9 TIPS FOR MANAGING YOUR UI COSTS
There is a lot going on within the inner workings of a company from managing its inventory to finances, operations and so much more. One of the major segments in managing a business is undoubtedly its employee relations. While a company usually has a robust human resources department, it can be a lot of work staying up on all of the latest employee trends and labor regulations.
A major economic driver in America is creating jobs and labor, making employment and staffing an industry of its own. Placing millions of people in jobs each year comes with extra tasks involving payroll, taxes, employee relations, safety regulations, and unemployment insurance.
Labor costs and regulations are always changing. Therefore it’s important to stay on top of the trends. Especially in a business that handles hundreds, or thousands, of employees, it may be worth outsourcing your human resources tasks.
Managing your unemployment insurance claims and costs can be a very manual and time consuming process. First you receive the claim through the mail or via a state unemployment insurance website, and then you look up the employment details in your back office software (payroll or HR software) and enter it manually into a spreadsheet for tracking purposes. This can take a significant amount of time away from your other duties.
It is extremely important to plan for an economic downturn, as many unexpected costs can arise. Without a set plan, it can be difficult for businesses to survive. In the last economic downturn, there were many companies unsuccessful at keeping costs down and, unfortunately, they went out of business. Your business might decrease and unexpected costs will certainly come up, but if you have a plan, you can get safely through. One cost to consider is the rise in unemployment costs. Read more
It is important to control employee turnover in your business. High turnover rates can lead to increased training costs, inconsistent productivity, and poor morale. Because turnover usually increases Unemployment Insurance costs due to an increased number of claims from past employees, it also leads to reduced or limited profit overall. Are you wondering how to reduce employee turnover in your business? There are many things you can do, but most of all, you want to ensure that you are hiring the right people. There are a few ways to implement hiring practices that reduce employee turnover.
As we’ve discussed before, there are many reasons why employers only win about about half of the Unemployment Insurance (UI) claims they protest. Things like poor claims management, a lack of specific unemployment knowledge, and a subpar employee handbook all come into play, but the most common reasons are ineffective employee policies and poor documentation. How well you handle employee performance issues — such as attendance, progressive discipline, and poor employee performance — has a direct connection to winning UI protests and keeping UI costs down. For correct procedures on these common performance issues, please read below. Read more
If you are frustrated with losing your Unemployment (UI) Protests, you are not alone. In fact, you are one of many. Did you know that most employers in the U.S. only win about half of the protests they file? Why is that? Well, it is due to numerous reasons such as substandard documentation, poor claims management, and lack of specific unemployment knowledge, but it could mostly be due to a poorly written employee handbook.
Every year, your company may pay hundreds of thousands of dollars in unemployment insurance taxes. Though you may not realize it. these taxes are the only controllable employer tax. You can lower your company’s tax payments one by tens or hundreds of thousands of dollars with a few changes to your claims management and human resources practices. Read more