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Money Money Money - If I had a little money!
Greetings!
If you ever saw the movie Mamma Mia, or if you are old enough to appreciate the music of Abba, or if you are just interested in a brief diversion from your work day, then this might appeal to you:
YouTube.com - Money, Money, Money!
Money is important to just about all of us. As the song says, "All the things I could do, If I had a little money!" To those of us in business, that means "I need more revenue" or "I need to reduce my costs" or "I need to spend my time more efficiently."
So if our "needs" are so clear, why don't we take action to meet them? In some cases, we ignore the facts that are right in front of us. In some cases, we might not have the experience to figure out solutions. In some cases, we think that things will just improve on their own. Well, unless you plan on winning big in Vegas, things won't get better on their own. You need to make it happen!
Companies are so complex. There are so many components involved in making a business run well. That means then that there are many many areas in which to make improvements. As an HR professional, I believe that properly managing non-wage-related employment costs opens up a HUGE opportunity for saving money. How? Here is a whole list . . . [CLICK HERE].
Advantage Employment simplifies the complex task of employing people. Our knowledge and expertise keep you operating the way you should be. Our attention to detail insures that your employees feel well taken care of. Our organizational ability keeps our prices down, which means more "Money money money" in your pocket!
Sandra
Sandra Teague, SPHR
President
Advantage Employment, Inc. |
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Taxing Employee Health Benefits?
Under current law, the cost of health benefits are exempt from taxes for both employees and employers. New legislation, however, may change that. According to the White House Office of Management and Budget, the federal government will lose $174 billion in tax receipts in 2009 due to this exclusion. That dollar figure is driving proposals to change the rules.
There are a number of changes being batted about, and it is unclear what the end result will be. A few items being discussed are:
1. Employers' contributions would not be taxed. Instead, the cost of an employee's health care would be added to total compensation and subject to federal, state and Social Security taxes.
2. Eliminate the tax exclusion to employees and also provide a tax credit to individuals who buy insurance on their own.
3. Eliminate the tax exclusion only for people at a certain income level.
4. Eliminate the tax exclusion on benefits that exceed a certain dollar amount.
"The Whole idea of limiting the tax exclusion will be one of the most highly contested elements of health care reform", says James Klein, president of the American Benefits Council. According to Workforce Management.com, no concrete details are expected until the spring when the legislation is set to go before the Senate committees on health care and finance.
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The Cost of Workers' Comp Fraud
 Insurance rates are based on past experience. That's why controlling the cost of each and every Workers' comp claim is critical to controlling overall insurance rates, which in turn are applied to each and every payroll dollar that you spend. Safety programs can reduce accident rates, but injuries may still occur. When they do, managing the case properly can help minimize the expense, prevent exaggerated claims, and even eliminate fraud completely.
According to Workforce.com:
"Training, communication and documentation are key. Employees should be trained in how to report accidents, and handbooks should reinforce the training with a detailed process.
Smart employers know the red flags, including Monday-morning accidents, no witnesses, or employees returning to work with an injury that happened on a previous day. Completing an injury report as soon as possible helps claims adjusters understand the incident better and can help identify inconsistencies.
Another critical component is to clearly communicate a return-to-work program, experts say. Bringing an employee back even in a limited capacity helps mitigate the cost of lost time and lowers the potential for increased workers' compensation premiums and other expenses."
To discuss how Advantage Employment can manage your workers comp claims, please e-mail Sandra Teague. |
 How Advantage Employment Saves your Company Money:
- Eliminate the internal cost of an HR administrator and outsource those duties for less.
- Stop allocating high level executive time to handle sensitive or confidential HR issues. Focus on your business instead.
- Stop paying an outside payroll provider steep rates for minimal do-it-yourself service.
- Don't lose a protestable unemployment claim. Each person who gets unemployment benefits who shouldn't can cost your company $4K to $6K in increased taxes each year.
- Don't let workers comp claims malinger. Improper case management and lack of a return-to-work plan will increase the cost of the claim and increase your mod.
- Reduce your exposure to dangerous lawsuits by enlisting the help of HR professionals. Show your employees that policies are sound, and prevent trouble makers from taking advantage of a loosely run organization.
- Reduce turnover in your staff by maximizing their understanding and utilization of the employee benefits that you already provide to them.
- Increase employee loyalty by providing them a resource to solve any employment question or problem.
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Contact Us
Advantage Employment, Inc.
205 E. Butterfield Road, #445
Elmhurst, IL 60126
630.530.4882
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