Fortune Business Consulting

Tag: Small business owner

  • When “It’s Just Payroll” Becomes a $20K Fine 

    When “It’s Just Payroll” Becomes a $20K Fine 

    Many small business owners think of payroll as a back-office task—just cutting checks and sending pay slips. But payroll isn’t just about payment; it’s a compliance-heavy process with real legal consequences. 

    In 2025, regulatory bodies will crack down on payroll errors, and small businesses are the most vulnerable. A “minor” oversight in wage calculation, classification, or tax submission can easily spiral into a lawsuit, audit, or a hefty fine—often over $20,000.

    Misclassifying Employees vs. Contractors 

    One of the most common payroll mistakes is misclassifying employees as independent contractors to avoid taxes or benefits. This might save money short-term, but once flagged by labor departments, the penalties include: 

    • Back pay for overtime and benefits 
    • Employer payroll taxes 
    • Additional federal/state fines 

    Avoid this by reviewing classification laws like the IRS 20-factor test and using local labor guidelines. 

    Missing Tax Deadlines 

    Payroll involves more than just salaries—it includes federal and state tax withholdings, unemployment insurance, and social security contributions. Missing deadlines for filing forms like 941, W-2, or 1099 can trigger automatic penalties. 

    • Late W-2 filing penalty: up to $290 per form 
    • Failure to deposit payroll taxes: up to 15% interest + penalties 
    • Incorrect TIN: $50 per incorrect return 

    Protect your business by using automated payroll software that tracks due dates and files directly with tax agencies. 

    Failing to Track Overtime or Breaks 

    Most labor laws require overtime for non-exempt employees working over 40 hours a week. If you aren’t tracking hours properly or paying time-and-a-half when required, that’s considered wage theft—even if accidental. 

    • Recent lawsuits have forced small businesses to: 
    • Pay years of backdated overtime 
    • Cover legal fees for employees 
    • Face public backlash and reputation damage  

    Fix this by implementing a compliant time-tracking system and ensuring managers understand local labor laws. 

    Inaccurate Record Keeping 

    Payroll records must be kept for several years, depending on your jurisdiction. Inaccurate or missing records during an audit can make you liable—even if you were paying correctly. 

    • Fines can go up to $1,100 per missing record 
    • Businesses may be barred from government contracts 

    Stay compliant by maintaining digital records for at least 3–5 years and backing them up securely. 

    Conclusion 

    Payroll is not “just admin.” It’s a compliance function with financial and legal exposure. As your team grows and regulations evolve, outsourcing to a PEO or using payroll specialists may save you more than DIY errors ever could. 

    Reference

  • You Hired Fast. Now You’re Firing Wrong. 

    You Hired Fast. Now You’re Firing Wrong. 

    Because no policy is still a policy… and it might cost you more than you think. 

    When startups scale, speed often becomes a double-edged sword. You boarded fast. Filled in gaps. Trust your gut. Hope for the best. But now the honeymoon phase is over.  A recent hire isn’t performing. There’s tension. Productivity is dropping. Your team is frustrated. And you’re ready to let them go. But wait—do you have: 

    • Documentation of their performance issues? 
    • A signed employee handbook? 
    • Proof of consistent treatment across all employees? 
    • A compliant termination process? 

    If not, you’re not just firing wrong—you’re firing dangerously. 

    The Compliance Cost of “Wing It” Off boarding 

    Terminating an employee without proper HR processes opens the door to claims of: 

    • Wrongful termination 
    • Discrimination 
    • Retaliation 
    • Hostile work environment 

    In fact, wrongful termination lawsuits have been increasing steadily.  Most small businesses don’t think this could happen to them—until it does. 

    What You Thought Firing Would Look Like: 

    • Quick meeting 
    • Professional goodbye 
    • Moving forward 

    What It Can Actually Look Like Without HR Support: 

    • A formal demand letter 
    • Legal consultations 
    • Public reviews and damage contro 
    • Burned out internal teams 
    • Massive payouts 

    Enter the PEO: Your HR Safety Net 

    A Professional Employer Organization (PEO) doesn’t just help with hiring. It gives you the legal and structural backbone to exit an employee legally, fairly, and with minimal risk.  Here’s what that looks like: 

    Documented Performance Reviews 

    PEOs help establish performance management systems that track: 

    • Goals set and missed 
    • Feedback delivered 
    • Actions taken 
    • Warnings issued 

    No guesswork. Just clear records. 

    Termination Protocols 

    From verbal warnings to final separation, PEOs create standardized procedures aligned with labor law and state-specific compliance rules. 

    Legal Support On-Call 

    If a situation gets tricky, PEOs provide: 

    • Immediate HR guidance 
    • Legal review of documentation 
    • Support during difficult exit

    Think of it as your HR pit crew—handling the friction, so your business keeps moving. 

