incur will be lesser in comparison to buying health insurance individually. 

    Savings on Internal HR Department

    PEOs also facilitate extending all the roles and responsibilities of an entire HR department to the organization. Shifting the basic HR responsibilities related to onboarding and payroll processing to a PEO will remove the requirement for an in-house HR department. 

    This calls for high savings in your company’s budget expenses. PEO has years of experience in HR services, so you can be assured of quality recruitment too. 

    Lowering Employee Turnover Rate

    PEOs provide many employee benefits as it partners with different organizations to avail such offers. As an employer, you will be more able to grant your employees greater access to new perks and facilities at a lower cost. Hence, you save more on lower employee turnover rates. 

    Avoiding Expensive Budget Cuts – Worker’s Compensations

    Workers’ compensation needs a special mention as the budget cut on these can be pricey. PEOs have many years of expertise in finances and lawsuits, thus, come as a handy tool to ensure no cost-cutting on such mishaps. 

    Enhancing the Culture of Your Company 

    The PEOs will help provide a more enriching work culture for your employees, by providing the tools and resources your company may need. It is also beneficial for your company as it doesn’t need to invest in it and can still have an enriching job environment, thus leading to new employee engagement. 

    Reduce Excess Expenses on Managing Compliances

    Compliances are very common and can easily incur higher costs for your company. Hence, a dedicated PEO department that looks over every minute detail regarding minor employee issues will help lessen these problems and save up on any probable expenses. These issues relate to employee salary deduction, overtime compensation, etc.

    The PEOs are responsible for taking care of employees of multiple organizations. Thereby, it serves as a place for companies to upgrade their business and workplace environment. PEO helps in enhancing the quality of the company’s culture starting from the on-boarding process to working on the office environment, retention, and higher recruitment. 

    Reference Links:

    https://www.lucidchart.com/blog/what-does-hr-do 

    https://www.netpeo.com/faqs/how-can-a-peo-save-your-business-money/ 

    https://www.themissionhr.com/post/5-ways-a-peo-saves-your-company-money 

    https://americasbackoffice.com/how-to-save-money-with-a-peo/ 

    https://makaihr.com/top-5-ways-a-peo-helps-businesses-save-money/

  • 5 Key Things to Know About Before Moving Your Business to South Florida

    5 Key Things to Know About Before Moving Your Business to South Florida

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    Are you planning to move your business to South Florida? Well, the migration of many large multinational companies to South Florida is full-on in play due to the adoption of the new work-from-home policy. On top of this, the affordable tax and friendly business environment serve as a real magnet. 

    Companies are no longer tied to larger hubs like New York City and Silicon Valley to conduct their business. They can work in the new technology hotspot while enjoying its sunny climate. However, to ensure you are making an informed decision, know about the 5 important things about Florida!

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    Important Things to Consider Before Moving the Business to South Florida?

    Over the last decade, Florida has noticed a high influx of population, which doubles the overall growth rate of the US population. Moreover, after the emergence of the work-from-home policy now, business and their employees understand it is possible to carry out their work virtually from any part of the world.

    So, companies to enjoy the business advantage of South Florida are moving their operation. However, before doing so, consider these 5 things covering the positives and negatives of locating a business in South Florida.

    • Welcoming Business Environment

    South Florida promotes a welcoming business environment. Their tax rates are highly reasonable, including 5.5% corporate income tax, no estate/ inheritance/ gift tax, and no personal income tax. Additionally, there are multiple tourist cities and centers in the state, thus having enough opportunity for earning business revenue. 

    Apart from this, the low cost of living in Florida increases your spending power per dollar, thus boosting your sale due to low goods and service costs. Not to mention, South Florida has amazing weather, i.e., warm and appealing around the year.

    • Affordable Office Rent

    Even though there has been a huge influx of companies in the state, it has still managed to keep the rent for commercial and industrial establishments less. Thus, companies are able to save millions of dollars they would have spent on rent.

    • Increasing Corporate Presence

    Florida is building itself into a business powerhouse by giving companies the required comfort to move and limiting the potential risks. Corporations are also interested in moving to this state because of easy access to talent. 

