Tag Archives: Business

Who is the NCCI & What is the Importance of Proper Workers Compensation Classification? Let’s Find Out!

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Each and every day we continue to educate business owners online and in the area who may be still struggling to understand the value with the Professional Employer Organization (PEO) model and/or the pricing strategies available to them if they chose a PEO arrangement. Nonetheless, this week in our daily tip we are revisiting a work published by David Dandaneau last year that may help to educate you further about some of the basic terminology and industry standards, which may ultimately help you and/or your business reduce costs, while freeing up extra time.
First of all, who is the National Council on Compensation Insurance (NCCI)? Well, the NCCI is based out of Boca Raton, FL and is considered one of the country’s largest database managers of workers compensation insurance information. In fact, the NCCI helps to analyze industry trends and risks associated with them in order to help others prepare workers compensation insurance rates, while providing a combination of services, which help to maintain a healthier overall workers compensation system (NCCI Holdings, 2011).
Contrary to many people’s beliefs, the NCCI is not a rating bureau; instead, the organization is often referred to as an advisory committee because its board of directors is comprised of insurance executives and/or companies. At times it may seem a little biased to many people and businesses who use these same individuals or companies for their coverage needs, as these individuals or companies that they are dealing with are in business to make a profit. Nevertheless, having a board made up of top-notch executives and companies who compete in the industry make it a little easier to help determine a fair classification system for the approximately 700 different workers compensation classification codes, which cover almost any employee or workplace exposure or does it?
One of the most elementary parts of pricing workers compensation insurance for a client is by properly classifying a company’s workplace exposures into one of these several hundred codes previously mentioned. Indeed, each code developed by the NCCI carries with it an individual rate that is based on that codes exposure within a particular workplace. For example, the classification codes for a clerical or sales worker usually carry with them significantly lower rates versus classification codes that may be associated with a roofer or carpenter, as the workplace exposure of these different types of jobs are extremely different (mostly inside positions versus outside positions). However, when the exposure is not so obvious, classifying a specific exposure can be very complicated and something a business owner wants to be absolutely sure of since a misclassification can cost a business a lot of money they didn’t necessarily expect to pay if something does go wrong or they end up getting audited.
Today employers can also use multiple classification codes on a policy or a company can classify their workforce under one as a group but it is important to document or provide records that show what exact tasks workers complete or how they split their time between different comp codes if using multiple codes. What the costs (annual premiums) are for a policy most of the time are based on an employer’s annual payroll, which can be in the form of a standalone policy or a Professional Employer Organization (PEO) arrangement (PEOs offer pay-as-you go policies, which again is a huge benefit of this model). Therefore, for a decision maker of a company or the business owner, it becomes even more important to understand these different codes and make sure your employees who perform work for you are correctly classified for the actual work they perform. As a result, you could save a lot in the annual premiums and rates you receive in return.
Perhaps the one important part about all this is that the details the NCCI provides insurance carriers (i.e. SCOPES Manual)  in regards to the many workers compensation is NOT available anywhere unless you purchase the proprietary material or subscribe to the NCCI online database. However, as a Consulting Agency we welcome anyone to contact us directly if you would like your policy reviewed free of charge with us or through one of the many PEOs and insurance companies we have built relationships with over time. Having this/these expert opinions on whether your employees are classified correctly or not could even save you and/or your company more money, while minimizing costs or any additional fees for a misclassification.
As always and as we continue to encounter issues and questions online and in-person, you can expect more analysis and opinions about this and other common issues found in advancing technologies and/or within the workplace, which at times can make it hard for you to focus on your core business. Of course, we encourage our fans, readers, and followers to share and ask questions if you have any about this post or our other works, since we subscribe highly to the philosophy that everyone can achieve more by working together and each week this is what we try to do. Until next time, keep smiling, as it really does look good on you!

David Dandaneau is a Consultant at [SevenTimesSeven]. He specializes in helping business owners “manage their business and not their processes!” For more connect with him via Twitter @ddandaneau or any of the other social platforms you may find him on.



References

NCCI Holdings, Inc (2012). National Council on Compensation Insurance

Simplify your Time & Processes with a Google Gmail Account

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Over the last few months, we have continued to preach the importance to our clients of staying up-to-date with all the industry trends either by using social media, networking, subscribing to industry newsletters, or by being the industry news letter. However, we also understand that this can be a very time-consuming process, so we wanted to provide our readers and clients with a few easy to understand and implemental tips online in order to save you time and more importantly money, while reaching even more people.