    The Real Cost of Getting It Wrong 

    According to SHRM, the cost of one wrongful termination lawsuit—even if you win—can range from $75,000 to $125,000 in legal fees and productivity loss.  Worse, it’s not just about one employee. The morale hit, reputational damage, and internal tension can ripple across your team

    PEOs Prevent These Scenarios by Design 

    Instead of reactive HR, you get proactive protection: 

    • Pre-written policies 
    • Documented performance systems 
    • Legal compliance checkpoints 
    • Strategic workforce planning 
    • Conflict de-escalation mechanisms 

    You’re no longer just “firing” someone—you’re managing risk the right way. 

    Firing Isn’t the Problem. Unstructured Offboarding Is. 

    Letting go of someone who doesn’t fit is sometimes the right move. But how matters as much as the why. And if you’re growing, the stakes are too high to keep guessing your way through terminations.  So, before your next hire becomes your next HR nightmare, ask: 

    “Are we protected if this doesn’t work out?”  If the answer is no, it’s time to bring in a PEO. 

    References: 

  • What Your Balance Sheet Doesn’t Show: The Real Business Value of a PEO

    What Your Balance Sheet Doesn’t Show: The Real Business Value of a PEO

    Because sometimes, the biggest profits come from what you didn’t lose.  You won’t see it at first glance. 

    There’s no flashing red alert. No urgent Slack message. No budget meeting meltdown. Just a quiet, consistent drain happening behind the scenes of your growing business. It might show up in the form of a compliance fine you didn’t see coming. Or the resignation of a high  performer after one too many payroll glitches. Or worse—lawsuits, turnover, and missed opportunities stacked like hidden fees under “Operating Expenses.”  But here’s the twist: 

    Most of those losses could’ve been avoided… with the right PEO. 

    The ROI You Can’t Calculate (Until It’s Too Late) 

    When most business owners consider a PEO (Professional Employer Organization), they look at costs upfront—and often forget to assess the costs of not having one.  A PEO’s ROI is rarely found in flashy dashboards or spreadsheets.

      It’s found in the: 

    • Lawsuit that never happened 
    • Star employee who stayed because of better benefits 
    • Penalty that was prevented before it was ever filed 
    • HR fire that never reached your desk 

    What You Think You’re Paying For: 

    • Payroll processing 
    • Employee onboarding 
    • Compliance checklists 
    • Benefit access 

    What You’re Actually Getting: 

    • Legal protection 
    • Risk prevention 
    • Strategic HR planning 
    • Improved retention 
    • Business continuity 
    • Peace of mind 

    And most importantly—time back to lead, not chase admin. 

    The Cost of an HR Mistake Can Be 10x the PEO Fee 

    An EEOC violation alone can cost between $10,000 and $100,000.  Wage and hour lawsuits? Even more. According to the Society for Human Resource Management (SHRM), the average cost of just one bad hire is nearly $240,000 when your account for lost productivity, morale damage, and rehiring expenses.  A PEO minimizes those odds with structured hiring processes, HR best practices, and access to experts who live and breathe compliance. 

    Better Benefits Without Bleeding Cash 

    By co-employing your staff, PEOs give you access to benefits typically reserved for large corporations: 

    • Group health insurance 
    • 401(k) plans 
    • Mental health support 
    • Wellness programs 
    • Workers comp coverage 

    And because you’re part of a larger buying pool, you get enterprise-level coverage at SMB prices.  According to the National Association of Professional Employer Organizations (NAPEO), companies that use a PEO: 

    • Grow 7–9% faster 
    • Experience 10–14% lower employee turnover 
    • Are 50% less likely to go out of business 

    Time is the New Currency 

    Most CEOs don’t start businesses to become part-time HR managers.  But when compliance updates change weekly, employees need questions answered, and hiring surges overnight, you end up buried in tasks that take you away from growth.  A PEO handles the operational chaos, so you can focus on: 

    • Launching new services 
    • Expanding into new markets 
    • Leading your team 
    • Building client relationships 

    Talent Stays Where HR Works 

    Quiet quitting. Burnout. Lack of development. These aren’t just HR buzzwords—they’re indicators that your people feel unsupported. PEOs don’t just process paperwork. They build cultures. From onboarding design to fair policies and performance tracking, they help businesses create environments where employees want to stay—and thrive. 

    Risk Is the Hidden Killer of Growth 

    Think your business is too small to get sued? Think again.  One compliance misstep could derail everything you’ve built. And here’s the worst part: you often don’t know it’s coming until it hits.  A PEO keeps you ahead of risk with: 

    • Up-to-date legal guidance 
    • Automated filings 
    • Employee handbook developmen 
    • Investigations and conflict resolution 
    • On-demand HR counsel 

    So, What’s the Real ROI of a PEO? It’s not just savings—it’s security, scale, and strategy. In a time when regulations are shifting, talent is scarce, and competition is cutthroat, your HR setup shouldn’t just help you survive. It should fuel your ability to thrive  Thinking Beyond Cost—Thinking Growth . The smartest business owners aren’t asking “What does a PEO cost?”  They’re asking: 

    “What’s it costing me not to have one?” 

