Are you feeling overwhelmed trying to manage the complexities of compliance regulations and operational needs? Generally, September marks a critical phase for companies, especially for Small and Mid-size Businesses, to reassess their needs regarding the workforce, compliance regulations, and other operational priorities.
Therefore, to manage the complex needs of organizations, you can opt for a professional employer organization (or PEO). In this blog, we will discuss the four common HR challenges that businesses faced in September and how PEOs can help.
Challenges Businesses Face During September and How PEO Can Help
These are the common problems listed below and how PEO can help mitigating them:
September Falls and Fluctuating Staffing Needs
September indicates a shift in business activities, as the fall is leading up to a holiday season that requires increased staffing. For some businesses, this period may be slower as the summer rush concludes.
Fluctuating staffing needs lead to hiring inefficiencies, employee burnout and labor costs. However, a PEO helps in streamlining the hiring process by sourcing, interviewing, and onboarding quickly.
They also handle employee benefits and compliance, allowing SMBs to focus on scaling up their operations.
Complying with Changing Regulations
As the new fiscal year approaches, maintaining HR compliance becomes increasingly important. Businesses must prepare as per the updated labor laws, wage adjustments, and new health insurance requirements.
PEOs help stay up-to-date with ever-evolving laws and HR compliance. Additionally, the PEOs help manage the employee handbooks, legal updates, and workplace policies. A trusted PEO partner keeps your business informed and compliant, giving you peace of mind.
Employee Benefits and Open Enrollment
Seasonal challenges also include the beginning of open enrollment for health benefits, which is stressful for employers and employees. Understand the health plan renewals and educate employees about new regulations.
PEOs help in simplifying the enrollment process by offering a wide range of options, like health and retirement plans. Additionally, they also handle the administrative side of benefit renewals. PEOs have access to some of the high-quality benefits at affordable rates, making it easier for Small and Mid-size businesses.
Tax Preparation and Planning
September is an ideal time for you to start filing for year-end taxes and strategic planning. However, carrying on with the general operations of the company and starting to calculate taxes might be a little overwhelming.
The fall season in September also brings increased pressure to the HR departments to stay organized while dealing with payroll taxes, annual filings, and performance evaluations for employees and managers.
A professional employer organization (PEO) provides support for your end-of-year tax and regulatory compliance. In addition, the PEOs are known to evaluate performance and help increase employee productivity.
September is Essential for Businesses
September marks the beginning of the fourth quarter for the businesses. This marks an ideal time for businesses to review their finances and strategy. In such a phase of business, you should really opt for creating:
- Strategy for promotions
- Marketing campaign designing
- Building new initiatives for operational streamlining, etc.
In such a phase, having a PEO service helps you in focusing all the points mentioned above while they handle the other compliance needs. Reflect on what has worked out for you in the past and implement some tweaks to create a current market-relatable strategy.
Final Words
The right PEO service can make a difference in your business set-up and reaching your targets. September brings a lot of challenges for the firms to manage, including the tax filings for the financial quarters.
For Small and Mid-Sized businesses, it provides help in managing their day-to-day operations, catering employee benefits, and sticking to compliance laws.
If you need streamlined PEO, payroll, or operational assistance for your company, kindly contact us. For more information on how PEO can help your organization, go through our blogs section. Reach out to us today and learn how we can assist you in your business and HR needs.
Reference Links
https://www.nicklausmarketing.com/boost-your-business-this-september/
https://www.businessinsider.com/reasons-for-september-markets-free-fall-2015-9
https://www.brainzmagazine.com/post/why-september-feels-like-a-new-beginning-for-business-owners
https://www.linkedin.com/pulse/20140906164314-13073465-why-september-is-the-best-month-for-selling
https://www.linkedin.com/pulse/september-always-my-favourite-time-year-business-person-kundu
https://www.rapidprintandmarketing.com/post/best-time-to-launch
Contact Us
Find out if a PEO is the right solution for your business.
Fill out the form below and we will contact you to schedule a chat.
