5 Things You Need to Know About Unemployment Claims

With the recession going on because of the coronavirus pandemic, many companies are reducing their workforce in response to changes in operations. As a result, your organization’s unemployment claims may be increasing. If so, your experience ratings are being reevaluated, which can cause your state unemployment tax rates to increase. Therefore, you need to know how you can minimize the impact of unemployment claims on your business.

Discover five ways unemployment claims impact your company and what you can do about it.

Minimize Your Terminations and Reductions in Force

Reduce your number of terminations and reductions in force as much as possible. Some employees who lost a job could claim unemployment benefits if they were terminated due to financial cutbacks, because they weren’t a good fit for the job, or because of a minor incident. These numbers affect your state unemployment tax rates. To avoid termination or reduction, consider a furlough or temporary reduction in hours or pay.

Check Your Base Year Employer Forms

Pay close attention to the Notice to Base Year Employer forms you receive. These come when a former employee becomes separated from their next employer and files for unemployment benefits. The forms show the percentage of their unemployment you’ll be charged unless you respond within 30 days. Your response can limit the number of benefits your company ends up paying.

Your Account May Be Charged for an Employee Who Quits

Be aware that your state unemployment insurance account can be charged for an employee who quits because of reasons attributable to your company. For instance, a change in the worksite may increase the employee’s commute or difficulty of travel. Because the amount of money you pay in unemployment benefits is related to the number of former employees who collect payments after leaving your company, you want to keep this number to a minimum.

Protect Your Company with Documentation

Maintain detailed records on each employee. Clear documentation can prove the validity of your response to an unemployment benefits claim. Your records should include employment policies, job descriptions, contracts, offers, and other job-related information. Have the employee sign every document to show they reviewed and understood the information.

Manage Your Workforce with a Staffing Agency

One of the best ways to manage your fluctuating workforce needs is to partner with a staffing agency. Because the agency bears the liability for temporary and contract employees, it also is responsible for their unemployment benefits. You can blend temporary or contract employees with your full-time staff with no financial impact on your company when they leave.

Hire Accounting and Finance Professionals

Unemployment claims have a significant impact on your company’s bottom line. Implementing the above tips to reduce the expenses related to your unemployment insurance can help your company save money long-term.

When you need help reducing the amount of money your organization spends, get in touch with Casey Accounting & Finance Resources. Our staffing consultants can provide innovative and creative solutions that exceed your expectations. Get more information today.

Prevent Buyer’s Remorse! How to Make Sure You Have a Smooth Transition into Your New Job

Changing jobs can be a stressful time in your life, and you want to make sure you are taking steps to make the transition just a little easier. Being careful about how you conduct yourself during those last few weeks on the job is important because you want to make sure you are leaving on a good note, and ensure you are in the mindset to take on your next opportunity. Whether you’ve been with the company for a few months or a few years, here are some things you can do to make your transition to the new job much smoother.

Share the news with contacts on your last day of the old job.

Your colleagues may already know you are leaving, but you will want to wait to share any updates on social media or LinkedIn until your final days on the job. Make sure to notify people and make changes before you start your actual job, so you aren’t worried about getting updates, notifications and emails all day long on your first few days at the job. You need to be focused and show you are dedicated to the new job 100 percent — so email and social media interruptions need to be kept at a minimum.

Don’t talk poorly about your former employer.

If you had a hard time with your previous boss or weren’t happy with the job, it’s tempting to speak poorly about the old boss. Make sure you are not going out of your way to talk badly about them with colleagues, your future boss, or anybody else that may be connected with the company. You don’t want to be known as the person who ended up badmouthing the boss just because of a bad working relationship. There are always two sides to the story, and you don’t want to burn any bridges.

Be friendly.

It can be intimidating to meet new co-workers and get acquainted with new people in your department or company. You will need some time to learn about your new role and get adjusted to the new work environment. Make it a priority to be friendly to people during this time, so that you can make some new connections. Stay positive even when you feel anxious or stressed about the job so you can develop a solid network of contacts.

Take notes.

Take notes during meetings and just jot down key things you learned during the day, so you can keep yourself organized and on track. Taking notes will help you settle in that much faster, and have some things to study as you get acquainted.

Be ready to participate.

The new company has hired you to contribute and your role may involve active participation in meetings, brainstorming sessions and other group activities where you will need to speak up. Be confident in your decision to be there and don’t be afraid to do your part and come ready to participate.

Transitioning to a new job can be stressful, but there are several things you can do to make the change more manageable. If you need help with your job search or career advice, consider working with a top financial staffing firm in Chicago, Casey Accounting & Finance Resources. Contact us today!

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