HR Risk Management

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HR Risk Management

HR Risk Management

What Is Risk Management?

Risk management is the process of identifying and controlling risks to your business operations. This includes evaluating everything from employee turnover rates to projects that may be eating too much of your budget. Risk management is an essential process for your business which is why we’ve partnered with ThinkHR to offer you risk management solutions before, during, and even after a crisis.

ThinkHR helps businesses and organizations prepare for and manage their risks using their industry-leading People Risk Management (PRM) solution. Many clients improved their client-partner relationship and saved on costs when integrating PRM into their business.

When you sign up for one of Powell Insurance Group’s insurance plans, you receive ThinkHR’s resources for free!

Benefits of HR Risk Management

Using ThinkHR’s tools and resources allows your business to grow! Here are some of the great benefits risk management can offer:

Safer Workplace Culture

When your team leaders understand and implement proper HR procedures, your employees will feel safer in the workplace. With ThinkHR, all your HR resources are at your fingertips, allowing you to focus on building a great workplace culture. When you build camaraderie among your team, you avoid employee unrest.

Easier to Identify Problem-Projects

Risk management begins with evaluating problem areas in your company. By performing audits, reviews, and checks, you can identify which areas of your business need more attention. This will prevent any “unforeseeable” outcomes from occurring.

Lesser Chance of Employee-Related Lawsuits

A big cost that many business owners don’t anticipate comes from costs associated with employee-related lawsuits. When it comes to HR risks, your employees can be a huge liability. If you notice more and more employees applying for workman’s comp, or that your employee turnover rate isn’t lessening, then you need to reevaluate your team, your leadership, and all the risks. ThinkHR can give you the resources you need to get to the heart of the problem. Whether it’s giving your employees a bigger voice by taking their feedback seriously or allocating more time and money to a project that needs it, ThinkHR can help.

Better Communication

One of the most common problems among all businesses is miscommunication. Implement systems and checks to identify where the communication gap is. You should also consider allowing more than your usual departments or leads to provide input and feedback on a project. Create cross-departmental communication to avoid delays and dropped balls on a project, and increase productivity.

Higher Bottom Line

Once you’ve evaluated your risks, the next step is to control and manage them. As long as you keep your processes in place, your employees will be happier and productivity will increase. Save on costs and improve your income using ThinkHR’s PRM solution.

At Powell Insurance Group, we want to help you protect your business from unique and common risks associated with your industry. Contact us today for custom coverage solutions!

Our Partnership with ThinkHR

Powell Insurance Group is proud to partner with ThinkHR to provide our clients access to the nation’s largest web-based HR platform! ThinkHR’s People Risk Management solution helps minimize people risk and improve employee engagement to maximize workplace productivity.

At Powell Insurance Group, we’re proud to present you with custom coverage solutions for your business. Whatever your budget, whatever your needs, Powell Insurance Group can help you find a plan that covers it all. Contact Powell Insurance Group today!