    Ready to see the hidden ROI for yourself? Let’s explore what a PEO would look like for your business. Prefer to read more success stories and insights? Browse the rest of the series here.  

    References

    • What Your Payroll Software Won’t Tell You (But a PEO Will) 

      What Your Payroll Software Won’t Tell You (But a PEO Will) 

      It started with a missed tax deadline. 

      Not a big one—just a quarterly filing that slipped through the cracks. The finance manager blamed the software: “It didn’t alert me.” The CEO, tired of last-minute scrambles and constant legal anxiety, called a meeting. On the whiteboard were three words: “We need help.” 

      Like many growing companies, they had outgrown the convenience of their payroll software without realizing it. The platform they once celebrated for automating salaries and taxes had become a silent bottleneck. It handled numbers but ignored nuance. It knew dates but not regulations. It printed pay stubs but couldn’t solve compliance puzzles or provide HR strategy. 

      This wasn’t a software problem. It was a growth problem. 

      And it’s more common than most business owners realize. 

      The truth? Payroll software is built for management—not for mitigation. It’s reactive. It’s linear. And it’s just one piece of a puzzle that includes compliance risks, employee satisfaction, benefits administration, workplace safety, and people management. 

      So, while payroll software calculates, a PEO counsels. 

      This blog dives into the overlooked truths your payroll software won’t tell you—secrets that a good PEO knows by heart. Because payroll is just the start of the story… and your business deserves a better ending. 

      1. Payroll Software Focuses on Numbers, Not People 

      Payroll software is excellent at crunching data. It can process paychecks, calculate taxes, and generate W-2s. But what happens when an employee disputes overtime hours? Or when a team member goes on extended leave under FMLA? Software can’t mediate, interpret legal nuances, or anticipate human concerns. 

      A PEO brings a human touch to HR and payroll. It comes with experts who understand both the emotional and legal dimensions of employee management. Whether it’s compliance with federal leave laws, dealing with misclassification risks, or setting up fair employee policies, a PEO offers holistic support that software can’t. 

      Example: If you run a business in multiple states, your payroll software may not account for nuanced regional laws. A PEO, however, is built to manage multi-state compliance seamlessly  

      2. Compliance Isn’t Optional—But Payroll Software Treats It Like It Is 

      Did you know that according to the IRS, 33% of employers make payroll errors, and penalties for noncompliance can run to thousands of dollars per year? Most payroll software tools send alerts—but they don’t assess risk or offer strategic responses. 

      A PEO acts as a compliance partner. It monitors laws, updates document, trains your team, and ensures every form is filed on time and correctly. 

      Key Areas Covered by PEOs: 

      ACA compliance 

      Employee classification (W-2 vs. 1099) 

      Wage and hour laws 

      State-by-state employment laws 

      COVID-19-related leave policies (now winding down, but still relevant in audits) 

      3. Payroll Software Isn’t Designed for Strategic Growth 

      Your payroll software can’t help you analyze turnover, forecast hiring needs, or strategize your benefits packages to attract top talent. A PEO can. 

      A PEO provides data-backed insights into HR trends. It helps you create workforce plans, build retention strategies, and benchmark compensation packages. Payroll software sees transactions; a PEO sees trends. 

      Strategic Insights from PEOs Include: 

      Turnover risk modeling 

      Employee engagement surveys 

      Compensation benchmarking 

      Talent acquisition support 

      4. Payroll Software Doesn’t Reduce Liability—It Outsources Responsibility 

      Many business owners assume that using software means they’re covered legally. Not true. Payroll errors, wrongful terminations, and poor documentation still leave the business fully liable. 

      PEOs often operate under a co-employment model. This means they share certain legal responsibilities with you—essentially becoming a partner in protecting your business. They help with: 

      Claims management 

      Risk mitigation training 

      Workplace safety protocols 

      5. PEOs Offer Access to Big-Business Benefits 

      Small businesses using payroll software alone often can’t access affordable healthcare, 401(k) plans, or wellness programs. PEOs pool multiple clients to negotiate better benefits at lower costs. You become part of a bigger bargaining unit. 

      Benefits Administered by PEOs: 

      Medical, dental, vision insurance 

      401(k) retirement plans 

      Life and disability insurance 

      Employee wellness programs 

      This results in happier employees and improved retention. 

      6. Payroll Software Has No Face 

      When issues arise—like a wage garnishment notice, a harassment complaint, or an emergency leave—who do you call? Most payroll software companies route you through chatbots or low-tier customer service reps. 

      With a PEO, you get dedicated specialists—real people who know your business and guide you through difficult situations. From HR advisors to legal counsel, they don’t just troubleshoot—they protect. 

      Real Business Case: Sequoia’s Data Breach 

      In late 2022, Sequoia, a payroll and HR platform, experienced a major data breach. Employee names, addresses, social security numbers, and more were exposed. This highlighted a crucial truth: software is vulnerable. 

      A good PEO invests in layered security systems, data redundancy, and crisis communication plans. And more importantly, they walk you through recovery—not leave you to read help articles. 

