by David Schek | Oct 3, 2011 | Professional Employer Organization (PEO), Staffing Company, Workers Comp
Many staffing companies simply think of PEO’s (Professional Employer Organizations) as payroll firms that offer lower cost workers compensation programs. But in addition to this benefit, PEO’s can provide lower unemployment rates too. PEO’s serve as the “employer of record” to thousands of long term permanent employees, (not just short term- temporaries,) and as a result their unemployment rates tend be lower than their staffing clients in most states. Keep in mind that the PEO industry is about a 80B a year industry.
As states continue to raise unemployment rates in 2012 and beyond to balance their budgets, you may see your bottom line severely reduced by these higher rates. Because PEO’s can offer programs that keep your workers compensation as well as your unemployment rates low, they may be a useful option to consider in reducing your overall payroll expenses. Many PEO’s provide all payroll management and human resource administration for about 2-3% cost of your payroll– which is usually more than offset by lower comp and unemployment rates.
If you do consider the PEO option please be sure you select a PEO that has been in business for at least 5 years and has a proven track record of working with staffing companies. You will be assured of receiving the best service with these firms.
Please contact me if you would like to discuss obtaining a PEO quote for your staffing business, or to discuss most other types of workers compensation programs like ASO, Captive or Direct for your staffing business
All the best
David Schek
202-302-1212
www.StaffingCompSolutions.com
by David Schek | Sep 26, 2011 | ASO, Workers Comp
An ASO (Administrative Service Organization) handles all the payroll related matters like a contracted payroll company (think ADP or Paychex) PLUS most of the workers compensation issues that arise in a staffing company. An ASO can significantly streamline your back office’s fixed expenses too, since their charges vary according to your weekly payroll totals. You can use an ASO with your standard State Fund or private carrier workers compensation policy. The usual charge for an ASO service is about 2-3% of your payroll.
The ASO will handle all payroll and tax filings for your staffing company, All the paperwork is filed under your federal employer’s identification number. Questions about regulatory compliance issues will be handled by the ASO too. An ASO can offer you assistance with legal questions, but the employee is legally the yours. Finally the ASO will handle day-to-day administrative matters relating to human resources including all workers compensation issues.
Many staffing companies find this preferable because they retain complete control over the employee, and can still be very hands-on without having to handle mundane human resource functions on a daily basis. An ASO is great for smaller 1-2 person staffing offices where your focus needs to be on sales and service!
Please let me know if you would like to explore this payroll and workers compensation management option for your staffing company, and if you would like a quote on these services.
All the best
David
202-302-1212
www.StaffingCompSolutions.com
by David Schek | Sep 19, 2011 | Staffing Company, Tips, Workers Comp, Workers' Compensation Insurance
Reducing workers compensation rates depends on developing a great relationship with your Workers Compensation “SWAT Team.” Your SWAT Team should include your Agent or Broker, the carriers accident investigation manager, and your internal workers compensation manager. Your Team should be ready to step into action the moment that an accident occurs.
Communication and great follow up is critical for your SWAT teams success. Everyone’s goal has to be to keep your workers compensation costs as legitimately low as possible.
As a staffing owner, everyday may seem like there are 1000 new challenges. A well prepared SWAT Team should be able to update you at any time as to the status of each work place accident. They should be able to share their plan of action for each accident and injury. Most importantly, since your Agent/ Broker and Carrier all make commissions on your policy, they should be ready to assist you in all aspects of reducing your workers compensation costs.
Please feel free to contact me at 202-302-1212 to talk about your particular workers compensation issues, or to request a new workers compensation quote.
All the best
David
President- Work Comp Staffing Solutions
www.StaffingCompSolutions.com
Workers Compensation Solutions for the Staffing Industry
by David Schek | Sep 12, 2011 | Staffing Company, Workers Comp, Workers' Compensation Insurance
Now that Fall is just around the corner and staffing owners are anticipating their workers compensation needs for 2012, I am asked by many staffing companies where is the best place to easily check out a variety of workers compensation options. My answer sometimes surprises them but it is the American Staffing Association E- directory. When you go to the ASA site, you will find an E-directory comprised of many specialized staffing suppliers. There you will find a section for Workers Compensation, and you will find Work Comp Staffing Solutions listed among a half a dozen other providers or brokers of workers compensation solutions.
Since workers compensation is such an important part of your business and can make a significant impact on your bottom line, I always suggest that a staffing company talk to these various providers and determine which company is the best fit for your needs.
Please feel free to contact me at 202-302-1212 about getting a workers compensation quote for your company, or just to discuss the various work comp options that can save your company money.
All the best,
David Schek
www.StaffingCompSolutions.com
by David Schek | Sep 5, 2011 | Workers Comp, Workers' Compensation Insurance
It is true that the increase in your Workers Comp rates following an employee’s death, are often less than when an employee experiences a non fatal but very serious workers compensation injury. Though still, an employees death will significantly impact your future work comp rates. Below is a list of industries ranked by work place fatalities. If you intend to staff the industries at the top of this list, you should expect relatively high workers compensation rates; and you really need to make sure that you help your client create a safe working environment.
- Construction: 780; 17.2 percent
- Transportation and warehousing: 657; 14.4 percent
- Agriculture, forestry, fishing and hunting: 600; 13.2 percent
- Professional and business services: 373; 8.2 percent
- Manufacturing: 324; 7.1 percent
- Retail trade: 302; 6.6 percent
- Public administration: 301; 6.6 percent
- Leisure and hospitality: 245; 5.4 percent
- Education and health services: 230; 5.1 percent
- Other services (repair and maintenance, personal and laundry services, religious organizations): 186; 4.1 percent
I look forward to speaking to you about your workers compensation rates and would be glad to provide a FREE workers compensation quote. Please call me at 202-302-1212 at your convenience.
All the best
David Schek
www.StaffingCompSolutions.com
by David Schek | Aug 24, 2011 | Staffing Company, Tips, Workers Comp, Workers' Compensation Insurance
Have you ever talked to people who saw a traffic accident and they all had slightly different versions of what happened, and who may have been at fault during the accident? Usually a good accident investigator will want to talk to as many witnesses as possible and try to piece together exactly what happened at the scene of the accident. Well this process is no different than when a carrier’s comp representative tries to put together the facts surrounding a workers compensation claim. The more people they can talk to that had some familiarly with the accident, the better and clearer picture they have for analyzing what happened and who may be at fault.
Therefore as a staffing owner and employer it makes economic sense to add all the relevant witnesses to the First Injury Report. This process also puts the employee on notice that their version of events will not be the only one examined in determining fault and legitimate degree of injury!
Please feel free to call me at 202-302-1212 to chat about this blog and other ideas to keep your worker compensation low; as well as receive a workers compensation quote that could lower your rates.
All the best
David Schek
www.StaffingCompSolutions.com
