It’s wise for business owners to conduct employee reviews on a regular basis for a few reasons, says Polina Bernstein, a partner with Bernstein & Friedland, PC, an employment law firm in Encino, California.
Your success in business depends in large part on your ability to maximize profits while keeping costs under control. One often overlooked cost area is employee turnover. The average cost to a company of turning over a highly skilled job is 213% of the cost of one year’s compensation for the position, the Center for American Progress found.
There is a disconnect between veterans and civilian hiring managers that goes both ways. Veterans leave military service typically unprepared and unarmed with the tools to position themselves as viable candidates to civilian companies, and hiring managers are unskilled and untrained in how to recruit military veterans for jobs outside of service. But the value veterans can bring to an organization should not be overlooked. Veterans are loyal and trainable. They thrive in leadership positions and are excellent problem solvers.
Being the focus of any kind of audit does not seem like a great way to pass a day, but since they can occur, it’s wise to know what to do if a worker’s compensation audit is in your small business’s future.