The unemployment rate can be unpredictable. For example, unemployment insurance (UI) claims skyrocketed as COVID-19 surged, with Congressional Research Service data showing that the rate reached a whopping 14.8% early in the pandemic in April 2020. Even amid a lower rate and a more normalized economy, unemployment claims are still a critical aspect of running a business – one that employers must manage correctly.
The process of managing unemployment claims is often tedious and can sometimes be lower on the list of a small business owner's priorities. However, improper management can lead to dire consequences, including higher insurance rates and hefty penalties.
One strategy you can use to manage UI claims successfully is outsourcing the process to one of the best human resources outsourcing (HRO) services or a professional employer organization (PEO).
Here's a look at the unemployment claims management process and costs, along with the benefits of outsourcing UI claims management,
Unemployment claims management includes proactively keeping down UI claims, managing UI claims as they are submitted (including accepting and denying claims), and tracking and auditing your claims history.
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