ExtensisHR’s Post

The other week, I spoke to a business owner who mentioned they've lost quality candidates for openings because they didn't offer benefits. I've heard variations of this where they offered benefits, but couldn't effectively control costs YOY. I wanted to share this story because they aren't alone and I've experienced it during my time at my family's business so I thought it would be important to share. We can all guess that the business wasn't offering benefits because of the cost to offer them. From helping my family with their business, it seemed like there was a catch 22 in growing the business between having the cash flow to make investments and having the revenue that those investments provide. This makes it hard for small businesses to compete with larger corporations and makes it even more important to make sure what you're investing in, yields the positive ROI you were looking for. Based on the KFF Employer Benefits Survey, the average cost for an employee's annual premium is $8,435. That means for the minimum employer contribution would be $4,217.5 per employee per year. If the business's average revenue per employee was 150K, and the wage of the lost candidate was 60K then offering the benefits would of yielded a positive ROI. Now, the reason why I do what I do: making it easier for small businesses to compete for talent and maximizing the ROI from the investments they make into their workforce to achieve their desired business outcomes. For example, a business I worked with recently received a benefits approval through our exclusive business model called TotalSource for an annual per employee premium cost of $2,664. Meaning the employer minimum contribution was $1,332, making it a $2,895 savings per employee over the open market. You can see how that can add up for example if you have 20 employees enrolled, that would be about $57,900 savings in benefits costs, plus the extra revenue from better attracting and retaining talent. If benefits or attracting/retaining talent are pain points that are holding you back from generating more revenue or making employees happier, then let's review the data together to see what your ROI could be. If I can't offer you the right solution, I can leverage my network of partners to find the right fit that will yield you the most ROI. There's so many ways TotalSource can help maximize the ROI you receive from the investments you make into your workforce beyond benefits. This was a long post, but if people find it valuable, then I may have to start a series of other examples and data of how we've helped other businesses achieve their business outcomes. Let me know your thoughts in the comments and if this provided value or another perspective on workforce investments.

Ever heard the phrase 'up-or-out' in consulting circles? It's not just industry jargon—it's a stark reality that leads to significant employee turnover. While companies have innovated their onboarding processes, offboarding has been left in the dust. That's where When steps in. We're revolutionizing the exit experience, focusing on a critical need: affordable health insurance for departing employees, especially in high-pressure industries like consulting. Sure, COBRA exists, but it often comes with a hefty price tag. Think of When as your post-employment healthcare matchmaker. We connect you with superior, budget-friendly insurance options that won't break the bank. But here's the kicker: When isn't just for employees. We're a win-win solution. For companies, we reduce COBRA-related costs and risks. For departing staff, we offer a concierge-level service, guiding them through the often turbulent waters of post-employment healthcare. In short, When transforms a typically stressful transition into a smooth, supported experience. Because your career may change, but your need for quality, affordable healthcare doesn't. #ReadyforWhen #healthcare #jobchange #layoffs #consulting #consultingfirms #consultants #healthinsurance https://lnkd.in/gXgEvYSD

Small businesses, stay ahead with these three hiring and employment essentials. Having the right strategy can ensure long-term success. Click below to read more. #IOAUSA #SmallBusiness #hiring

What keeps many small businesses from taking it to the next level? Finding the right talent to fill roles. By utilizing PEO (professional employer organization) services, you can leverage expert HR solutions to attract and retain top talent. PEOs unlock access to big company benefits such as medical, dental, and vision healthcare, 401(k) plans, and employee assistance programs. #PEO #HumanResources #Recruitment #EmployeeBenefits https://lnkd.in/gcTqi_at

David Rose and Clarke Bowles 🇬🇧🇺🇸🇦🇺 from PGC Group recently hosted a #masterclass aimed at helping #UK and #EU #startups and s#caleup companies navigate the complexities of hiring their first US employee. This insightful #webinar is a must-watch for any employer looking to expand their team across the Atlantic. The session delves into several crucial topics that US and EU employers should understand to streamline their hiring process and remain competitive in the US market. Check out the masterclass below 👇 https://lnkd.in/erZStUYS

How Small Businesses Are Managing the New Reality of Work. Small businesses have been affected by all of the changes in the US with the Pandemic and the changes in who wants to work and who can work. These business are hiring not laying off so this could be a good place for those from larger companies. While there is a difference in pay, there is also a difference in stress.