      Conclusion

      Payroll Software Is a Tool. A PEO Is a Partner. 

      Your payroll software can cut checks and calculate taxes. But it can’t: 

      Anticipate risk 

      Guide leadership decisions 

      Offer employee counseling 

      Provide legal defense 

      Help you grow strategically 

      A PEO does all of that—and more. 

      So, here’s the big question: Is your business growing faster than your software can keep up with? 

      If yes, maybe it’s time to look beyond automation… and lean into partnership. 

      References

      1. Business.com – Surprising Perks of PEOs 
        https://www.business.com/articles/surprising-perks-peos/  
      2. ExtensisHR – PEOs and Risk Management 
        https://extensishr.com/resource/blogs/peos-and-risk-management/  
      3. Paycor – Pros and Cons of Using a PEO  
        https://www.paycor.com/resource-center/articles/pros-and-cons-of-using-a-peo-company/  
      4. US Chamber – PEOs vs Payroll Services 
        https://www.uschamber.com/co/co-100 
      5. Wired – Sequoia Data Breach 
        https://www.wired.com/story/sequoia-hr-data-breach/ 
      6.  APSPayroll – Talk PEOs: Pros & Cons 
        https://apspayroll.com/blog/talk-peos-pros-cons/
      7.   EmployBorderless – Payroll Systems 
        https://employborderless.com/payroll/systems/  
         
         
         
         
    • Top 7 Human Resources Challenges for Small Organisations in 2024

      Top 7 Human Resources Challenges for Small Organisations in 2024

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      Are you facing challenges in executing HR strategy in your organisation? Human resources are one of the most crucial components of any business. However, as small-scale business, you may not always have the capacity for the HR department due to limited resources, financial strength, etc.

       As a result, the HR responsibilities often come under the shoulders of the owner or the manager. Without a proper human resource team, your organisation may face various deficiencies like non-compliance fines, lack of skilled employees, poor production, and so on. Here, we listed the top human resource challenges faced by small businesses.

      Top 7 Human Resource Challenges for Small Organisations

      Following are the seven major human resource challenges for small organisations:

      Attracting and Retaining Best Talent

      This is one of the most important HR challenges faced by small businesses is attracting and retaining talented workers. Compared to large corporations that strive due to their brand and reputation, small businesses struggle to offer a similar quality of service. 

      To overcome this problem, SMEs can build a robust employer brand, put emphasis on their unique selling points, and provide competitive compensation packages. In addition, by providing growth opportunities and forming an excellent work culture, talented individuals can be retained. 

      Limited HR Resources

      SMEs recurrently struggle due to the scarcity of HR resources including HR software, HR departments, HR personnel, and so on. 

      Under such circumstances, it is sensible to invest in various HR automation tools, hire an HR consultant, etc., and ensure smooth human resource operations without hampering the prevailing workforce.

      Compliance with Labour Laws

      Often, small businesses operate with lean HR teams, making it hard to conform to labour laws and execute essential compliance measures. This may cause the SMEs to face the jeopardy of penalties, fines, or lawsuits. 

      To solve this problem, they can conduct proper record-keeping and monitor the legal resources.

      Developing Sound HR Policies

      Most of the time, SMEs struggle to formulate robust HR policies which can cause a large impact on a company’s reputation.

      As a solution, they can formulate an all-inclusive employee handbook having all policies and procedures mentioned in detail. These include leave and attendance, performance management, code of conduct, and so on. 

      Employee Engagement and Morale

      SMEs often fail to maintain a positive work atmosphere to retain skilled individuals and enhance productivity. This is due to their limited resources and engagement initiatives. Even though SMEs may not compete with the salary structures of MNCs or larger establishments, they can offer some unique perks and benefits that can attract and retain employees. Doing so can also boost employee engagement and morale.

      Managing Workplace Diversity 

      Managing workplace diversity is a major challenge that not only disturbs small-scale businesses but also bigger corporations. Executing diversity and inclusion initiatives needs a cultural change within the company, which tends to face confrontation from management or employees. One best solutions to handle workplace diversity and inclusion for SMEs is to establish employee resource groups (ERGs). 

      Technological Advancements Awareness 

      With the advancement of technologies, SMEs often struggle to cope with the current human resource tools and trends. As a solution, small business entrepreneurs can focus on investing in user-friendly HR software, which promotes a tech-savvy outlook among everyone and helps businesses to get familiar with the latest technological advancements. 

      Final Words

      Small businesses tend to experience various challenges while recruiting and retaining workers to balance employee performance and human resource responsibilities is one such factor. To overcome such problems, small businesses can adopt professional employer organisation (PEO) which can help them save substantial time, effort, and money so that they can focus more on fostering their business growth. 

      Does your organisation lack sound human resource management? Then simply visit our official website and read our blogs for a better understanding.  Also, if you have any doubts or queries, feel free to contact us. 

