Are you concerned about managing Workers’ Comp Insurance?
Workers’ compensation insurance is one of the most expensive components of a business insurance program. The rules governing workers’ compensation insurance are set by each state. Costs vary from state to state, and they can get expensive depending on your industry. You need to learn about it and how to minimize your costs, in order to save money.
Workers’ compensation insurance pays a benefit designed to replace at least a portion of the income that the employee would have earned for the time not worked. If your company doesn’t have many injuries or very expensive claims, it’s a simple process. However, injury frequency and severity play a big role in raising workers’ compensation costs.
There are several things you can do to control overall costs:
- Assess hazards at your business.
- Develop a written safety program.
- Make safety a part of the salary review process.
- Investigate every injury incident.
- Work with your claim adjuster on the employee’s medical progress.
- Spot injury trends by looking at loss history.
- Partner with a professional employer organization to easily gain access to safety programs, policies and guidance.
How do PEOs work? PEOs agree to perform specified employer responsibilities for their client companies’ workers, overseeing:
- Withholding and reporting payroll-related taxes.
- Accounting and paying wages for workers.
- Securing workers’ compensation insurance for employees.
The small-to-midsize business market traditionally has been underserved by insurance carriers. Accounts that generate a small premium often receive very little in the way of loss control services or claims management services, but in using a PEO, small-to-midsize firms can get such safety practices as:
- Pre-employment drug testing.
- Loss control.
- Claims management of injuries.
- Back-to-work programs.
- Drug-free workplace programs.
These programs enhance employee safety and well-being. Small-to-midsize businesses can benefit from such programs and from fewer workplace injuries. PEOs address worker complaints through case management ranging from monitoring treatment to carrier contact and helping injured workers receive proper care.
Professional Employment Organizations uphold the integrity of the workers’ compensation system, working with carriers, and rating bureaus and regulators who administer the system. PEOs have positive incentives to further the efficiency and viability of the system and to improve worker safety. By resolving injured worker claims and reducing workplace injury. Are you still concerned about managing your Workers’ Comp Insurance? Contact us at Atlantic Payroll Partners to learn how we can help you company.
Copyright 2024
Why Atlantic Payroll Partners
The biggest payroll companies probably won’t have time for your business. It’s that simple, you’ll be a number. At Atlantic Payroll Partners, you’ll be the opposite. We’ll know more than your name; we’ll know the names of your children and their birthday’s as well. We will know you.
We’ve been helping Florida business by managing their payroll and providing workers' compensation quotes for ten years. We help keep payroll cost affordable by provided transparent PEO payroll quotes that allow you to plan your budget accordingly. Like the big payroll companies, you can manage your payroll and payroll timekeeping with us, while reaping the benefits of PEO risk management.
Thinking about payroll outsourcing can be scary. Make sure you know what to expect from payroll outsourcing providers; to make the best decision for your business. In addition to offering payroll, and workers' comp quote we offer: Human Resource consultations, Accounting services, and benefits such as, 401ks and Healthcare plans.
Flexible Work Arrangements
Flexible work arrangements are work programs that enable flexibility in work schedules or the place of work.
Flexible work arrangements are hugely popular among employees, mainly because they promote work-life balance.
FWAs are critical to retention, as research by FlexJobs shows that nearly one-third of workers have sought employment elsewhere because their employer failed to provide flexible work arrangements.
Some of the types of FWAs are:
- Telecommuting.
- Flextime.
- Compressed workweek.
- Part-time work or reduced work hours.
- Job sharing.
1. Telecommuting
According to the Society for Human Resource Management, telecommuting “involves the use of computers and telecommunications technology to overcome the constraints of location or time on work.”
Telecommuting lets employees perform their normal job duties away from their central workplace — such as from home, a telework center or any other approved alternative worksite. Depending on the situation, employees may telecommute all or part of the workweek. Telecommuting can also be implemented on an emergency basis, such as during inclement weather, natural disasters,. and of course COVID-19.
2. Flextime
Flextime, also called a flexible work schedule, allows employees greater latitude in choosing their starting and ending work times. You might, for example, set a core number of hours the employee must work each week and then permit the employee to pick their arrival and departure times. Employees wanting to improve their work-life balance are most likely to appreciate flextime.
