The Council on Strategic Risks’ Post

In the dynamic landscape of modern business, safeguarding your enterprise against risks is paramount. One often overlooked aspect is the management of workers' compensation and unemployment claims. This is where utilizing a staffing service company can be a strategic decision with far-reaching benefits. When you engage a staffing service company, you're not just hiring employees; you're leveraging a partner to share the burden of various administrative responsibilities and risks. Here’s how: 1. **Workers' Compensation Coverage**: Workplace injuries can pose significant financial and legal liabilities for businesses. Staffing service companies typically carry their own workers' compensation insurance, covering the employees they place at your company. In the event of an injury, it’s the staffing company’s policy that comes into play, alleviating your business from potential financial strain and legal complications. 2. **Unemployment Claims Management**: Terminating employees can sometimes lead to unemployment claims, which can affect your business’s insurance premiums and reputation. Staffing service companies often handle these claims, mitigating the impact on your business. They have the expertise to navigate the intricacies of unemployment regulations and can represent your business in hearings, if necessary. 3. **Administrative Burden Reduction**: Managing payroll, benefits administration, and compliance with ever-changing labor laws can be time-consuming and complex. By outsourcing these tasks to a staffing service company, you can streamline your operations and focus on core business activities. Staffing firms are well-versed in regulatory requirements and can ensure that your business remains compliant. 4. **Flexibility and Scalability**: In today’s fast-paced business environment, agility is key. Staffing service companies offer flexibility by providing access to a pool of qualified candidates who can fill temporary, seasonal, or project-based roles. Whether you need to scale up during peak periods or adjust staffing levels based on business fluctuations, a staffing partner can help you meet your workforce needs efficiently. 5. **Access to Talent**: Recruiting top talent is essential for business growth and competitiveness. Staffing service companies employ recruiters who specialize in sourcing, screening, and placing candidates across various industries and job roles. In conclusion, partnering with a staffing service company can be a strategic move to protect your business from various risks associated with workforce management. From mitigating workers' compensation liabilities to navigating unemployment claims and reducing administrative burdens, the benefits are manifold. Moreover, it offers the flexibility to adapt to changing business needs and access to a broader talent pool. By entrusting these responsibilities to a staffing partner, you can focus on driving your business forward with confidence.

“Unlocking Business Potential: OneDigital’s Holistic Approach” At OneDigital, we don’t settle for “just benefits.” We’re your strategic partner, offering customized solutions that go beyond the ordinary. Here’s how we empower businesses like yours: Employee Benefits Consulting: Our seasoned experts design tailored benefit plans that align with your strategic goals and cater to your employees’ needs. It’s not just about insurance; it’s about enhancing well-being and job satisfaction. Human Resources Consulting: Practical, deployable advice to retain talent, build winning teams, and achieve your people-related business goals. We’re not just consultants; we’re your HR allies. Financial Services: Seamlessly integrate financial solutions into your company culture. We provide value for employees across the board, ensuring financial well-being1. Property & Casualty: Comprehensive risk management policies that consider financial, regulatory, and operational variables. We’ve got you covered. The Power of One: At OneDigital, we believe in unity. One team, one purpose, one solution. We unleash growth and potential, creating environments where employees thrive. Ready to harness the power of one? Let’s connect!

Before the pandemic, 90% of insurance employees worked in the office four or more days a week. Now it's less than 5%, with 86% going to the office three times a week or less 🏡 This change has generally been positive, but it's not all perfect... Some employees have reported on affected areas like social interaction, on-the-job learning, access to mentors, and collaboration 📉 So how do you create policies that ensure that everyone is happy, productive and progressing? 👇

Sometimes the sum of intangible and tangible benefits can make all the difference for the right candidate looking at your business for their next career move. Workplace benefits that small and medium sized businesses can consider to retain employees, from the U.S. Department of Commerce: 1. Flexibility with work arrangements, to include hybrid and remote possibilities, plus wider scope of work opportunity. For instance, any continuous 8-hour period between 5AM to 7PM. 2. Family care benefits, for either children or elderly family members. 3. Home buying and/or relocation assistance. This can include a stipend to connection with a third party service that organizes moves and housing recommendations. 4. Mental wellness. This can include access to well-vetted mental health products, for instance. 5. Pet insurance. 6. Digital safety. In an era, where fraud and other related attacks are increasing, access to a personal data protection service can help employees feel at ease. 7. Educational benefits. This can include access to work-place related training courses, lunch and learns, or even tuition assistance for coursework that is professionally related to the job and company.

As I continue to evolve as a benefits consultant here are my non negotiables: 🔑 It is impossible to know everything, I don't want to. Trusting in other subject matter experts, and Account Executives that are highly talented are keys to delivering top solutions, and white glove service. My job is to put the best people at the table...sometimes that is me, sometimes it isn't. 💲 My job is NOT selling insurance. If a leader tells you that - find a new leader. This is the mindset of the broker's I want to replace in the industry. My job is to solve problems using risk managment solutions that put the client in the best financial and strategic position possible. 🎙 Driving communication and improving Education within an organization is my passion. I believe as the second largest expense line item in any employer, Benefits should be understood, utilized, and valued. 🤠 Creating value is done through creativity. You DO NOT Have to spend more money Year over Year in order to impact your employees appreciation. There are resources available, and money through core benefits spend to utilize. Access, Communicate, Educate. 👓 Full Transparency on everything we do. Impact is driven on large employers in 1, 3 and 5 year strategies. Employers that share all their business objectives an issues with us at onboarding, and listen to the solutions we provide, will feel the impact quickly and long term. #employeebenefits #benefitsconsultant #Mondaytruths #riskmanagement #hrproffesionals