    This state hosts several top universities and provides an abundant skilled workforce and an affordable cost of living. On top of this, pioneering companies showing successful relocation rate is giving businesses the required confidence.

    • Possible Isolation

    Many established business centers fear losing the competitive edge and the amount of productivity over the rate race for sunny Florida. However, an important thing to consider here is even when they relocate, they still maintain their presence in the origin city.

    • Culture Shock

    There is a possibility of experiencing a dramatic difference in the behavior and practice of the new state. Also, the politics and standard of politeness may affect the working environment for a while. However, with patience, one will be able to overcome it easily. 

    The traffic in this state has worsened by increased tourism and the abundance of stadiums or sports arenas. Some also complain that the weather is humid and unpredictable, but it solely depends on one’s comfort. 

    Overall, South Florida has many things to offer to businesses that can help them flourish. This is why Florida is becoming a hotspot for financial success. However, one must always be aware of its attached downsides. 

    So, read this piece and if you plan to move your business to South Florida, take the help of an off-site HR team. It will ensure a smooth transition. Contact us for professional assistance. We can help overcome your every business challenge. Also, check out our blogs if you are interested in similar topics. 

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    Reference Links:

    https://soooboca.com/moving-your-business-to-boca-raton/

    https://stantoniplaw.com/moving-business-to-florida/?utm_source=rss&utm_medium=rss&utm_campaign=moving-business-to-florida

    https://www.ioptimizerealty.com/blog/pros-cons-business-move-to-florida

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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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  • 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

    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]

  • Know More About Workplace Flexibility and Its Importance!

    Know More About Workplace Flexibility and Its Importance!

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    Having a motivation strategy and all is good, but no employee likes to work in an organization that only cares about deliveries and not the needs of their workers. Thus, management needs to make an effort to improve their employees’ experience, and one of the perfect ways to do that is by introducing workplace flexibility. 

    The main reason behind this is employee flexibility directly depends on employee satisfaction. Want to know more? Then read further!

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    What Is Workplace Flexibility?

    Workplace flexibility means giving the employee a chance to work in a way that suits their personality and lifestyle. This means quitting the traditional 9 to 5 culture and bringing modern, flexible culture. 

    An organization must acknowledge that not all employees work their best at a specific time frame. While some concentrate better early, some need time to make themselves comfortable. The only important thing is that management gets their work on time. So, to incorporate such an environment, managers can make flexible arrangements in areas of –

    • Work shift
    • Remote working option
    • Family and medical leaves
    • Flexible arrival and departure time
    • Shared employment option
    • Part-time employment option
    • Sabbaticals
    • Caregiving leave
    • Unlimited paid time off

    What Is the Importance of Workplace Flexibility, and How Does it Help?

    If an organization implements workplace flexibility right, it benefits the company by improving its performance and bringing employee positivity. Find out more about its importance below:

    Reduces Burnout and Stress

    The traditional corporate system often makes the working environment stressful in which everything is pre-decided for the employees when to arrive, when to submit a file, etc. But with improving flexibility, it is seen that employees maintain better mental health. They can curb their deliveries according to their schedule and perform even better.

    Better Employee Attendance

    Another point that makes it important to make a workplace flexible is to increase the attendance of employees. Not only this, but it also reduces tardiness in the workplace. As a result, organization benefits by increasing their productivity scale.

    Increase in Employee Satisfaction and Morale

    When employees feel their needs matter to their organization, they feel more dedicated to work and accomplish their tasks. It increases their morale and even boosts employee engagement. Thus, the company benefits from the increased commitment of its workers.

    Create a Good Public Image

    Bringing flexibility to workplace organization also creates a good image of itself in public. In other words, employers create a friendly image in front of their workers by giving employees the window to choose how, when, and where to work. This makes the company an ideal place to work, thus attracting more talents and improving productivity.

    Improved Employee Retention

    Flexibility in a workplace and an adaptable approach foster a great sense of loyalty among employees. The reason behind this is employees can maintain their work-life balance and thus stay around for a longer period. 

    Generally speaking, the main reason for the switch of talented employees is they are either looking for a better opportunity or desire flexible working hours. So, if companies solve one of their problems, they can increase their employee retention rate. 