3. Compressed workweek
Employees on a compressed schedule perform their job duties in fewer days — such as four 10-hour days instead of five 8-hour days. This results in longer time off from work, which facilitates work-life balance and allows the employee to save on certain expenses, such as commuting and child care costs.
Employers as well can benefit from fully adopting a compressed workweek schedule. For instance, overhead costs are less because employees are not on-site as much.
4. Part-time work or reduced work hours
Of all the flexible scheduling options, part-time work is the most commonplace. Employees who do not want to work a full-time schedule — for example, students, working parents and older workers — often seek part-time work, which is usually regarded as less than 35 hours per week. Certain jobs, such as those in the food service and retail sectors, are more naturally geared toward part-time employment than are others.
5. Job sharing
Job sharing occurs when two employees share the responsibilities of one full-time role, splitting the duties between them so each person works part time. For instance, you may require one employee to work Mondays, Wednesdays and Fridays and the other employee to work Tuesdays and Thursdays.
Employees looking to balance their professional and personal lives may especially be interested in job sharing. To avoid issues in the long run, job sharing must be carefully thought out, implemented and managed.
As the labor force continues to evolve, more and more flexible work arrangements are cropping up. Companies should think about which of these might help them adapt and thrive into the future. If you’d need help selecting a Flexible Work Arrangement for your team please reach out to us at, 772-466-0440 we’re happy to help.
Copyright 2024
Why Atlantic Payroll Partners
The biggest payroll companies probably won’t have time for your business. It’s that simple, you’ll be a number. At Atlantic Payroll Partners, you’ll be the opposite. We’ll know more than your name; we’ll know the names of your children and their birthday’s as well. We will know you.
We’ve been helping Florida business by managing their payroll and providing workers' compensation quotes for ten years. We help keep payroll cost affordable by provided transparent PEO payroll quotes that allow you to plan your budget accordingly. Like the big payroll companies, you can manage your payroll and payroll timekeeping with us, while reaping the benefits of PEO risk management.
Thinking about payroll outsourcing can be scary. Make sure you know what to expect from payroll outsourcing providers; to make the best decision for your business. In addition to offering payroll, and workers' comp quote we offer: Human Resource consultations, Accounting services, and benefits such as, 401ks and Healthcare plans.
Paycheck Protection Program News
Update as of 11/2/2020 we’ve got some news on the forgiveness process that we’d like to share with you.
Paycheck Protection Program News
Procrastinators rejoice…
The Paycheck Protection Program loan, slated to end on June 30, will now accept applications until Aug. 8, thanks to a last-minute bill passed by Congress at the end of June.
The PPP was created to help business keep their employees on payroll during the COVID-19 pandemic. The loan may be forgiven if the business is able to meet the terms of agreement.
According to the Journal of Accountancy, by the end of June, the Small Business Administration had approved nearly 4.9 million loans totaling more than $520 billion. About $130 billion of the funds remain unused.
What else is new-ish…
At the beginning of June the Paycheck Protection Program Flexibility Act of 2020 was passed. This Act updated the terms of the coverage period for the PPP loan from February 15th 2020 to December 31st 2020. The Paycheck Protection Program Flexibility Act of 2020 also updated the coverage period to use the loan from 8 weeks to 24 weeks. The covered period to use the loan depends on when you applied for the loan. Another key change is the spend amount for forgiveness. Previously, 75% of the cost had to go to payroll. Now 60% can be used for payroll and 40% can go toward mortgage obligations, covered rent, or covered utility payment. For more information please about the Paycheck Protection Plan Flexibility Act please read H.R. 7010.
Copyright 2024
Why Atlantic Payroll Partners
The biggest payroll companies probably won’t have time for your business. It’s that simple, you’ll be a number. At Atlantic Payroll Partners, you’ll be the opposite. We’ll know more than your name; we’ll know the names of your children and their birthday’s as well. We will know you.
We’ve been helping Florida business by managing their payroll and providing workers' compensation quotes for ten years. We help keep payroll cost affordable by provided transparent PEO payroll quotes that allow you to plan your budget accordingly. Like the big payroll companies, you can manage your payroll and payroll timekeeping with us, while reaping the benefits of PEO risk management.
Thinking about payroll outsourcing can be scary. Make sure you know what to expect from payroll outsourcing providers; to make the best decision for your business. In addition to offering payroll, and workers' comp quote we offer: Human Resource consultations, Accounting services, and benefits such as, 401ks and Healthcare plans.