Fortune Business Consulting

Tag: PEO

  • How to Improve Company Benefits Package For Better Employee Retention?

    How to Improve Company Benefits Package For Better Employee Retention?

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    In recent times, more and more businesses are offering employee benefits packages to ensure the interest of their talented employees and attract new ones. This makes it important for others to pull up their socks to improve their existing package to avoid losing their workers’ loyalty and productivity. 

    This package generally includes compensation in money, special perks, and rewards. However, those who do not want to spend money can always offer more leaves to compete with companies. More such ideas have been mentioned down here!

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    5 Ways to Improve Employee Benefits Package

    It is important for company management to focus on improving its benefits package as the same helps them in many ways. For example, it helps improve the retention rate of the organization, as employees will be willing to stay in the company, aligning business needs with their targets, driving organizational goals, and building a better brand. Some effective ways to achieve this are:

    • Insurance Plans

    Offering insurance plans to employees is a great way for companies to show they care about their employees. Under this plan, a specific amount is insured to cover their employees’ medical expenses. This backs up any loss incurred due to sudden death, disability, accidents, or dismemberment. Also, employers can cover other types of medical expenses, like biometric screening, dental check-ups, etc.

    • Corporate Discounts

    Offer corporate discounts on the original price of certain goods and services (which generally include the items the organization deals in). These can only be availed by the company’s employees and are often used to test new products before launching them in the market.

    • Paid Leaves

    When a company is a start-up or does not earn much profit, it becomes difficult to benefit employees in monetary terms. In this case, employers can give more paid leaves to compete in the face of paid vacation, sick leaves, parental leaves, etc. 

    Many corporates still do not realize the importance of parental leave, but employees must be given some time off to take care of their families and children to maintain a work-life balance.

    • Office Perks

    To make the office a fun place to work in, many organizations design joyous activities. It includes playing board games, scheduling food events, and other parties. In fact, many workplaces have even incorporated nap rooms for better productivity.

    • Wellness Programs 

    It gives employees a sense of trust and valuation that the company cares for their health if it designs a wellness program for them. In addition, these programs also ensure their employees maintain a healthy way of living. This, in turn, improves productivity and retention rate. Some wellness programs one can launch are smoking cessation, gym memberships, weight-loss competition, health screening, etc. 

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    What Is the Importance of Offering Employee Benefits Package?

    When a business is small, and management is running a tight ship around, it may strike the mind whether the cost is worth it? The answer is yes. The employee benefits package is important for reasons like –

    • It minimizes employee turnaround time 
    • Employers can attract the most talented employees
    • It boosts productivity as an employee feels happier and more loyal
    • The company can maintain better worker morale

    From the above information, it might be clear now why every company must improve their employee benefits package and how it helps the company. However, to ensure the success of the initiative taken, one may need a strong management system to control the changes. If looking for one, then contact us. We can help overcome challenges relating to payroll, HR management, employee compensation, paid leaves, etc. Also, if you want to know more about management and services, don’t forget to scroll through our blog section.

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    Reference Links:

    https://www.business.org/hr/benefits/top-reasons-to-offer-employee-benefits/

    https://courses.lumenlearning.com/wm-principlesofmanagement/chapter/employee-compensation-incentive-and-benefits-strategies/

    https://blog.vantagecircle.com/employee-benefits-compensation-ideas/

    https://kiwihr.com/blog/employee-benefits

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    Contact Us

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

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  • 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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  • Discover the Benefits of Appointing a PEO Broker: Bet It Will Blow Your Mind!

    Discover the Benefits of Appointing a PEO Broker: Bet It Will Blow Your Mind!

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    When it comes to hiring a PEO for your organization, entrepreneurs look for the assistance of a PEO broker for a reason. Given the fact that not every PEO fits all companies, they should match the business’ preferences and requirements. However, other things like low service costs, health insurance, and employee benefits must also be kept in mind. 

    Don’t you think it can take days to fulfill all requirements through one PEO? 

    So, companies need the help of an experienced and knowledgeable PEO broker. More benefits of having a PEO broker in your company are discussed below. Read along!

