The Core Four of Business
In any business regardless of the industry, there are two core functions of that business. The first is the actual business and the second is the management of your staff which helps facilitate the sales, operations, profit, and revenue of the business. This is pretty basic thinking, most people don’t realize but the largest expense in operating a company is your payroll, health & wellness benefits and so the list goes.
The Core Four
If you take any business there are Four Basic Core functions to operate legally and more importantly to keep your staff happy and productive. Those functions are as the Core Four; they are Payroll, Workers’ Compensation, Health Insurance, and Human Resources.
It is imperative that these functions operate seamlessly and equally important that they are all in place. Often companies have these functions fragmented and they are cumbersome.
Finding a cost-effective solution is tough to do. For most companies, they will assign someone in the organization or hire someone to handle all of these functions, often the person handling these tasks has little to no knowledge of all of the services. Recently a CEO explained to me that his Office Manager managed all of these things.
A List of PEO Services.
Which left me wondering how an overworked office manager could be an expert on Payroll, Workers’ Compensation, Health Insurance, and Human Resources. It came out she was inundated with the administrative tasks of each of the functions.
The usual course of action is to find a Payroll provider, secure Workers’ Compensation insurance through a Property & Casualty insurance broker. Obtain Health & Wellness benefits through a Health Insurance agent and trust the office manager to be up on all the State, Federal laws and handle compliance. This way is no longer an efficient way to operate anymore, but even more important it isn’t cost-effective and having three different vendors isn’t ideal. With increased demands for service and lower margins in doing business, it leaves a void that companies are facing day in and day out.
Companies today need a strategic partner that can bridge the gap between needs, wants, and necessities. To remain relevant companies have to be able to attract and retain the best talent.