Every business faces some form of risk. There are internal risks like workplace injuries, employee fraud, equipment malfunctions or unexpected delays in production. There are external risks like environmental issues, regulatory changes and new competition entering the market. Risk can also come from both positive and negative sources. For example, expanding into new markets, adding services or acquiring another company can be positive, but each opportunity can add potential risk.
Preparation is the Best Defense
The good news is, business owners can make risk management a priority without compromising their time and focus on core competencies. To do this, they can turn to the expertise and risk management services of a Professional Employer Organization (PEO). Leveraging a PEO’s knowledge of risk assessment and risk mitigation, they can better identify and avoid risk. They can also effectively foster a workplace culture that champions transparency, trust and safety.
Comprehensive Risk Management Services
By providing access to a wide range of risk and safety management services, a PEO can:
- Provide customized safety and training programs for employees
- Identify gaps in safety measures to better protect the company’s resources
- Design risk management strategies suited to the company’s size and industry
- Implement protocols to make risk management seamless and efficient
- Help companies navigate industry-specific challenges and regulatory landscapes
- Safeguard the business from potential pitfalls, both expected and unexpected
- Keep businesses on the right side of legal and regulatory frameworks
- Reduce the likelihood of costly fines and legal disputes
What Should You Expect from Your PEO?
To get the most value from risk management services, business owners should look for a PEO that supports all of the above plus offers:
- A dedicated professional safety manager
- Development of professional safety manuals and handbooks
- Professional code audits for accuracy and compliance
- One-on-one consulting to improve the company’s risk and safety programs
Guidance in risk management and support from a PEO can be invaluable. Don’t go it alone. To learn more about services from the employEZ family of PEOs, please click here. You can also use the contact form here to reach out with any questions and an employEZ consultant will be happy to respond.