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    1. Saves You Time

    There are generally three categories from which you have to choose your preferred PEO, i.e., Regional, National, and Niche PEO. So, you need to conduct in-depth research on what type of PEO you need and whether the providers offer excellent service? 

    But by hiring a PEO broker, your effort cuts to half. This is because they are already related to a network of good PEO service providers. In addition, by letting the broker know your business requirements, they can easily identify which PEO can suit your needs. This helps you save a lot of time. 

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    2. Employee Health Benefits Management

    One of the common windows to all business problems is employee benefit terms. Unfortunately, these are usually written in technical and complex languages, which are hard to interpret by people with little knowledge. So, by hiring a professional PEO broker, you get the correct interpretation. Not only this, but they keep themselves updated on the current health benefit programs. So, they ensure you, as a business owner, are not at a loss. 

    However, a PEO broker is not only limited to solving health benefits problems. They can provide multiple services and help companies save on their overall cost. 

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    3. Eliminates Hassle Involved in Quoting Process

    Isn’t it daunting when tons of quotes are lying on your desk, and you have to go through them all to find the one? Now you can skip the process altogether!

    The PEO broker you hire will take care of the quotes offered by different service providers. Moreover, they even match the quote to identify if it needs the client’s terms and custom design it if it doesn’t. 

    They also look after the document verification process and consult to maintain a relationship throughout their partnership. So, you have the peace of mind that there is no mistake resulting from miscommunication. 

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    4. Reduced Paperwork

    None can deny that when going on board with someone, there is a lot of paperwork involved to gather essential data. It includes insurance policies, employee salaries, worker’s compensation history, health care requirements, and more. 

    On top of this, when approaching multiple PEOs to find the right one, you have to present them in their unique proposal system. Sounds way too tedious?

    In such times, a PEO broker comes in aid as you have to submit the documents only once. After that, the professionals will evaluate your company’s data and give you a quotation of only those companies that matches your profile. 

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    5. Ready With Expert Advice

    Small or medium-scale companies are all burdened with meeting legal compliance, performing administrative tasks, income-generating tasks, and others. In between, they do not usually find time to keep up with the growing management system and scalability. 

    Here, having a PEO broker works wonders. The broker can give you expert advice whenever you want. PEO brokers always have the correct answers to your compliance-related issues and complex administrative situations. 

    So, if you are one such company looking for PEOs that can handle your payroll, human resource work, or provide worker compensation service, then contact us directly. However, if you are unsure about the workings of PEO and want to know more about them to make an informed decision, then feel free to visit our blog section. 

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    Reference Links:

    https://theoutsourcepros.com/benefits-of-using-a-peo-broker/

    https://www.benefitspro.com/2018/08/27/the-benefits-of-a-broker-only-peo-model/?slreturn=20220115054253

    https://www.linkedin.com/pulse/6-reasons-why-you-need-peo-consultant-broker-now-shraga-jacobowitz

    https://goodmenproject.com/business-ethics-2/does-your-company-need-a-peo-broker-and-why/

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  • PEO Brokers & Their Role: Know Whether Your Company Needs One or Not

    PEO Brokers & Their Role: Know Whether Your Company Needs One or Not

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    If you own a company, you need to manage specific legal compliance and administration for your business. Planning your workforce and controlling their payment can often be difficult, especially when you are new to the system. In such cases, you need a PEO.

    But, which PEO will be perfect for your company?

    This is where you need a PEO broker or PEO Consultant. Wondering who a PEO broker is? Find out more about them in the sections below. 

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    What Is a PEO Broker or PEO Consultant?

    You can think of a PEO broker as someone who makes sure you get the most out of your PEO deal. But, what do we mean by this?

    A professional employer organization (PEO) is considered the best fit for the company when they have better health insurance packages. Moreover, they offer employee benefit services, HR functions, and payroll. Besides comp rates and other benefits, they also have lower administration fees. 

    PEO brokers help achieve all these and save you time and money, which you might have spent otherwise to find one. So, basically, they do all the footwork involving contacting the best PEOs, analyzing the services offered by them, and unwinding complex terms to identify whether it provides the required amount of returns. 

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    Is a PEO Broker a Person?

    They are a mix of individuals who have in-depth knowledge of the field and enough experience in customer management, payroll, law, insurance, and human resources. The professionals pool these skills to provide the client with the best outcome. 

