How often do you think about your unemployment costs? Better yet, how often do you think about unemployment insurance outside of the necessity of paying it? Too often, employers just accept it as a part of doing business without realizing the important details behind it. If you fall into this category, here are five reasons you should think more about your unemployment costs.
1. You could be paying more than you should.
We know you care about your bottom line, which makes this the top point. If you aren’t thinking about your unemployment costs or paying them any attention, you could be paying more than you need to. Whether it comes from inadequate claims management or some other factor, paying closer attention can save you money both now and down the line.
For example, the more claims you pay, the more you will pay into the unemployment insurance fund to keep up with the potential demand from your company. So, when you pay invalid claims, you’re paying more now, and then next year, the fund will assume you need to contribute more, further hurting your bottom line.
2. Every state has different guidelines.
While there are federal tax requirements, each state also has its own specific guidelines, timeliness, and rates, and often they will change. Unemployment insurance isn’t really something you can check in with every few years because of the evolving nature.
3. Tax laws can change annually.
Speaking of evolving, the actual laws change as well. This can happen on both the federal and state level, meaning who knows what will happen when you aren’t looking. It can be a lot to monitor, but ultimately, it’s all for your good.
4. You can have more control.
One of the most dangerous thoughts related to unemployment insurance is you have no control, so it doesn’t matter. This couldn’t be more wrong! As mentioned earlier, there are ways to have better control over your UI costs, including claims management.
5. You have options for help.
Maybe you understand all these points, but really it comes down to time. You don’t have the time or staff or budget to take on monitoring these things, so you just hope for the best and check in when you can. We’re here to tell you it doesn’t have to be that way.
Get Support from Unemployment Tracker
Our business is unemployment insurance, so we get how time-consuming and complex it can be. Fortunately, you don’t have to do it on your own. We have a full range of solutions, from software to full-on support, to help you manage claims and lower your UI costs. Sound interesting? Schedule a live demo today to learn more!