Workforce Audit: Invest to Protect
Through our partnership with Marathas, Barrow & Weatherhead (an ERISA law firm) in Baltimore, Maryland, Phillips Financial has developed a robust Workforce Audit process to help companies find potential risks and prepare for the inevitable governmental audits that will come their way.
The Workforce Audit examines several areas of potential risk, including, but not limited to:
- Affordable Care Act
- DOL Compliance
- ERISA Plan rules and procedures
- Employee Engagement & Development
- HR Back Office Admin time and costs
- Benefit Plan design and execution
At the completion of the Workforce Audit, organizations are able to assess potential areas of risk, develop a game plan to move forward and, if they so choose, engage with Phillips Financial to help shore up the gaps.
The Three D’s of a Workforce Audit
Discover 01
Any good audit must start with what is already in place. Our team of professionals will begin by digging deep to discover your organization’s current landscape. Our objective is to understand what the business looks like today, where potential pitfalls and blind spots may lie – as well as uncover new opportunities for your team to grow.
Diagnose 02
After the discovery stage, our team will provide a full diagnosis of what ails your organization, whether it is costly turnover, low employee morale, lack of succession planning, compliance risks or high total cost of ownership per employee. The diagnosis is our findings, our perspective and our concerns for your future.
Deliver 03
This is where the proverbial ‘rubber hits the road.’ The deliver stage is when we collaboratively implement the changes, providing support to execute your strategies. Our team does not disengage and leave the ‘real work’ up to you; instead, we roll our sleeves up and jump in, ensuring your organization realizes the full benefit of the Workforce Audit.