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    What Is the Role of a PEO Broker?

    A PEO broker’s task starts from initial analysis and continues even after enrollment, i.e., in the face of ‘after support.’ In addition, they also provide you with statistics like how much money they have saved for you using their experience and skills. It also includes other parameters like the number of employees experiencing better benefits and average savings made per client. 

    Now, talking about the processes, the PEO broker runs a comprehensive analysis. For instance, they consult about your needs, strategic goal, budget, in addition to including normal functions and premium services. Using this information, they find their clients the perfect PEO partners. In the end, a consolidation is made using their quotes to compare. 

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    How to Make Sure You Find a Reputable PEO Broker?

    You can be assured that you are dealing with an experienced and reputable PEO broker when they fulfill the following checklist:

    1. If they have a large client base, you can check it by going through their case study section. 
    2. They are a specialist when it comes to PEO services and has experience in the industry.
    3. They know all ins and outs of the PEO industry. So, your broker must be an expert in the field. 
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    Why Does a Business Need a PEO Broker?

    A PEO broker benefits companies in several ways, like reducing risk liability against employee termination, saving costs, improving operations, meeting legal terms, and approaching international options. 

    In addition, they also benefit clients by helping them find suitable PEOs who can provide health insurance benefits and mitigate benefit expenses. 

    So, if you are a business lacking in human resources or administration management, then approach us for reliable payroll, employee benefits, and HR services. Moreover, check out our blog section to learn more about PEOs and their benefits.  

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    Reference Links:

    https://www.aeisadvisors.com/what-is-a-peo-broker#:~:text=A%20PEO%20brokerage%20or%20broker,their%20clients%20with%20a%20PEO.

    https://www.linkedin.com/pulse/defining-peo-broker-who-why-you-need-one-suzanna-martinez-?trk=articles_directory

    https://dinsmoresteele.com/dinsmore-steele-blog/why-use-a-peo-broker

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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 to Holiday Bonus

    A Business Owner’s Ultimate Guide to Holiday Bonus

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    Holiday bonuses act as a token of appreciation from business owners to their employees. Besides appreciation, employees also like receiving additional gifts and cash.

    A holiday bonus can make your employee feel supported and valued. It often leads to increased productivity and employee engagement.

    You, as a business owner, can provide several kinds of holiday bonuses to lift your employee’s morale!

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    What are the Types of Holiday Bonuses?

    Among the different kinds of holiday bonuses presently in practice, the most prevalent ones are listed below.

    1) Cash Bonuses

    Employees always appreciate additional cash during the holidays. This cash bonus helps them cover the extra expenses incurred during the holidays. Some employees also rely on these cash bonuses to clear their bills.

    Few organizations provide a flat bonus amount to each and every employee. On the other hand, some business owners provide a cash bonus equivalent to a percentage of the employee’s salary and profit of the company in that year.

    2) Performance-based Bonuses

    Some organizations give out performance-based bonuses to their employees. These bonuses can be provided in addition to or instead of holiday bonuses.

    In this case, companies tie these bonuses to how employees meet or exceed the business goals in that year. Sometimes, performance-based bonuses also reflect the tenure and position of the employees.

    3) Cashless Gifts

    Some business owners cannot give out cash gifts to their employees. Instead, they offer non-cash gifts such as flexible working hours and extra time-offs.

    Cashless gifts also include gift cards to restaurants and movie theaters. Some companies also opt for branded merchandise as non-cash gifts.

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    A Few Holiday Bonus Tips for Business Owners

    As a business owner, you should first evaluate the current situation of your company. You should give out a holiday bonus only if you can afford it.

    If your company has a record of giving out cash bonuses every year but cannot afford it this year, you should try to notify all your employees at the earliest. This action can help prevent or minimize negativity among the employees later on.

    Some important tips for business owners regarding holiday bonuses are listed below.

    1) Fair Bonus Amount

    You should always be careful while choosing the holiday bonus amount. It needs to be fairly and equitably distributed in an unbiased manner. In addition, you need to ensure that no employee feels unfairly treated.

    2) Complete Inclusion

    You need to make sure that all your employees get appreciated in some way. No employee working for your company should feel left out.

