Critical Employee Touchpoints
By mastering these essential touchpoints, your business will minimize risk and maximize your return on wage dollars spent.
#1 Recruiting - Attract the employees who will help drive your business and increase profits.
#2 Hiring - Effective hiring processes help employees get up-to-speed and become productive quickly.
#3 Compensation - Determine competitive wages so you can attract better employees.
#4 Benefits - A comprehensive employee benefits package will help you retain and attract high quality employees.
#5 Payroll & Tax Administration - You receive employee productivity in return for your investment of wages, but after that it is mainly a highly regulated administrative function that has to be done properly to avoid penalties and fines.
#6 Performance Management - Gauge the performance of your employees and your company in order to maintain expectations and improve overall employee productivity.
#7 Worker's Compensation & Liability Management - Mitigate risk of fines, lawsuits, and poor return on wage dollars spent by reducing the likelihood of workplace injuries and employee conflicts.
#8 Compliance - Employment is one of the most regulated and risky aspects of running a business, which is why you must have a plan that protects your company from fines and litigation.
#9 Document Management - High quality record keeping is essential because it is required by law, protects companies from frivolous litigation, and helps drive employee productivity.
#10 Employee Termination - Separation can be the riskiest point in the employment relationship. It has a lot of regulation and may impact your customers, revenue, and other employees.
These 10 critical points of the employee lifecycle are often neglected because they are not perceived as value-added tasks. By improving some of these critical points, companies:
- Experience greater productivity
- Reduce risk
- Attract better employees
- Retain employees
- and more
A PEO helps you at each of these steps and will focus on the regulatory preparation/paperwork and day-to-day employee administration so you can focus on HR strategies that impact your profitability.
How Does a PEO Work?
A PEO standardizes and harmonizes critical employee management processes.
Standardization - Creating uniformity in payroll, benefits administration, and HR processes that help you more consistently meet cost and business objectives.
Harmonization - Handling many specific processes and making sure they all fit together harmoniously.
When you establish this level of consistency, a series of things can happen:
- Processes become more consistent and therefore more reliable.
- With fewer inconsistencies, you can mitigate the risk of unexpected costs, lower the maintenance costs of employee management processes, and increase business agility.
- With better systems and practices in place, you can reduce the likelihood of errors and miscommunication (whether between technology systems or departments).
- And ultimately, you get more control over business operations.
Call us today at (855) 667-4621 to learn more.