      Reference Links:

      https://www.themissionhr.com/post/top-7-human-resources-challenges-for-small-organizations-in-2021

      https://keap.com/business-success-blog/business-management/human-resources/4-problems-that-plague-small-business-hr

      https://www.zavvy.io/blog/hr-challenges-small-business

      https://www.groupmgmt.com/blog/post/9-common-human-resource-management-challenges-for-small-businesses/

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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 Create an Inflation-Proof Business in 2024?

      How to Create an Inflation-Proof Business in 2024?

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      Have you taken the necessary actions to protect your business from the present high inflation? The current economic climate in the US is unpredictable, with inflation at a 40-year high.

      This can be difficult for businesses to stay afloat, let alone flourish. You might have to spend more money on staff, and other company operations. Moreover, the cost of raw materials may increase along with lower availability.

      Nevertheless, there are a few things that you can do to create a more stable and invulnerable business.

      6 Ways to Inflation-Proof Your Business in 2024

      Here are 6 tips to create an inflation-proof business in the upcoming year:

      Find an Essential Industry/Market

      Despite inflation, there are several products/services with continuous demand, such as healthcare, medicine, food, utilities, etc. So, you need to look for an industry or market that is not as susceptible to inflation as the rest.

      In case your business does not fall under such a category, use the inflation time to create multiple revenue streams. That way, should one component of your business miss the mark, you can always count on others to generate income.

      Adapt Automation

      If you have not already implemented automation in your business, this would be the right time. Inflation can result in increased labor costs. Therefore, you should cut that down as much as possible.

      Moreover, automation can help improve customer service by cutting down on mistakes and making operations more efficient. That means more speed and accuracy, which is a huge plus for customers. It will also allow employees to dedicate more time to strategic value-added activities, which will benefit the business and enhance employee retention.

      Identify Areas of Cost-Cutting

      Inflation can affect your business in multiple ways, both expected and unexpected. Therefore, you must be prepared to cut down several present costs and ensure that your operations still run without hiccups. 

      By identifying operational inefficiencies, you can eliminate redundant roles or restructure for substantial cost savings. Additionally, you can stop autopay payments and have more control over payment timing. Lastly, be transparent with your staff if you need to cut back on pay or benefits.

      Consider Outsourcing and Remote Hiring

      Hiring personnel is an expensive business but you cannot compromise with the quality of employees. Therefore, a good way to deal with this issue would be to outsource operations like accounting, administration, and HR and create an efficient business model. HR and payroll outsourcing solutions like PEO can be a huge cost savings for businesses while providing a high level of service.

      In fact, hiring staff through remote work and outsourcing has proven to be a great solution for businesses, especially during times of financial hardship, such as the Covid-19 pandemic. Additionally, you can utilize modern technology to facilitate remote working for your team.

      Implement Dynamic Pricing

      Dynamic pricing is a way for your business to keep your margins up even during times of inflation. This way you can adjust prices in real time, depending on demand and other things. To beat the inflation effect, you should think about raising prices and saving what you can.

      Rather than raising prices all at once, try to increase your prices based on demand and supply issues. This way, you can maintain your customer relationships and still make a profit.

      Diversify and Maintain Your Supply Chain Network

      Disruptions in the supply chain are inevitable during inflation, not just in the US, but globally. However, you can take a few precautionary measures to stay on top of the game. Having the inventory your company needs to function is one of such important measures. 

      Therefore, you must strengthen existing supplier relationships so you get priority if a disruption occurs. Also, audit high-value suppliers to ensure they have sufficient scale, geographical redundancy, and downstream connections. Add replacements where necessary.

      Final Words

      During this time of unprecedented levels of inflation in 2024, it is important for businesses to adapt and ensure their resilience and growth. So, to establish an inflation-proof business, you can consider the above-mentioned strategies like prioritizing essential industries, adopting automation, exploring outsourcing and remote recruitment, and more.

      With the right move, your business can effectively navigate economic uncertainties. So, for professional assistance with HR, compliance, or related services, for your outsourcing needs, do not hesitate to contact us. 

      Additionally, if you are looking for more information related to this, check out our other blogs.

      [/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column _builder_version=”4.9.3″ _module_preset=”default” type=”4_4″][et_pb_text _builder_version=”4.9.3″ _module_preset=”default” hover_enabled=”0″ sticky_enabled=”0″]

      Reference Links

      https://www.wishup.co/blog/6-strategies-to-help-small-businesses-combat-inflation/

      https://www.netsuite.com/portal/resource/articles/financial-management/deal-with-inflation.shtml 

      https://www.entrepreneur.com/money-finance/4-ways-to-protect-your-business-from-inflation/422673

      https://www.americanexpress.com/en-us/business/trends-and-insights/articles/7-ways-small-businesses-owners-can-cope-with-inflation/

      https://economictimes.indiatimes.com/markets/stocks/news/inflation40-year-high-this-treasury-head-highlights-4-reasons-why/articleshow/92144329.cms 

      https://www.dubuquebank.com/business-insights/inflation-proof-business

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

      Contact Us

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

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

    • The Importance of Compliance: HR Regulations Every Small Business Must Know in 2023

      The Importance of Compliance: HR Regulations Every Small Business Must Know in 2023

      [et_pb_section fb_built=”1″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default”]Are you facing difficulties in managing different aspects of your small business organization? 