How Small Businesses Are Managing the New Reality of Work. Small businesses have been affected by all of the changes in the US with the Pandemic and the changes in who wants to work and who can work. These business are hiring not laying off so this could be a good place for those from larger companies. While there is a difference in pay, there is also a difference in stress.

I recently read this article in the Herald - https://lnkd.in/gGqA_V-P I've prepared an article for the Firm's website which should shortly be posted. In the meantime, I thought it wise to post my general thoughts on redundancies. Staff redundancies are challenging for employers, particularly amid the current discussions surrounding this issue. Employers need advice on how best to manage redundancies effectively, focusing on legal obligations and best practices. The genuineness of a redundancy is paramount, as outlined in Section 385 of the Fair Work Act. To be genuine, a role must cease to exist due to legitimate business reasons, such as technological advancements or organizational restructuring. Redundancies should not be driven by discriminatory motives, and fair selection criteria must be applied. Consultation with affected employees is crucial throughout the redundancy process, as mandated by Section 389 of the Act. Early notification, open dialogue, and consideration of alternatives are essential aspects of this consultation. Employers must explore options like redeployment, retraining, or voluntary redundancy schemes to minimize the need for job cuts. Reasonable redeployment efforts are also a key obligation for employers. If an employee could have been redeployed, the redundancy may not be considered genuine. Employers should assess suitable roles, communicate effectively with employees, and offer training and support during the redeployment process. Calculating redundancy pay is governed by the National Employment Standards (NES) under the Fair Work Act. Eligible employees are entitled to redundancy pay based on their length of service and ordinary weekly earnings. Taxation and superannuation implications must be considered, and professional advice may be necessary to ensure compliance. In conclusion, planning redundancies requires a comprehensive understanding of legal obligations and adherence to best practices. Employers must demonstrate the genuineness of redundancies, engage in meaningful consultation, and explore reasonable redeployment options. Careful consideration of redundancy pay and associated tax and superannuation implications is essential. Seeking professional advice can help mitigate risks and ensure compliance with relevant regulations.

Thanks Elle Griffin for the great article about why Employee Ownership makes sense for business owners and for their employees. https://lnkd.in/gdGujX73 Includes some great quotes by Steve Storkan and a few charts from our recent briefing "Investing in Employee Ownership: an Overview for Mission-Oriented Investors" which you can access here: https://lnkd.in/gtYkwWQt. Glad to see our research is helping to grow awareness about the importance of Employee Ownership as a strategy to address the growing wealth gap.

There are many excellent businesses on the market right now, so why am I focusing on acquiring a PEO? My career has been deeply rooted in small businesses. I understand the daily grind, the tight-knit team dynamic, and the collaborative spirit that fuels success. And since I have been both a client of a PEO and a PEO CEO, I have experienced firsthand the profound impact PEOs have on small businesses – not just for owners, but for the managers, admins, and the entire staff. Yes, cost and time savings are tangible benefits of being a PEO client. But it's so much more than that. I've witnessed countless moments where we've gone beyond the call of duty to help: 🔹 Processed a late-submitted paycheck for an employee 5p on a Friday afternoon. 🔹 Guided a client's employee through a tragic life event with care and love. 🔹 Covered a long-term client's payroll for a weekend (my apologies to all the PEO controllers out there!). 🔹 Provided in-person onboarding support for new employees so a client could quickly staff up for a job. 🔹 Collaborated with carrier partners to secure the right coverage for a client's urgent bid proposal. PEOs understand the small business community because we're part of it ourselves, and it shows in how we care for our clients. I firmly believe in the value we deliver and the ripple effect it has on both business owners' success and their employees' well-being. This is why I am proud to be in the PEO industry and I look forward to owning and operating a PEO long-term. This week, I've had some incredibly productive and insightful conversations. One that even resulted in signing an NDA! It is very exciting to get to this next stage, but I continue to diligently work through my target prospects to meet additional owners to discuss their PEOs. Thanks for all of the continued support on this journey! #ETA #PEO P.S. It's by Dad's 77th birthday, so adding a picture of the two of us at his solo art show in Michigan this past September! 💜