In today's competitive landscape, attracting and retaining top talent is crucial for business success. Grant Crompton share why a comprehensive benefits package is a powerful tool to achieve this. By offering competitive benefits, you demonstrate your commitment to your employees' well-being and create a positive work environment that attracts and retains top talent. But the benefits don't stop there. A happy, engaged workforce is more productive, leading to increased efficiency and improved bottom-line results. When employees feel valued and supported, they are more likely to go the extra mile, fostering a culture of innovation and collaboration. Remember, your employees are your biggest asset. By prioritizing their well-being through comprehensive benefits, you're not just investing in them; you're investing in the long-term success of your business. https://lnkd.in/dKQEdVac #employeebenefits #businessstrategy #workplaceculture #humanresources #hrstrategy #employeewellbeing #worklifebalance #benefits #companyculture #healthinsurance #retirementplans #wellnessprograms #mentalhealth #workfromhome #flexiblework #diversityandinclusion #employeeengagement #employeeexperience #talentmanagement

Top Reasons to Partner with a PEO for Business Success Why are more businesses partnering with Professional Employer Organizations (PEOs)? From reduced administrative work to access to enhanced employee benefits, PEOs provide a full suite of HR and risk management services that empower businesses to succeed. At PEO Insurance Brokers Network, we connect companies with PEOs that fit their industry and goals, helping them unlock their full potential. Here’s why partnering with a PEO is a smart move: • Reduced Administrative Burden: HR tasks like payroll, benefits administration, and employee onboarding can take up valuable time. A PEO handles these responsibilities, letting you focus on core business activities like sales, customer service, and growth. • Compliance Expertise: Navigating employment laws and staying compliant can be challenging. PEOs stay up to date on federal and state regulations, ensuring your business remains compliant and avoids penalties. • Improved Recruitment and Retention: Access to better employee benefits through a PEO can make your business more competitive in the job market. By offering attractive benefits packages, you’ll be able to attract and retain skilled employees more easily. • Workplace Safety and Risk Management: PEOs help businesses in high-risk industries implement safety programs and manage workers’ comp claims. With expert risk management support, you can reduce incidents and manage claims efficiently. • Scalable Solutions for Growing Businesses: As your business grows, so do your HR needs. PEOs offer scalable solutions that can adapt to your changing needs, providing the flexibility required for sustainable growth. At PEO Insurance Brokers Network, we help businesses identify the right PEO partners that align with their needs. Our mission is to support your success by providing resources that enhance efficiency, reduce risk, and promote a productive work environment. Know more about PEO Insurance Brokers Network & services here: https://lnkd.in/gW27z_MH

Change is a weird thing. Some people LOVE the excitement of constant change...I'm happy to live vicariously through them 😬 - I need a bit more balance. For others, just the very thought of it can cause them to "turtle" 🐢, and hide in their shell until the possibility of change passes. The reality is though, not ALL change is exciting or difficult. Changing a health plan? Yeah, that takes some work. Between communicating the new plan to employees, helping them overcome their fear of change, setting up new EDI files, checking and rechecking the network and formulary, it's...A LOT. 😩 Changing a benefits broker? Usually, not as big of a deal. In fact, most of the time it's sort of boring and uneventful, unless you're hiring that broker to help implement a major change. If you don't want to, you don't need to change plans or carriers. Maybe you just need a more capable partner to help you with compliance, communication, or actuarial support this year, while saving the big changes (like moving carriers) for another year. That's cool with us 😎. We like to say "we're an extension of your HR team" - we're here to make your life easier, not add to the chaos. More often than not, we help our clients make incremental changes over time while signaling, well in advance, any major changes employees need to mentally prepare for.

A recent report from the Journal of Accountancy discussed the increasing desire of employees to attain financial well-being benefits. Employees' needs in this arena are certainly increasing. But the core of the article is in employee satisfaction. Keeping employee's satisfied in their workspace. No employer can afford to perpetually race to increase its offerings for employees. The key piece missing from this discussion relates to management's engagement with employees. As an employer, you must engage at all levels with your team and on behalf of your team. Employee benefits are typically a critical, low-cost, low value-add piece to employee compensation. With that in mind, make sure that you are spending on areas that benefit the team and do not simply add administrative burden in providing the offering. Yes, business is a team sport and as management you should realize it is not all about you. Your role is to motivate, support, and encourage development, success, and efficiency from your team. Using a soccer analogy, management executes as the player/coach. As player/coach, you are coordinating business activities, but should also be recognized as a contributor to the execution of the business. You are in the game AND you have responsibility to support your forwards (sales), midfield (operations/developers), and defense (administration). Having a cohesive group of players all on the field, engaged and with the same game plan, creates an efficient team that can drive further to success. Well-being benefits may be necessary and desired by members of the team, but make certain that you are providing the most precious benefit - your time and engagement directly with the team! Happy to continue the discussion in person or at www.overwatch-advisors.com, where we work on financial efficiency while driving a team atmosphere to further success!