      If you are facing issues in running your business operations smoothly, managing finances, and ensuring customer satisfaction, you can seek help from professional HR management. 

      Complying with Human Resources regulations is not only a legal requirement, but also an essential backup for seamless business operation. HR compliance helps in the successful enforcement of HR policies in your company that follow the required employment law, labor law, and other regulations.

      Read along to know about the regulations every small business must follow and how HR helps them stay compliant![/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default”]

      Top 3 Regulations Every Small Business Must Follow

      Several laws and regulations may affect the functioning of a small business venture. Thus, small businesses should at least comply with the following 3 regulations for a seamless operation:

      Occupational Safety and Health Act

      This act mandates that every employer should provide a safe and healthy working environment to the employees. Every small business should have certain safety policies to protect employees from workplace hazards. Besides, they may have to maintain illness and injury records as per the industry requirements.

      Fair Labor Standards Act

      This act sets the federal minimum wage, child labor standards, and overtime pay. As a responsible entrepreneur, you must pay your employees the minimum wage and compensate the non-exempt employees for their overtime work. If an employer misclassifies employees as exempt, it may impose a hefty penalty. 

      Consolidated Omnibus Budget Reconciliation Act

      This act ensures every employee, and their dependents can keep their health insurance despite involuntary job loss or change, death, divorce, etc. In that case, an employee has to pay their premiums up to 102% and receive extended coverage for 36 months. [/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”]

      4 Ways a Small Business Firm Can Stay Complaint to HR Regulations

      Here are some of the strategies a company should follow to comply with employee laws and regulations:

      Follow Clear Policies and Procedures

      Create a set of policies for your company that every employee should follow. However, while setting the guidelines, make sure they include the safety policies, attendance requirements, and employee benefits as per federal law. 

      Investigate Employee Complaints 

      Another way you can remain compliant with HR regulations is by listening to and understanding your employees. Listen to their complaints and investigate the truth to make fair decisions and comply with the legal perspectives.

      Educate Your Employees on HR Compliance

      Only a compliance policy may not help in forming a compliant team. Thus, you should train your employees properly regarding HR compliance. Anti-harassment or anti-discrimination training sessions can help demonstrate that your company ensures a healthy and fair work environment.

      Hire a Professional HR Management

      Conducting all these training sessions and investigating employee complaints may seem troublesome given you have other business responsibilities. Thus, hiring a professional can help maintain employee laws while staying compliant with HR regulations. You can appoint a professional HR management team to ensure employee benefits and stay safe from legal hazards.[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default” custom_padding=”0px|||||”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default”]

      Final Words

      Now that you know about the must-follow regulations for a small business, you can take proper initiatives to practice them. However, if you face any issues in managing legal matters always opt for a professional HR team. They stay updated with the latest rules and norms, helping you stay compliant with the law. If you need professional advice, feel free to contact us. 

      You can also take a look at our other blogs for employee management and related tips.[/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.businessnewsdaily.com/15985-small-business-hr-compliance.html

      https://www.paychex.com/articles/human-resources/balance-hr-strategy-compliance

      https://www.paycom.com/resources/blog/what-small-businesses-need-to-know-about-hr-compliance/

      https://netchex.com/hr-compliance-what-is-hrs-role-in-ensuring-compliance/

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

      Contact Us

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

    • Managing Employee Performance: Best Practices for Small Companies

      Managing Employee Performance: Best Practices for Small Companies

      [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 _builder_version=”4.9.3″ _module_preset=”default” type=”4_4″][et_pb_text _builder_version=”4.9.3″ _module_preset=”default”]

      Want to increase your company’s productivity by improving employee performance? 

      Every organization, whether small or large, should introduce performance management programs to reach company goals effectively. 

      However, small companies may not have enough resources to proceed. In this regard, they can implement the best practices to maximize their employees’ potential. They can focus on creating a positive and productive environment for the betterment of both the company and its employees. 

      Scroll down to check out the best ways to manage employee performance!

      [/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column _builder_version=”4.9.3″ _module_preset=”default” type=”4_4″][et_pb_text _builder_version=”4.9.3″ _module_preset=”default” hover_enabled=”0″ sticky_enabled=”0″]

      Top 6 Ways to Manage Employee Performance in Small Business Organizations

      Small businesses can follow these performance management tips for a successful approach:

      Set Clear Business Goals

      The foundation of a successful performance management system is setting clear expectations and goals. Guide the employees about your expectations towards their performance and how they need to execute. Also, provide a clear concept about how their performances can help develop the business. 

      When you set guidelines and expectations, you can notice a considerable improvement in the quality and quantity of your employees’ work. This is because a proper structure and guidance provide them with a perfect baseline for work.

