How Partnering with Lyons HR Reduces Your Risk

Risk management is a critical component of running a successful business. No company operates without at least some element of risk – and the best ones have robust safeguards in place to minimize its potential impact.

Risk Management Defined

Risk management is the development of plans to anticipate and mitigate all kinds of potential adverse events at your company. Those events could be as simple as an employee tripping over an open file drawer or as complex as a class-action lawsuit for repeated wrongs against hundreds of customers.

  • Risk management covers all aspects of an organization, not just employee safety. For example, it may involve managing an IT-related or financial mishap. It includes identifying risks, finding ways to reduce their chances of happening, and having strategies in place to deal with them when they do occur. Effective risk management prepares your business to handle virtually every challenge that comes its way. As a result, you’re prepared to make better decisions under stress, by having a plan to refer to.
  • Risk management is also a conduit to growth. It requires implementing plans to address unpredictable matters and ensure business continuity. It readies you and your team to handle any events that may hinder company growth if they were mismanaged. With this preparation in place, problems can be more easily solved and you can get back to running your business.

How a PEO Can Help

A professional employer organization (PEO) provides risk management and other HR services under which you can outsource HR tasks and responsibilities. This is achieved through a co-employment agreement, whereby your PEO assumes the risk associated with your operations and investigates and underwrites every potential exposure. It’s the right solution for a growing number of small to mid-sized companies who may not otherwise have the bandwidth to handle specialized functions like risk management.

When it comes to workplace safety, your PEO can perform these services, among others:

  • Obtaining workers’ compensation insurance on your behalf. Because of your co-employment relationship, your employees legally fall under the PEO’s employment umbrella. Your PEO pools all its client employees together, achieving greater buying power and lower workers’ comp premiums.
  • Overseeing comp claims investigations, management and representation. The workers’ comp claim process is notoriously cumbersome and tedious. Working with a PEO, you can hand all the time-consuming details over to their specialists.

Your PEO also can help when it comes to implementing safety programs and distributing and displaying safety documents to comply with OSHA.

And, a PEO can assist with these additional functions related to risk mitigation:

  • Hiring and firing: Your PEO can advise you on what to include in job postings to weed out bad hires. It can also guide your termination processes to minimize unemployment tax obligations and the chances of wrongful termination lawsuits.
  • Security system implementation: Your PEO can help you reduce the chances that your employees will steal from you or wrongfully use company property for personal needs. This may include monitoring areas of concern or implementing the right cybersecurity measures.

Do You Want to Learn More?

For more information on working with a PEO, and to assist with your decision on whether it’s the right move for your company, contact Lyons HR today.