The Biggest Challenges Facing Employers
It is widely known that business ownership is a cornerstone of the American Dream. Anyone has the ability to create a business and sell goods and services in order to grow wealth.
Many entrepreneurs start off as self-employed, but once a business becomes large enough, it often becomes necessary for them to hire employees.
While employees can be tremendous assets, becoming an employer brings an entirely new set of risks to entrepreneurs. Business owners subject themselves to tremendous financial and legal liability once they take that next step of being employers. Unforeseen events can easily cause anxiety and unease.
Specific situations require much more attention for business owners once they become responsible for the livelihoods of the people they hire to help run their operations. Here’s a look at some of the biggest challenges faced by employers.
Hiring and firing employees. These decisions must be handled a particular way in order to avoid costly lawsuits. If done wrong, they put an entity at tremendous risk. But if done correctly, those potential liabilities can be avoided.
One of the easiest ways to avoid that is to have an open and transparent process. It’s especially important to keep as much documentation as possible to prove that you did it correctly.
Along the same lines, an improved economy has created a competitive job market for employers. Skilled workers, especially those who are in fields of great demand, may eventually be enticed away with more lucrative job offers. Many employers continue to struggle filling positions, especially for tradespeople. Further complicating matters is the fact that millions of Baby Boomers are due to retire in the next few years. Once they do, they will take their institutional knowledge with them, and that will be very difficult to replace.
Navigating the maze of government agency regulations. Some industries are more highly regulated than others. Every legislative session at the state level, and every session of Congress at the federal level, brings with it the possibility of more regulation. Agencies at the state and federal level also have the ability to adopt administrative rules that can affect your industry.
Changes and uncertainty in the markets. In an increasingly global economy, it doesn’t take much for seemingly unrelated industries to boost or sag each others’ bottom lines. The costs of goods and services are subject to fluctuation and can lead to volatility for smaller firms. A stock market rally or retreat on Wall Street can most certainly have impacts on every town’s Main Street and its businesses.
Luckily, the staff of highly trained professionals at ABI Insurance is fully aware of the investments that entrepreneurs put into their enterprises.
ABI Insurance carries commercial insurance. Its team of highly trained and qualified professionals are fully equipped to help you manage risks and ensure that your business is protected and you’re covered in the event that anything happens.
For more information on the products and services offered by ABI, call 503-292-1580 or go to https://abipdx.com/.