Dr. Jean, The Results Queen, and her guest, Eric Thieringer discuss managing benefits, HR, and payroll for small businesses. Eric shares common complaints from business owners about rising benefits costs. He advises budgeting annual increases of 4-7% and exploring self-funding options. Self-funding involves paying a monthly premium and capping liabilities. Dr. Jean and Eric discuss addressing employee privacy concerns with health questionnaires for self-funding.
They emphasize the importance of planning, with suggestions for quarterly meetings to assess benefits, HR, and payroll. Outsourcing payroll is recommended to free up 3-5 hours per month. Addressing HR shows employees they are valued. Partnering with a PEO provider is suggested to customize HR systems for small businesses. The key is selecting a lead benefits advisor and trusting them to make informed renewal decisions at least six months in advance.
Listen to the episode to learn more about how to help manage your benefits, HR, and payroll to free up more time as a small business owner!
Find Eric here:
LinkedIn: https://www.linkedin.com/in/eric-thieringer-8750669/
Website: https://www.eli-advisors.com/