      Communicate with Your Employees

      Another way you can manage employee performance is by fostering transparent and open communication. As you set your guidelines and expectations, you should also know about the concerns and needs of your employees. This will help provide a favorable working environment, boosting their performance and efficiency. 

      Teamwork cannot be accomplished with only one person communicating and sharing his/her views. Thus, you need to listen to every employee’s input and help them in improving their performance level. 

      Provide Genuine Feedback

      As a responsible employer, you should provide feedback on your employees’ performance and working methods. Other than annual performance reviews, you should provide daily or weekly feedbacks. This will help them work on their mistakes and improve their performance accordingly. 

      Thus, you should provide constructive feedback focusing on employee behavior and not on their traits. You can strike a balance between positive feedback for their accomplishments and pointing out the areas where they need to improve.

      Offer Proper Training Opportunities

      Providing training opportunities for your employees can also help enhance their skills and knowledge. Thus, you can invest in employees’ professional development to boost productivity and work efficiency. Though small businesses may not have the budget to invest in full-fledged professional development courses, they can consider affordable options. 

      It includes mentoring programs, online courses, workshops, etc. When you help in your employees’ career growth and development, they will also stay motivated and put their best efforts into flourishing your company.

      Address Performance Issues Immediately

      Another way you can improve work efficiency and avoid any bigger problems down the line is by addressing performance issues promptly. If you find an employee not meeting the expected performance level, take immediate action in addressing the issue. If needed schedule a one-to-one meeting and discuss the concerns. 

      It will help identify the reasons behind the issues and you can collaborate on a plan to improve the situation. As a responsible employer, it is your concern to offer adequate support, guidance, and resources to help the employee get back on track. 

      Introduce Performance Review and Recognition

      Apart from daily or weekly feedback sessions, you can also evaluate the employees on a yearly basis. This will help identify the employees’ strengths and weaknesses and set future goals effectively. You can introduce an annual or bi-annual performance evaluation to discuss the concerns. 

      The reviewing part does not only end with assessing your employees’ performances but also rewarding them for their achievements. You can introduce recognition programs or a small incentive as a gesture for their efficient performance. 

      For further assistance and information on employee performance programs contact us. You can also go through our blogs for related concerns. 

      [/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column _builder_version=”4.9.3″ _module_preset=”default” type=”4_4″][et_pb_text _builder_version=”4.9.3″ _module_preset=”default” hover_enabled=”0″ sticky_enabled=”0″]

      Reference Links:

      https://quickbooks.intuit.com/ca/resources/manage-employees/employee-management-techniques-for-small-businesses/

      https://www.linkedin.com/pulse/8-tips-small-business-performance-management-paul-freudenberg

      https://www.peocompare.com/performance-management-small-business/

      https://www.valamis.com/hub/performance-management

      https://www.plumhq.com/blog/best-practices-in-performance-management-for-start-ups

      [/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]

    • The Dos and Don’ts of Hiring: A Guide for Small Business Owners

      The Dos and Don’ts of Hiring: A Guide for Small Business Owners

      [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 _builder_version=”4.9.3″ _module_preset=”default” type=”4_4″][et_pb_text _builder_version=”4.9.3″ _module_preset=”default” hover_enabled=”0″ sticky_enabled=”0″]

      Are you making mistakes when hiring? Employing the right people is key to a successful small business. If you want your business to grow, you need a dedicated team. But, when you have limited time and resources, hiring can be tough. Here are some dos and don’ts to help you make smart hiring decisions.

      [/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column _builder_version=”4.9.3″ _module_preset=”default” type=”4_4″][et_pb_text _builder_version=”4.9.3″ _module_preset=”default” hover_enabled=”0″ sticky_enabled=”0″]

      Dos for Hiring in Small Businesses

      Here are some tips for hiring in small businesses:

      Write a Clear Job Description: 

      Before you start hiring, know exactly what you need. This will help you write a job description that attracts the right people. It is to make sure they have the right qualifications, skills, and experience.

      Offer Flexible Work Hours: 

      Strict schedules can be boring and stressful. This can stifle creativity. Offering flexible hours can boost thinking and productivity. You could also consider remote work. This can attract skilled people and help keep them in the company. It also helps to create a good work culture.

      Share Your Company’s Culture and Values: 

      It’s okay to hire people with less skill or qualifications. What’s important is that they fit into your company’s culture and values. Look at their work style, values, and how well they work with others. A team that shares the same values works better together. This creates a productive work environment.

      Hire People Who Love the Job: 

      A person who loves their job can perform better. Even if they don’t have a lot of skills or experience, you can train them. So, hire people who are passionate and dedicated. They will work hard to help your company grow.

      Do Look into the Must Haves Quality of a Candidate:

      Make sure the candidate you choose has the following positives:

      • Past work experience
      • Higher education
      • Skills
      • Positive character
      • Social personality

      Don’ts for Hiring in Small Businesses

      Here are some things to avoid when hiring:

      Don’t Skip the Background Check: 

      A resume and interview can tell you a lot about a person. But, it’s not enough. You need to check their background too. Look at their employment history, qualifications, and certificates. This can help you choose the right person.

