March 26th, 2020 | Updated on June 28th, 2022
Any business, of any size, knows that minimizing a companies risk in essential. Risks can affect the business’s bottom line.
As a business, you always want to have a lower risk profile for investors, customers, and employees.
Working with a professional employer organization (PEO), helps business owners reduce risks to their company.
A PEO company employs experts in accounting, employer liability matter, HR administration, and a variety of business management fields.
This enables PEO companies to develop and offer comprehensive risk management strategies for your business. Retireat21.com has a list of 2020’s best PEO companies.
Minimizing Risk And PEOs
PEO companies offer a range of services. Though not all the services provided to relate directly to risk, they do help lessen overall risk.
Working with a PEO company lowers your chance because there is less chance of mistakes when experts are handling your human resources and employee management needs.
Here are eight ways of tips for minimizing your risks and keeping your employees safe:
1. Regulation Compliance
Federal and local government have their laws regarding how businesses are suppose to operate, how taxes are to be filed, and how employee benefits must be administered.
Regulations continuously change, and it is hard to keep on top of them as a business owner.
A PEO company has human resource specialists that are following and up to date on industry trends, laws, and regulations.
The PEO will help you handle compliance matters and stay within the legislation.
2. Employee Training
A leading cause of increased risk to employees is the lack of adequate safety training and procedures at your business.
A PEO company helps with these issues and develops safety manuals and employee handbooks.
The PEO services help you create a safe and efficient workplace that can lower injuries at work.
3. Workers Compensation Claims
If a company has numerous workers compensation claims, it can affect its risk profile and increase the cost of insurance.
A PEO company uses their experience and knowledge to find your business the right workers compensation plans and develops effective strategies to help lower incidents in the workplace.
4. Implement Emergency Procedures
Emergencies do not announce themselves and can happen at any time from a flood, fire, or even an earthquake.
You need to be prepared to ensure the safety of your employees and customers. There needs to be procedures in place for when or if an emergency was to happen.
Identify risks to your business, anticipate natural disasters and emergencies, check your insurance, create an emergency management plan, and ensure employees complete emergency response and evacuation training.
5. Make Sure New Hires Understand Workplace Risks
Conduct a risk assessment of the workplace so that you can convey this information to your new employees.
Employees need to know about the possible general risks and courses of action in case of emergency and risks specific to their own positioning the company.
This should include where the fire hazards are, fire escape plans, and where first aid kits are located in the workplace.
6. Reduce Workplace Stress
The leading cause of stress and burnout at work are long hours, job insecurity, heavy workload, and conflicts.
Workplace stress can lead to depression and sleeping difficulties that will affect employee’s concentration.
Stressed employees usually happen when they are overworked beyond their capability and resources, and it leads to frustration.
Effects of workplace stress on employees can range from mild to severe, and physical signs include chest pain, heart palpitations, fatigue, indigestion, low immune system, muscle tension, aches and headaches, sweating, disturbed appetite, and sleeping issues.
Promote a healthier lifestyle and stress-free environment in your place of work.
7. Give Regular Breaks
Allow your employees to have regular breaks. Employees feel more fresh and alert if they can break regularly and rest in a cool place.
It also helps with avoiding any injuries or staff burnout. Numerous mini-breaks are more useful for employee’s performance than one long break.
Encouraging mini-breaks for your employees will improve cognitive abilities, improve work satisfaction, boost creativity, reduce stress, and make for a healthier work environment.
8. Be Prepare For Medical Emergencies
Having employees that know first aid covers most basis. But, in some industries, the workplace can be harsh.
The most common workplace injuries tend to be strains and sprains, fractures, open wounds, contusion, tissue disorders, and burns.
Sometimes, an employee or customer could suffer from a sudden cardiac arrest or heart attack.
It is essential to have staff trained in the warning signs, so they can quickly respond if someone is suffering from a cardiac arrest.