    3) Gift of Time

    As a business owner, you can consider giving your employees the gift of time if you cannot afford cash bonuses. Paid time-off can help your employees spend more time with their families and loved ones. More breaks can also help them relax during the holidays.

    A holiday bonus, like any other bonus, is taxable. Based on the agreement with the employee, some business owners choose to pay a holiday bonus along with the tax amount.

    So, as a business owner, you need to report this bonus as taxable income in the concerned departments. However, if you are a small business owner or simply lack the required resources or infrastructure to carry out these duties, managing these things can be a hectic job.

    In this case, you can reach out to Professional Employer Organizations (PEO). PEOs can perform these duties on your behalf.

    Nowadays, PEOs handle payroll, employee benefits administration, tax filing, recruitment, and much more. So, if you are interested, feel free to contact us now and appoint the best in the industry. Find out more on this in our blogs!

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    Reference links

    https://www.zenbusiness.com/blog/holiday-bonus/

    https://www.score.org/resource/holiday-bonus-guidelines-what-business-owners-should-know

    https://www.businessnewsdaily.com/15924-holiday-bonus-guide.html

    https://www.bbcdigital.com.au/holiday-bonuses-a-guide-for-small-business-owners/

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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]
  • What is Open Enrollment? Know Everything About it!

    What is Open Enrollment? Know Everything About it!

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    Open enrollment is a term used to define the yearly time period when one can buy a health insurance plan or change his/her existing one for the following calendar year.

    Let’s say you are an employee and your employer offers you a health insurance policy. During open enrollment, you can select a different health insurance plan or stop your existing one.

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    When Does Open Enrollment Take Place?

    HealthCare.gov usually hosts open enrollment every year between 1st November and 15th December. However, based on the state-run exchange, the time period may differ for your state!

    Moreover, the time frame for open enrollment may differ in the case of group health policies.

    Hence, open enrollment dates for group health plans offered by your employer may be at the fiscal year-end instead of the conventional calendar year-end.

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    When Does Open Enrollment Take Place for HRAs, FSAs, and HSAs?

    As an employee, you may want to register for a health reimbursement arrangement (HRA) account or flexible spending account (FSA). In this case, you need to wait till open enrollment. However, the time frame may differ from your regular health plan enrollment period.

    On the other hand, employees can enroll in a health savings account (HSA) at any point in the plan year. However, they need to have an HSA-eligible plan.

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    How to Prepare for Open Enrollment?

    While preparing for open enrollment as an employee, you should first consider these two factors:

    • Have your needs changed?
    • Are you content with the current insurance plan?

    On the other hand, if you are an employer and provide health insurance to your employees, you need to factor in the following pointers:

    • Have your dental, vision, or medical plans changed?
    • Are there any changes in your employees’ needs?
    • Have your needs as an organization changed?
    • Are your employees satisfied with the current plan?

    Moreover, the Government may ask you to put forward distinct notices to the employees during open enrollment. These notices include:

    • Wellness program disclosure
    • QSEHRA notice
    • WCHRA notice
    • Premium Assistance under Medicaid or Children’s Health Insurance Program notice
    • Grandfathered Plan notice

    Apart from these, your state can also ask you to issue other open enrollment notices.

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    What if an Employee Misses Open Enrollment?

    Most carriers permit a 30-day window to employees after open enrollment to update their selection if they miss the deadline. As a result, they can make the necessary changes and confirm with the carrier.

    However, if your employees miss the grace period, too, they will have to wait for a special enrollment period to opt for the health insurance plan. A special enrollment period generally follows a qualifying life event or QLE.

    QLEs are categorized into four sections:

    • Residential updates
    • Household updates
    • Loss of health insurance
    • Acquiring health insurance

    If your employee meets any of the above criteria, he/she will get a 30-day window post his/her QLE to opt for a health insurance plan. In addition, the plan can allow up to two months to implement these changes.

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    What is the Impact of Open Enrollment on Payroll?

    If your employee switches to a more expensive health insurance plan, you will have to withhold a greater amount from his/her paychecks. So, open enrollment directly impacts the payroll.

    However, you can skip this step if you have a payroll provider who also helps with employee benefits administration.

