Perfect Match

Does your small business need a partner?

By: Connie Laughlin

LIFE PARTNERS

One of the main reasons men and women marry (aside from love, commitment and procreation) is stability! Stability defined is the quality, state or degree of being stable – the strength to stand or endure.

A spouse performs certain duties within a household. Some responsibilities are shared, and others rest entirely on the shoulders of a mate or spouse. Together they ensure the financial security, safety and general well-being of their union.

ALTERNATIVE BUSINESS PARTNERS

Business owners are keen on financial stability! It’s a necessity to scrutinize your financials, annual gross-to-net ratios, debt-to-asset ratios, liquidity and accounts receivables monthly. And equally important is the ongoing planning and implementation of strategic initiatives for asset protection, cost containment and ensuring legal and safety compliance.

Who has your back? Who has shared “skin in the game” with you? No one! You’ll take the hit for not being in legal compliance, losing key employees, labor burden increases and all the negative things that can go with being an employer. Employees are viewed as assets, or “human resources,” and every business is responsible for properly managing these assets or personnel.

If your business is not in legal compliance in a multitude of worksite processes, or covered by workers’ compensation insurance, or adhering to stringent risk management programs and managing claims strategically and offering wellness programs, your employees could pose one of the largest financial losses to the business!

Employee-related administration and management matters cover a wide variety of tasks and procedures, from adhering to the ever-changing landscape of employment law regarding your payroll, employee handbooks, disciplinary issues, employment forms, claims management, safety regulations, risk management and, of course, today’s growing benefit issues. Not to mention managing one’s business through a pandemic.

There’s more to these functions than many realize. To hire a certified human resources (HR) professional, it will cost around six figures. Rounding out this area of one’s staff are safety and risk management personnel and programs costing even more. Even with an expanded workforce, you’re being fed information by someone sharing only what they want you to know, and information based on their limited knowledge and experience.

HR outsourcing service providers, also known as professional employer organizations (PEOs), take care of your necessary employee admin, while you focus on the core functions of making your company profitable. This could be your perfect match.

So, there is a partner or mate for consideration: a PEO! A first-class PEO should come with surety bonds, industry credentials and certifications ensuring they’re solid. To find out which ones carry client protection, and to ensure a PEO is top-notch, visit www. esacorp.org. Do your homework before signing up. Find out where they’re headquartered; you want your money kept in your local community.

WILL YOUR BUSINESS SAVE MONEY?

Working under the umbrella of a PEO can keep benefit costs low, allowing you to offer a robust package that entices and retains high-quality employees. Other bonuses are maintaining a low and predictable labor burden, having the best risk management program in place, keeping experience modifier ratings as clean as possible, keeping your staff safe and keeping morale high. All of these things help your bottom line!

Think about it: You’re not really changing the way you do business. You’re just partnering with a team of highly trained professionals who enhance your financial stability, streamline your administrative duties with best practices, save you a ton of time and share some of the risk!