The Bank Product Line -- Fall 2001

Reduce Your Administrative Burden

It's a challenge suitable for Wheel of Fortune enthusiasts, but not the typical bank executive: deciphering the seemingly endless array of acronyms associated with complex workplace regulations.

COBRA, ERISA, ADA, ADEA, HIPAA…although each of these refers to a specific government act, they all spell the same thing to employers: STRESS.

Unfortunately, complying with complex government regulations is just one of the many administrative challenges bankers face. They must also deal with such issues as payroll taxes, workers' compensation coverage and claim resolution, employee benefits packages, training and recruitment. The list goes on.

These distractions leave bank executives with much less time to focus on the essentials of their business. Consequently, an increasing number of banks have taken the popular outsourcing concept to a whole new level: entering into a co-employment relationship with Administaff, the nation's leading Professional Employer Organization (PEO).

PEOs were born out of the frustration many employers experience when administrative work inhibits their ability to grow the organization. To overcome that challenge, banks and other businesses enter into a co-employment relationship with Administaff and the existing employees, enabling Administaff to serve as an outsourced human resources department.

Unlike temporary agencies or employment firms, PEOs do not provide personnel. Administaff offers business owners tremendous relief from time-consuming personnel administrative responsibilities, including payroll and related tax filings, unemployment and wage claims, workers' compensation claims, and regulations compliance. Moreover, Administaff's volume purchasing power provides client companies and worksite employees access to a wide array of value-added benefits and services not typically available at small businesses.

Administaff also provides support services such as employee handbook and policy development, employee counseling, training, screening and performance appraisal assistance. Of course, owners still make all the strategic business decisions and can delegate various human resources projects and responsibilities to Administaff on a "makes sense" basis.

Founded in 1986, Administaff has helped nurture the PEO industry's boom, and is the only PEO listed on the New York Stock Exchange (ASF). It ranks No. 448 on the Fortune 500 list, and it posted 2000 revenues of $3.7 billion. With 35 sales offices in 19 major markets, the company also is included on Fortune's list of "America's Most Admired Companies" and on the InformationWeek 500 list of leading information technology innovators.

For more information on Administaff's comprehensive Personnel Management System, contact Rick Wilson at 281-873-2717 or 1-800-974-1466, ext. 2717, or by e-mail at rick_wilson@administaff.com.

Reprinted with permission from The Bank Product Line, Fall 2001.