    Nowadays, Professional Employer Organizations (PEO) handle payroll and employee benefits administration in most cases. If you are interested, you can reach out to us now and appoint the best in the business. Find out more in our blogs.

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    Reference links:

    https://www.healthcare.gov/glossary/open-enrollment-period/

    https://www.verywellhealth.com/what-is-open-enrollment-1738755

    https://www.nerdwallet.com/blog/health/health-insurance-open-enrollment/

    https://gusto.com/blog/health-insurance/open-enrollment

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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]
  • 8 Major HR and Payroll Concerns for Remote Employees

    8 Major HR and Payroll Concerns for Remote Employees

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    The human resources department is undoubtedly one of the most important in any organization. Ever since the coronavirus outbreak, the entire corporate world has shifted to a work from a home model, prompting the necessity for every company to have a robust HR department in place.

    This pandemic has shown us how organizations work effectively, even in a virtual setup. Moreover, as per sources, certain reports show that employee productivity may also have increased in this remote work model.

    With more flexibility nowadays, both employees and employers agree to the increased productivity in this new model. Therefore, this remote work model is likely to stay even after this pandemic fades away.

    However, along with its benefits, this model also created a handful of issues and inefficiencies. If your business has remote employees, you must have faced some or all of these issues yourself. No matter how small or large your business is, these are some serious HR and payroll concerns across all firms.

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    Here, we have compiled all the major issues.

    1) Employee Engagement:

    Employee engagement can either make or break your business. Recent studies show that organizations with high employee engagement make twice the revenue compared to organizations with low employee engagement.

    As a result, HRs have a tough time keeping remote employees engaged.

    2) Communication:

    For remote employees, effective communication is difficult without the appropriate technology. As a result, issues arise when emails and phone calls go unanswered.

    3) Training:

    Since traditional onboarding and training procedures have become outdated now, their virtual counterparts also give birth to various inconsistencies and issues.

    4) Acquiring and Retaining Talent:

    Nowadays, employees properly understand how much value they add to your business.

    So, if your business lacks new technology, your employees will move on to another organization. Therefore, even after mitigating troubles in virtual talent acquisition, HRs face the challenge of retaining talented employees in this remote environment.

    5) Cost Reduction:

    In a virtual setup, proper cost reduction becomes nearly impossible without appropriate employee supervision. You may have to repeat the same process for different employees. This gives birth to process redundancies as well as additional costs.

    6) Human Error:

    As an employer, you already know that manually doing things invites human errors. So, without the proper technology, human errors of remote employees pose a serious challenge to the HR department. 

    7) Employee-Service Provision:

    Without the right technology, HRs cannot provide any effective employee self-service. It includes access to payroll, training materials, benefits, and other resources. This further leads to employee resentment.

    8) Accessibility:

    As an employer, you know that accessibility goes far beyond employee self-service. You may provide ESS tools via a web portal, but it still creates an issue for the HR department.

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    PEO’s Role in Human Resources

    A Professional Employer Organization (PEO) leases employees to employers. It enters a joint-employment relationship with the employer that allows the PEO to share several employee-related responsibilities.

    Likewise, this arrangement also helps employers outsource their various human resource functions, such as payroll administration, compensation, employee benefits, and employment taxes.

    PEOs can take certain responsibilities from HR like:

    • Payroll administration
    • Benefits administration
    • Recruitment
    • Family and Medical Leave Act administration
    • Drug testing programs
    • Compliance assistance
    • Workers’ compensation administration
    • Unemployment administration

    As per the agreement with the PEO, employers can outsource these HR functions. However, if you are a small employer, you may not have the expertise or the infrastructure for these functions. Also, you may not have the time or resources to focus on intricate procedures like HRIS and payroll.

    So, if you outsource the desired services, the PEO can directly look into it. In that case, the PEO will handle the recruitment, benefits payroll administration, and all the employee queries related to them. Thereby, addressing the HR and payroll concerns mentioned above becomes much easier!

    Have we piqued your interest in the perks of outsourcing PEO services?

    Feel free to go through our blogs and talk to us now to appoint the best in this industry.

