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Friday, Mar 29, 2024

Assets

CONVERT YOUR EMPLOYEE LIABILITIES TO ASSETS The term job security has become as much a 20th century oxymoron as fresh air and common courtesy. Companies are created, then merge, fold or succumb to acquisition in less time that it used to take a small shopkeeper to receive his first inventory. The rank and file can expect to change employers several times in their careers and, as new hires, they are often expected to hit the ground running offering high value performance from the start. All this contributes to the emotional and financial stress in their lives. So, when they have clout, like in a 4.5% general unemployment rate, they demand more in return from their jobs. Wages, of course, and benefits, but more than that, a sense of satisfaction from their work and the appreciation of their employer. Large corporations have the budgets to meet some heavy salaries and the negotiating leverage to dangle an array of tempting perks before their eyes. Many have invested in office and work concepts which, if they don’t leave workers truly any better off, add to a sense of being appreciated. It has reached a stage where employees are beginning to view the employer as the natural administrator of their health and welfare. Does that leave a small business owner’s power to attract the best employees the equivalent of standing in front of the mini-mart begging for a little change? Not quite, since small companies can still offer the familial working environment many find comfortable. But it does add four considerable challenges to the list of those they already face: 1. How do they obtain the benefits they will need to compete for employees without the purchasing power the large corporations have? 2. Since employees migrate through a series of employers, how can you build loyalty? 3. Having to pull from a diminishing pool of qualified workers, how do they factor proper training into the budget? 4. Since hiring someone just to oversee Human Resources is not feasible, how can they obtain the level of expertise now required to do it properly? MMC, Inc., a Professional Employer Organization, is one company that was designed to specifically provide a solution to those needs. For sixteen years they have carried the weight of human resource management on behalf of small to medium sized businesses, freeing them to concentrate on profit-making tasks, increasing productivity while minimizing expense. Through a subscription plan called the Innovative Management Approach: They consolidate the total benefits administration of their subscribers’ regular employees, creating a single purchasing block. That allows each individual business owner to offer his workers a varied menu of benefit alternatives comparable to what a Fortune 100 company may offer, at low group rates. Subscribers benefit from “loyalty and appreciation” programs which MMC administers but which the employee sees as coming directly from their employer. They remind the employee that the contribution he or she is making is noticed and appreciated and that they are seen as both valued individuals and as important members of the team. To increase the skills and productivity of their staff members, MMC subscribers have access to training seminars on a wide variety of subjects, skills and issues involving the workplace. All of the tasks of Human Resources for an MMC subscriber are now in the hands of experienced professionals. They not only handle day to day issues, such as maintaining employee records and answering human resource questions, they also handle labor law, workers compensation, and unemployment claims and can called upon by the business owner when any employment-related situation arises. While employees can sometimes be viewed as cost liabilities that need to be controlled, it is organizations such as MMC that reveal them to be assets and help the business owner develop them to their full value. By making each employee aware of how highly they are regarded by their company, the employee sees the work as more meaningful and worthwhile and has a deeper commitment to job performance, contributing to productivity. MMC’s team of visiting field representatives keep employees aware of both current and regular additions to their options helping each employee make the best use of their benefits and reminding them of the significant role benefits play in their total compensation, reducing the frequency of payroll increases. The resulting reduction in turnover and training costs prevents the further revenue loss that accompanies a new hire. Utilizing such services can be a vital asset in your climb toward success. Information for this article was provided by MMC, Inc.

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