  • If you haven’t figured this out yet, Google is slowly emerging as the industry leader in several different (working together) segments, which should/will allow you more access to data, find people, services, and businesses and/or better yet them to find YOU easier! Needless to say, if you haven’t already… you should take the time to set up a Google (Gmail account) to start your own Blog (Blogspot), subscribe to Google Alerts, AdSence, Google+, etc, which will allow you to track trends and competition, while reaching everyone else who is already using these tools and/or social mediums.
  • With your Gmail address, (if you haven’t already… start a Blog), while subscribing to other social media sites such as Digg, Delicious, Reddit, StumbleUpon, etc, in order to submit your posts and to reach more people and/or business through RSS feeds. What is good about this method is that all correspondence(s) will be going to one email (personal or company) address yourcompany@gmail.com.
  • Most importantly after you find industry or personal specific news sources, link these directly to your smartphone (that’s if you have one) through apps such as TipB, Pulse, Blogspot, etc. so you consistently train yourself to relay/share important information (i.e. position you/yourself/company as the Industry Leader).
Of course, this is only the TIP of the iceberg, albeit an important one. Therefore, if you would like additional tips, make sure to join us back here next week or if you cannot wait another seven days for Seven Times Seven Tip of the Week, make sure to reach out to us directly via phone, email, or social media and we would be happy to try and guide you in the right direction. Until next time… keep smiling, as it really does look good on YOU!

David Dandaneau is a Consultant at [SevenTimesSeven]. He specializes in helping business owners “manage their business and not their processes!” For more connect with him via Twitter @ddandaneau or any of the other social platforms you may find him on.


Link

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As a person or business owner, you may often find yourself asking difficult questions and often coming up with little to know answers. Does this sound like you? If so, how do you know who to trust or how to evaluate a company and/or their credentials in order to decide if they can actually…

Seven Times Seven, LLC: Seven Times Seven- Tip of the Week! How do you decide on the Right Company and/or Professional to assist in a Buying or…

How do you decide on the Right Company and/or Professional to assist in a Buying or Outsourcing Decision?

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As a person or business owner, you may often find yourself asking difficult questions and often coming up with little to know answers. Does this sound like you? If so, how do you know who to trust or how to evaluate a company and/or their credentials in order to decide if they can actually serve you and/or your business needs?
Regardless of the industry and/or business professional, that you may be dealing with most industries have standards that you can use to evaluate not only the staff but the entire business and industry, which may be as easy as performing a Google search. However, the fact is most people and businesses do not actually have the required time to invest and/or research a particular industry (even so called Googling), so they often call on third party facilitators to oversee a particular business or personal purchase decision. These people whom you rely on and  often referred to as consultants, brokers, advisers, etc maybe the solution that you are looking for or are they? The question still remains… and that is how do you really know whom you are dealing with?
Here are some questions you should ask yourself when deciding on the right professional or company to help facilitate any buying decision. Can anyone be a doctor? The answer to this question is simply no, as there is schooling and there are requirements that all doctors must go through before they can actually advise you or prescribe a remedy. And yes, this includes doctors, other than those doctors you go to see for medical illnesses. Can anyone be an attorney? Again, the answer to this question is no and again there are many years of schooling and tests that a person must go through in order to represent you in court, help you start a business, or help you fight for justice. Can anyone be banker? Well, this is a tricky one. There are many good bankers out there that can help facilitate a loan or advise you on a good investment. However, if you want a well-respected and reputable banker (Financial Consultant) then more times then not you would be looking to deal with someone who yet again has had extensive training and/or education; otherwise, their advisements may end up costing you your life or business savings, just ask all those who trusted Bernie Madoff or ENRON with their money.
All too often, even after asking yourself or evaluating a business or professionals credentials or answering the aforementioned questions many people and/or organizations will still move forward with a purchase or outsourcing decision without understanding the real danger that these decisions may pose over the long-term. Much too often these decisions maybe influenced by price, friends, and/or other companies that have done business with these people or organizations in the past. However, rest assured that in this new age of digital communication, well respected businesses and people are here to help advise you on almost any personal or business purchase decision. 
For instance, here at Seven Times Seven, we advise people, organizations, and communities on some of the difficult decisions facing you and/or your business in regards to workers compensation, payroll, Professional Employer Organizations (PEOs), wireless devices, Customer Relationship Management (CRM) technologies, website development, and social media. Since we believe in helping our clients make sound buying decisions, we thought we would provide a few insights to our readers and followers, as to what you should be asking yourself before making any purchase decision in these respected segments. 
Workers Compensation, Payroll, and Professional Employer Organizations (PEOs)
Wireless Devices
  • Is the carrier regional, national, or worldwide?
  • Is the device(s) locked or unlocked? Can the device be unlocked if currently locked?
  • Is the device compatible with your other personal or business devices (i.e. computer, tablet, landline, etc?)
  • Will you be locked into a long-term agreement and if so what are the terms if you cannot honor the agreement?
Customer Relationship Management (CRM)
  • Is the CRM solution (HOSTED) external to the company such as SalesForce, NetSuite, or Oracle, etc?
  • Is the CRM solution (ON-PREMISE) and runs at your home or place of business such as SugarCRM, Microsoft, Seibel, ACT, etc?
  • Is the CRM solution (HYBRID), which is a combination of hosted and on-premise solutions?
  • How will the CRM company or you protect your confidential data?
  • What are the back-up systems used and where are they located in case of an emergency?
  • Does or will the CRM solution you choose provide customer support?
Website Development and Social Media
  • Is the company and/or person reputable and how long have they been in the business?
  • How compatible is the platform you will be developing with other developmental mediums?
  • What are the true costs associated with maintenance, upgrades, new designs, etc?
  • Are the mediums that you want geared towards your personal or business goals and/or target markets?
  • How do you get questions answered (i.e. are there charges for tech support and if so are they hourly, weekly, or monthly fees?) 
  • Will the chosen mediums increase your Google search rankings and if so how will this be measured? 