     

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    Reference links:

    https://buildfire.com/hr-remote-employee-challenges/

    https://www.flexjobs.com/employer-blog/remote-work-considerations-for-human-resources/

    https://www.inc.com/rebecca-hinds/the-5-hybrid-remote-works-models-for-your-business.html#:~:text=A%20remote%2Dfirst%20model%20usually,first%20and%20being%20remote%2Dfriendly.

    https://www.nytimes.com/2020/06/23/business/working-from-home-productivity.html

    https://laura-hansen.com/10-compelling-statistics-employee-engagement/

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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]
  • PEO Employment Growth Rate 16% Higher than the US Economy, a Study Shows

    PEO Employment Growth Rate 16% Higher than the US Economy, a Study Shows

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    Think Amazon, think Walmart (US), Home Depot, Kroger, and the number of people they collectively employ.

    The PEO industry represents the same tally of employees as these organizations combined, according to a study published by the National Association of Professional Employer Organization or NAPEO.

    In fact, the PEO industry’s employment growth rate is approximately 16 times greater than the whole US economy since 2013.

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    A Dive into the PEO Industry

    Before we begin with a review of the industry and its performance, let’s understand a little bit about Professional Employer Organizations.

    A PEO teams up with small and medium-sized companies to render the whole array of human resource management services.

    According to a NAPEO study, the PEO industry currently offers services to over 173,000 organizations in the US.

    This study is one in a series of nine that covers data related to the industry’s present employment generation, footprint, scope, and size.

    Economists Dan McMurrer and Laurie Bassi conducted these studies, which reveal:

    • The PEO industry comprises nearly 487 enterprises, employing close to 4 million individuals.
    • In 2020, the industry paid remuneration to the tune of $216 billion to those 4 million worksite employees, incurring $54000 per person.
    • Employment in the PEO industry clocked 7.6% CAGR between 2008 and 2020, registering a 7% edge over the overall US economy.
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    What is the PEO Industry Doing Right?

    The pandemic, in all its adversity, emerged as a significant growth catalyst for various sectors, such as pharmaceuticals, delivery services, and PEO.

    When several businesses were going under or on the verge of it, companies turned to Professional Employer Organizations to keep their operations afloat during the pandemic.

    Various small and mid-sized enterprises acknowledged the value proposition of PEOs, and the latter became an indispensable part of the SME fabric.

    Companies understood the significance of outsourcing their payroll and other HR services, primarily to navigate the ins and outs of:

    • Covid-19 legislation
    • PPP loan process
    • Return-to-office protocols
    • Remote work

    By outsourcing HR services, which comprise payroll management, regulatory compliance assistance, employee benefits, and worker’s comp, companies offloaded a significant share of paperwork.

    Unloading such administrative tasks allowed companies to sow factors, which would revive their operations to full capacity.

    Companies that collaborated with PEOs could ramp up their productivity, accelerate revenue growth, and ensure improved employee satisfaction amid the distressing pandemic.

    Plus, they could more easily access funds extended by government initiatives, such as PPP loans, leading to holistic sustenance and growth.

    A NAPEO report shows that businesses partnered with PEOs save up to 21% of their HR expenses, which is still a conservative estimate. However, on the ground, typical PEO clients save a lot more.

    Besides that, other data revealed by Dan McMurrer and Laurie Bassi’s studies are as follows:

    • Companies that utilize PEO services report 10 – 14% lower employee turnover.
    • They also grow 7 – 9% faster than regular SMEs.
    • These businesses also stand a better chance of survival.
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    Parting Thoughts

    Unemployment ran rampant through the US in the wake of Covid-19, exacerbating the already dismal state of employment. However, companies that took to PEO services were spared the lash of the pandemic.

    Professional Employer Organizations offered a strong administrative foundation on which companies could rebuild their operations more sustainably.

    They had easy and faster access to the Paycheck Protection Program, could better keep up with regulatory compliances, and consolidate employee satisfaction through exclusive benefits such as top-shelf retirement plans, health insurance, and the likes.

    In fact, subscription to employee-sponsored 401(k) plans was nearly 40% among PEO-supported businesses with less than 10 employees. Contrastingly, same-sized businesses without PEO services had a subscription of 13%. It stands at 52% vs 23% for companies with a workforce of 10 – 49 individuals.

