“Trickle Down” to More Jobs
In today’s economy small to medium size businesses would arguably be considered the backbone of the American fabric. In 2013 US small businesses employed 56.8 million people, or 48.0% of the private workforce. (Source: SUSB) This statistic should show how important SMBs are to not only to the economy but to the unemployment crisis we’re just now coming out of. Jobs are on the rise in America and now with more confidence, large corporations are looking to Americans for manufacturing jobs instead of overseas. With more jobs, SMBs are butting heads to provide better employee benefits to weed-out the competition. Along with the improving economy, this past week the GOP passed and signed into law the most historic Tax Cut and Reform that this country has seen in decades. Not 48 hours after President Trump signed this bill into law, large companies like AT&T and Boeing have already promised to invest billions into America’s economy while giving all of their American-stationed employees large Christmas bonuses. This is something that wasn’t even expected by the President but is now strongly encouraging other companies to follow suite. One of the goals of this tax cut was to ultimately reintroduce the “Trickle Down” effect that former 42nd President Bill Clinton did back in 1990s. This method basically boosts the economy by giving corporate tax cuts in order for companies to invest in expansion, growth, job creation, and training programs for future employees. This was a way to improve the economy as well as create many high paying jobs. With President Trump’s increase on tariffs from companies looking to ship goods back into the US to be sold, companies will ultimately be more encouraged to manufacture in America rather than overseas, thus, creating more and more jobs.
With More Jobs Comes Greater Competition
Finding a job is no longer the hardest part for most Americans, it’s finding the right one that will lead to a promising career. With more and more jobs, it is the employer that is left competing with other employers to attract the right talent. But do not be mistaken, attraction is only step one. Retaining these quality hires is the long term problem that a lot of SMBs are struggling to do. When we look at a promising new hire we sometimes only see them as a person who wants a paycheck. But in reality it is more than that. They are no longer seeking just a paycheck, they want substance. Employee benefits are the substance that every employee is looking for in an employer and its what every employer is looking for. Typically, to provide employee benefits you had to broker out and try to piecemeal them as requested or as needed based on your staff. This method can get very disorganized just as fast as it was to finally realize you need quality benefits in order for you to attract and retain quality employees.
As employers start to notice it is now them searching for employees, we start to see smaller businesses pushing for Fortune-500 employee benefits. This, in my opinion, will be the future norm of SMBs. Employers must sell themselves as a career opportunity if they want to hire quality. It is one thing if you are looking to hire a store clerk to ring up food items but another if you are looking for a salesman willing to work on commission alone. Quality work comes from quality employees who seek quality benefits from a career-promising job. It’s like a math problem for employers struggling with their high turnover rate! The question is, how can one find quality benefits at a wholesale -like cost? Easy. Work with an insurance agency affiliated with a professional employer organization (PEO).
The Insurance Agency with all the Answers
PEOs are a one-stop-shop for employers who want to streamline their HR administration services such as payroll, workers’ comp, governmental compliance and others. Rarely you find an insurance agency who is directly affiliated with a PEO which makes life a lot easier for the employer since everything you will ever need is provided by, essentially, one provider. Champion Insurance Agency is affiliated with Champion Employment (PEO) that takes in clients looking for answers. Champion Employment may provide payroll and direct deposit services while Champion Insurance Agency provides them with quality employee benefits and can insure the employer for general liability or commercial auto coverage. No longer is the employer calling three different agents or reps for 5 different services he or she is contracted with. They call one person or one entity for it all. The services provided by the two entities are almost endless and have a lot of employer’s mouths watering at the thought of lower annual premiums and hundreds of hours saved every month by letting Champion run your back office for you.
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