      Don’t Rush the Hiring Process: 

      It’s better to take your time to find the right person. Hiring is not just about filling a position. It’s about bringing in new talent. So, take your time to find the right person.

      Don’t Delay Onboarding: 

      Once you’ve chosen the right person, get them started right away. Give them the support and resources they need. This will help them settle into their role.

      Don’t Settle for Less: 

      Hiring people with different skills and experiences can bring new ideas to your business. Try to hire people who can create a dynamic and exciting work environment.

      Final Word

      All these strategies can help you hire the right candidate and take your company to the heights of success. Avoid hiring a candidate based on personal preferences and biases. In case you need professional assistance to hire an appropriate candidate, consider contacting us. For further information on the workings of a small business organization, you can read our blog section. 

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      Reference Links:

      https://www.freshworks.com/hrms/15-tips-for-small-business-hiring-and-5-mistakes-to-avoid-blog/

      https://www.seacoastbank.com/resource-center/business-insights/small-business-hiring-tips

      https://www.snagajob.com/blog/post/a-small-business-owners-guide-to-hiring-your-first-employee-and-beyond

      https://www.business.com/articles/small-business-hiring-dos-donts/

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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 Small Businesses Can Offer Big Benefits Packages – 4 Ways

      How Small Businesses Can Offer Big Benefits Packages – 4 Ways

      Did you know a larger percentage of a company’s employees seek additional benefits than a hike in their salaries?  

      Good employee benefits packages have increasingly become a determinant factor in attracting new employees and retaining old ones. Thus, by providing employees with big benefits packages, small businesses have better possibilities to grow. 

      Read on to understand how small businesses can offer big benefits packages even with low-budget funding. 

      Discover 4 Ways How Small Businesses Can Offer Big Benefits Packages

      By implementing these strategies, small businesses will be better able to offer high benefits packages to their employees:

      Applying for Affordable Health Care Schemes

      There are many healthcare schemes provided by the government or other institutes that you can offer:

      The US government has started many low-cost healthcare schemes for small businesses. It aims at helping small businesses ensure that all their employees get covered under health insurance. Additionally, medical insurance is a must factor that companies must extend to their employees.

      Schemes such as SHOP or Small Business Health Options Program aim to give medical health benefits to employees at affordable rates. 

      In addition, many other health insurers provide insurance at zero costs. Since companies (big or small) must give insurance coverage to their employees, therefore these schemes can be a good option for small-funded businesses

      Forming a Partnership with a PEO or Professional Employer Organization

      A PEO helps a small business to cut the costs required to employ HR resources. As PEO have years of expertise in HR duties, they help carry out all the HR-related functions of your company at a lower cost. Hence, a small business can replace its in-house HR department with a PEO. Get in an agreement with a PEO to enjoy the associated benefits:

      It offers an extensive range of tools and resources helpful to employees, which would otherwise cost more for a small business to do it alone. 

      It also provides special employee benefit schemes that it gets by serving different organizations. This helps achieve a quality work atmosphere in a company.

      Ensuring Work-Life Balance for Mental Health Benefits

      Mental health is one of the most crucial elements of comprehensive health coverage. Nowadays, we seek more quality in life than quantity! Achieving good mental health has become one of the most prominent factors in today’s world. So, employees can benefit through:

      One big lookout for employees is to have a positive work-life balance, and so employees can benefit from good mental health. 

      Good mental health is also achievable with modern-day, tech-enabled, and advanced medical insurers. By sourcing coverage with modern-day insurers, small businesses can give more benefits to their employees without high budget cuts.

      A thriving business has increasingly lesser one-to-one employee interaction with the head of the company. It reduces the personal touch between higher authorities and the employees. 

      Taking this as an advantage for small businesses, whereby they can take steps to foster an engaging employee-CEO relationship. Doing so will help the company’s employees to voice their opinions and reduce unnecessary pressure.  

      Maintaining a Joyful Working Environment

      Treat your employees with frequent dinners, company retreats, and more to maintain a joyful working environment.

      It creates a healthy atmosphere that allows higher employee retention and higher recruitment possibilities. 

      Doing so in the long term will help a small business to hold on to its employees and incur high returns. These returns will help channel further ways to earn higher revenue and attain even better and bigger employee benefits packages. So, it will be beneficial for the growth of small companies and their employees. 

      Therefore, with these strategies, small businesses can offer big benefits packages to their employees. Furthermore, if you wish to get these services, please feel free to contact us. Also, in case you are willing to learn more, explore our website’s blog section. 

      Reference Links:

      https://www.paychex.com/articles/employee-benefits/employee-benefits-and-small-businesses#:~:text=A%20typical%20benefits%20package%20for,savings%20account%2Fhealth%20reimbursement%20arrangement.

      https://www.ehealthinsurance.com/resources/small-business/choosing-right-benefits-package-small-business

      https://www.cornerstonepeo.com/post/how-small-businesses-can-offer-big-benefits-packages