    If you are also looking for PEO services, navigate to our Services section to check our offerings. You can request a consultation on the page to learn more about our services.

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    Reference links:

    https://www.napeo.org/what-is-a-peo/about-the-peo-industry/industry-statistics

    https://www.prnewswire.com/news-releases/new-economic-analysis-shows-peo-employment-growth-is-16-times-higher-than-the-rest-of-the-us-economy-since-2013-301291220.html

    https://www.napeo.org/docs/default-source/member-resources/whitepaper1keyfindings.pdf?sfvrsn=60a42ed4_8

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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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  • Top Ways PEOs Can Increase Your Profitability

    Top Ways PEOs Can Increase Your Profitability

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    Do you ever feel like you are stuck between a rock and a hard place? 

    Small business HR managers have to deal with a never-ending list of functions and compliances every day.

    However, it is important to know that running a business requires much more than delivering products and services on-time and meeting clients’ needs.

    And this is where Professional Employer Organizations (PEOs) come to the rescue.

    PEOs are often seen as a pathway to reduce administrative burdens. But, they are capable of so much more that is often overlooked.

    For instance, a recent study by NAPEO found that companies partnering with PEOs are, on average, 16% more profitable than those that don’t. 

    So, how can a partnership with PEO increase profitability for a business? Mentioned below are a few ways.

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    Top Ways PEOs Can Increase Profitability for a Business

    Outsourcing payroll can help small business owners ensure error-free filing. It also provides significant relief from the extra burden of payroll compliances. 

    But, how do businesses benefit the most from their PEOs?

    It happens in two ways:

    • Saves costs
    • Increases productivity

    Let’s discuss them in detail!

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      Saving Costs

      Here are a few significant ways through which PEOs can lower the costs of a business:

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      Eliminates the need to hire additional HR staff

      PEOs take on routine compliances to benefit the company’s administration. It can help your HR team focus more on improving its culture and growth-driven prospects. It is vital to note that a PEO is not a replacement for your in-house HR team. Rather, it can help your business grow further before needing to hire additional HR staff.

      Provides better benefits to employees

      It is true that in today’s competitive job market, most small and medium business entities are unable to afford employment benefits that could help them compete. Through a PEO, your business can avail of an exclusive package of benefits, available to top-tier companies usually. 

      Lowers turnover

      Turnover costs a huge load of money to companies. Training, on-boarding, and hiring new employees are time-consuming and expensive. PEOs help in transforming the company culture and retain employees.

      Moreover, reports say that employees of a PEO client show increased intent to stay. Statistically, only 8% of PEO employees decide to leave an organization within one year. Hence, the longer the company partners with PEO, the more willing its employees are to stick around.

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      Increases Productivity

      Apart from saving costs, PEOs can significantly increase business productivity. Find the ways below:

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      Increases engagement

      Employee engagement is vital for business profitability, which is sometimes difficult to measure. Recent statistics show that engaged teams show 21% more profitability. Moreover, reports suggest that employees who feel they are being heard are 4.6 times inclined to give their best to a company. 

      Decreases administrative burdens

      With the PEO already managing payroll, worker’s compensation, and other matters, your in-house HR team can focus on hiring employees for business growth. This will lower the burden and lead to a more organized process. 

      After choosing a PEO and partnering with one, you eliminate any mistake outside HR’s scope of work.

      Helps support better hiring practices

      As a matter of fact, PEOs do not hire or fire employees. However, they can help you in better decision-making by sharing their hiring knowledge. 

      By hiring the right employees, you will reduce presenteeism, absenteeism, and turnover. This, in turn, ensures better work quality and increases business profits.

      Growing a business is a big step for a company that requires an immense amount of sweat. As we can see, hiring a good PEO can help reduce various costs and risks that a business has to deal with. 

      Improve your company’s core functions by partnering with a PEO. If you want to avail of professional advice on Professional Employer Organizations, you can contact us. Schedule a free consultation with us today and know all about PEOs. 

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      Reference links:

      https://blog.questco.net/how-peos-increase-your-profitability

      https://nnroad.com/blog/peo-small-business/

      https://www.peocompare.com/simplify-small-business-hr/

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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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