While small businesses have luckily continued to recover, they now face a new challenge: attracting and retaining staff. Every day, we hear from our small business customers about how the recruiting crisis in the United States is reflected in the numbers and headlines. The number of job openings in the United States had surpassed 10 million in September. Despite the fact that the unemployment rate is above 5%, many companies are having trouble recruiting staff.
According to reports, 50 percent of small businesses have job openings that they can’t fill. While some companies utilize innovative tactics to recruit personnel (such as sign-on bonuses, increased flexibility, and so on), there are other, more cost-effective options available to business owners. A well-optimized approach to insurance can help business owners maximize resources and better attract people, according to a little-known fact.
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Here are a few pointers we give to our clients to assist them to save money and improve their job offers:
Look around and see what you can find: The law of supply and demand is well known, and as a result, talent costs have risen. Finding methods to save money in other areas can have a significant influence on the bottom line of your company. One option is to look for alternative insurance companies that can help you save money right away. For example, many people believe that workers’ compensation insurance costs are constant, but it is actually changeable, and searching around can help you find more inexpensive rates. You can compare rates between insurance companies on your own or with the help of an agent. Many small businesses overspend by up to 30%, according to Pie. Take the time to inquire; you may be able to save money.
A little planning…a lot of money saved: It’s critical that your insurance strategy remains well-organized and precise. Simple inaccuracies, for example, can spare you from a financial impact during your annual audit. First, double-check that your payroll supplier has up-to-date information. Second, double-check that your personnel is classified correctly by class code. Also, remember to meet the dates for workers’ compensation notice and claim paperwork. Finally, remember to be on the lookout for false workers’ compensation claims. Having more money and security will give you the room to expand.
Double or triple check your choice: Do you know what type of insurance your company really needs? A good first step is to do some research and make sure you have the correct insurance in place, especially if you plan to take on risk—for example, by opening more sites or expanding into new areas. The financial and safety worries around your small business might skyrocket if you don’t have the correct insurance. After the long year and a half, we’ve had, no one wants that! Small businesses may develop and recruit securely with the assurance of insurance—the appropriate insurance.
Protecting your people: In order to successfully acquire and retain talent, you must first understand what matters most to your prospective employees. New employees want to know they’ll be working in a safe and secure environment. Make sure you’re up to date on all local and state regulations and make a plan for any prospective changes, such as mask mandates or COVID-19 testing requirements. Prioritize employee safety by holding frequent training and workplace safety inspections to preserve a competitive edge against other small businesses competing for talent. Every sector has its own set of dangers, which may quickly escalate into costly issues for small business owners. Depending on your sector, make sure you have a plan in place to mitigate risks and that all personnel is adequately trained.
While it’s a challenging moment for small businesses, it’s also an opportunity to develop a repeatable approach for attracting and retaining personnel. Don’t let your insurance principles get in the way of communicating with your team and informing them of how you’re safeguarding them.