As with any service offering there are a lot of questions that go into deciding what service you may ultimately decide on but if not asked prior more times than not you may find yourself using people, systems, or companies that are not part of your long-term goals. Albeit, many time we as consumers make purchasing decisions based on emotion, if you take the emotions out and ask yourself  a few simple questions, in the long-run you will be glad you did even if it turned out to be the wrong decision. The thing to remember is consider a person or businesses experience, credentials, education, and take the extra time needed to look under the hood before making any irrational purchase decision, as we are sure you will be glad that you did. Obviously, the questions stated are only a start, so if we can help you or your company come up with answers that you may have in regards to one of our consulting segments please do not hesitate to reach out or contact us via Phone, Email, Social Media, or connect with David Dandaneaudirectly. After all and as our motto goes, we help you manage your life and business, so you don’t have to manage your processes!

David Dandaneau is a Consultant at [SevenTimesSeven]. He specializes in helping business owners “manage their business and not their processes!” For more connect with him via Twitter @ddandaneau or any of the other social platforms you may find him on.


Focus on Controlling your Unemployment Claims!

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In this day and age of chaos, regulations, and ever changing laws many business owners forget about some of the most important things they can do in their businesses that can help them save time, money, and headaches by properly managing (hiring & firing) the right employees. On the firing end of things and often referred to as “unemployment insurance” employers can have complete control over these claims if they place a higher emphasis on creating less turnover in their establishments especially since unemployment insurance is the ONLY payroll tax a company can actually control. So, how exactly can a business owner control these costs and minimize claims?
Perhaps the single most thing an employer can do to help control unemployment claims is to have a way to manage the Human Resource (HR) side of their business by having policies and procedures in place to properly terminate an employee. This may seem like an easy task but actually implementing an HR program or following the rules can be more daunting then you expect if you don’t return the unemployment report sent by the state within the deadline they provide, as these are often final deadlines and are hardly ever extended and… YES, that is even if you have a valid excuse! 
By choosing not to focus in on a process put in place by most states, “responding to unemployment report” for example, you may ask who else can help you in this process. The answer in simple, as Professional Employer Organizations (PEOs) are companies that work hand in hand with business owners on correctly filing and/or returning an unemployment report of an employee that has been terminated. Since one of the main benefits of working with a PEO or deciding on a co-employment arrangement in a small business or any business is that this arrangement or a company without an HR program, now or most of the time has the benefit of having their own HR team to help guide, file, and respond to unemployment inquires.
 The fact is unemployment claims can cost you money and most of the time if not all the time many business owners just don’t have the time to deal or handle these claims properly. However, if you identify your need and understand that a PEO can help you minimize your exposure and claims, while putting money back in your pocket you are headed in the right direction. If you need help finding the right PEO arrangement with a good HR program in place, please feel free to reach out to us, as we have partnerships with some of the best PEOs that pride themselves on HR and handling employee related issues and unemployment claims. Remember as with all SEVEN of our consulting practices, it is our goal to help you focus on your business and not your processes and this is another great example of how we can help you do that in yet another valuable tip of the week brought to you by the team at Seven Times Seven!

David Dandaneau is a Consultant at [SevenTimesSeven]. He specializes in helping business owners “manage their business and not their processes!” For more connect with him via Twitter @ddandaneau or any of the other social platforms you may find him on.


Seven Times Seven- Tip of the Week! Make Sure YOU Make Time for Online & Social Media Activities!

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It seems like each and every day we continue to preach about the importance of social media in our own practice and those we serve, as this is a great way to market services for little to no money! So, remember that you also need to remain dedicated, while investing your time wisely to reap any type of reward(s)… don’t think you can set your networks on auto-pilot and walk away because this could be no further from the truth. Research, engage, and listen to your audience regularly, while being consistent in your interactions to achieve greater success. Remember the more time you allot or the more you do online or with social media, the more likely people will be to trust your opinions and purchase or recommend you or your products or services to others. Perhaps, the old adage and our motto that everyone accomplishes more together should be what you or your company applies directly, so you and/or your online campaign will turn into a real success story. This is the first of our weekly tips for success and long-term growth that we will continue to provide. Please let us know what you think or how we can help and until next week… Keep Smiling

What REALLY is Social Media and How Does it Help a Person and/or Organization?

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Via Scoop.it – Putting Academics to Work through Social Media in order to Solve Real World Business Problems

How will Supply Chain Management (SCM), Customer Relationship Management (CRM), Enterprise Resource Planning (ERP), Social Media, and other technological system advancements impact people and other (i.e. Small-to-Medium Enterprises) organizations in the years ahead.
Via daviddandaneau.blogspot.com