posted: Nov. 01, 2024.
How to Grow Your Co 7-9% Faster and
Increase Employee Retention by 10-14%
By Charles Argenbright 30+ Yr PEO (Professional Employee Organization) Florida State U. Alum Executive
According to a recent study by noted economists Laurie Bassi and Dan McMurrer, small businesses that use PEOs grow 7 to 9 percent faster, have 10 to 14 percent lower employee turnover, and are 50 percent less likely to go out of business.
What if you paid nothing to set up the 401-K plan and chose to offer matching funds after one year of service? Would that attract the young person that is just starting a family and wants a career and not just a job ? And a future with that company?
Manage YOUR Liability
When a Business buys EPLI Insurance. Employment Practices Liability Insurance. The cost is staggering because that insurance is the coverage that protects her from wrongful termination suits, sexual harassment suits, etc…
With a PEO, and lets say she starts with 3 employees. Her cost will probably be less than $ 200.00 a year. With some PEO’s it will be less.
•Every business should ask
•Is FMLA (family leave act) in your state a law or is it a tax?
•Do you understand the Overtime Exemption Laws?
•Could you have a salaried employee that is not legally exempt from overtime ?
•You may have a manager that you pay $ 200,000 a year to. He gives notice and leaves under good terms. And then files suit against you 3 years later because he learned that he was never legally exempt from overtime….and you have the burden of proof…. If you didn’t keep good records he wins and you mail a huge check to this guy.
Often a business owner can save money on their Labor Costs, Unemployment Taxes, Workers Compensation and Service Fees.
With some companies their needs are more about HR Support, Compliance or Affordable Benefits, also things that we supply. Many business owners don’t know their vulnerabilities until something bad happens and they learn the hard and expensive way. Our job is to be proactive and make that owner as “bullet-proof” as possible.
I feel that the main thing I bring to the table is TIME. Time for the owner to spend working ON his or her business as opposed to IN it. That is the one commodity that is always in short supply.
Charles Graduated from Florida State University (Go Seminoles ) 94 entered the HR World of co-employment. I have loved every minute of it. I have signed up hundreds of companies over the years, some with just a few employees and many with several hundred employees in about every state in America.
Contact: [email protected] / text 216-317-1185 and arrange a call with Charles. Charles is a contributing writer for our national newspaper on preventive and financial health.