    It requires a lot of skill and experience to keep employees happy and help them provide their best at work. This is why many organizations need experts who will look after the management, employee policies, HR system, leave, payroll, and other sectors. If you are one such company looking for professional assistance, reach out to us. We have a simple and result-oriented system of boosting productivity and retaining employees. Get more information about management and the workplace by scrolling through our blog section. There are several things to learn. 

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    Reference Links:

    https://topworkplaces.com/workplace-flexibility/

    https://www.ringcentral.com/us/en/blog/what-is-workplace-flexibility-and-why-is-it-important-for-employees/#:~:text=Flexibility%20offers%20several%20advantages%20for,workers%20actually%20save%20companies%20money.

    https://www.feedough.com/work-flexibility-important/

    https://opensourcedworkplace.com/news/what-is-workplace-flexibility-advantages-for-employer-and-employees

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    Contact Us

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

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  • How to Keep Your Best Employees in High-stress Situations in 2022

    How to Keep Your Best Employees in High-stress Situations in 2022

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    With files bundling up like a pyramid, deadlines knocking on the door, and pending targets, employees often suffer high stress. However, a manager’s job is to help them not let stress affect their morale and maintain a positive environment around them. 

    But how to foster such an environment in which the performance of the best employees does not get affected even in stressful situations? Here are some tips to follow!

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    How to Manage Stress at Work?

    When employees have too much work and little time to complete, they often ignore their stress. As a result, it gets stored and affects their work ultimately. So, a manager must help them by guiding them on how to manage their stress at work by following the below tips:

    Workplace Flexibility

    One of the best ways to help employees come out of stressful situations is by giving them an adaptable working environment with flexible working terms. It means allowing the employees to work at varying hours depending on the work requirement and pressure. Also, if required, managers must schedule a face-to-face meeting to understand the requirement of their employees and identify if they are suffering from work-life balance.

    Individualized Employee Experience

    Managers must always take care of individualized employee experience and work to improve it. This is important because only when employees feel they belong in the particular workplace does all of their stress go away. Steps that can enable such an environment include:

    • Communicating openly and honestly
    • Demonstrating corporate social responsibility
    • Supporting peers
    • Listening and ensuring                                                                                                                                                                                                                                                                                                                                                                                                                               Give Them More Time Away

    Another best way to help employees perform better is by giving them lots of short breaks. By working for a long period to push deliveries, the stress level keeps increasing, and productivity starts declining. However, on the other hand, when employees take short breaks, it allows them to clear their minds and work with maximum productivity. So, managers must encourage their workers to go on breaks and, if possible, push them to eat their lunch away from their desks.

    Keep Realistic Expectations

    The most common cause of stress in the workplace is deadlines. However, this does not mean managers should discard the system of deadlines, as these are important for tracking and accountability. However, one should make sure they are realistic and attainable. For this purpose, managers can use management tools that tell about specific employees’ workload and capacity according to which management can set their expectations. 

    Reduce Meetings

    When a workplace has too many meetings for workers to attend, they feel short on time to complete their day’s work, creating stress on them. So, managers can help by reducing the number of meetings to absolutely important ones. However, to ensure this does not create a communication gap, one can also use a management platform where communication is centralized. So, everyone is well aware of the updates without wasting time attending the meetings.

    Pair Employees

    Humans can deal with stress better when they have someone to lean on. So, by pairing up employees, managers power them to deal with stressful situations. However, one must set an experienced employee with a newbie to get work done more efficiently. 

    Management is much easier when companies have professional assistants who know how to handle employees and get more work done. If you need such a managerial expert, then reach out to us. We have solutions to every HR, employee, payroll, and management problem. Want to read more on related topics? Then check out our blog section. It has some mind-blowing facts to discover.

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    Reference Links:

    https://www.qualtrics.com/blog/stress-management/

    https://hbr.org/2019/11/making-work-less-stressful-and-more-engaging-for-your-employees

    https://www.forbes.com/sites/forbeshumanresourcescouncil/2021/10/20/five-techniques-for-managing-workplace-stress/?sh=1331ef3b5d74

    https://www.wrike.com/blog/managing-high-stress-employees-in-the-workplace/

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

    Contact Us

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

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