By Paul Abel
Due to the ever-changing state and federal labor laws and posting requirements, owners of small and midsize businesses are often hard-hit with unexpected fines and citations. However, these legally mandated requirements have been used by many other providers in the payroll and HR space to generate a new source of revenue for their company through the provision of labor law posters. Expanding their offering to include these posters reinforces those companies’ expertise as a go-to-resource for employers. This service helps their clients avoid hefty fines and lawsuits, all while providing a safe, fair, and compliant work environment for their clients’ employees.
President Obama called on Congress to raise the federal minimum wage to $9 an hour from $7.25 and to automatically adjust it with inflation. And on Tuesday during his State of the Union, President Obama urged Congress to “Give America a raise” and increase minimum wage to $10.10. If this major legislation were to go through, that would potentially mean every employer would need a new labor law poster when the legislation changes, and every year thereafter if minimum wage is tied to inflation. However, the progression of this legislation and Congress coming to an agreement on terms has been slow. As a temporary solution, five individual states have been adjusting their own minimum wage requirements.
This creates a monumental opportunity that many providers in your niche have already begun to take advantage of. It goes without saying, a service like the distribution of labor law posters when legislation changes is simple to offer with the right partner and can assist clients with maintaining compliance. Here are three ways providing this type of offering can benefit service providers today:
Opportunity To Create Additional Revenue Streams
Providing this service helps you build an additional stream of recurring revenue. “Pay-As-You-Go” labor law poster subscription services help service providers offer labor law posters as a solution without virtually any financial risk or barriers to entry. In fact, a minimum of 150 payroll and HR companies already offer a poster service in their array of available products. This subscription service, or even on-demand ordering, is already getting providers like you in the door to provide additional services or solutions like payroll, time and attendance, and HR.
New Prospect Lead Generation Tactics
Labor law posters are also a great way to easily and effectively get the word out about your company and generate new leads. Here are a couple tactics that companies like yours already use with these posters.
- Setting Appointments – There are national providers that use labor law posters to secure appointments for their sales staff. They have staff members that inform employers once legislation changes and offer a free poster in return for meeting with a sales representative.
- Partnerships with Chambers of Commerce – These member-based organizations are looking for ways to increase member-only benefits. By partnering with them and offering labor law posters behind a contact form like this, is another way payroll and HR providers are bringing leads to their door. By ONLY providing these posters to members that request the poster, you’re having these companies self-identify as having a need for compliance solutions.
Create Brand Awareness and Recognition
Adding a service like this to your repertoire gives prospects the perception that you’re not just a payroll company. That you’re able to handle a multitude of employer-related needs and provide a wider spectrum of workforce management solutions. This gives you a reason to distribute a press release, engage with some of the local media, or attend a regional conference or tradeshow. If you’re exhibiting at an event, branded labor law posters are the perfect promotional item that give you one of the greatest opportunities to stay top of mind (and in sight, probably on the wall) for the prospect once the conference is over and they return to the workplace.
And what’s greatest of all is labor laws are constantly evolving, and when they change, your prospects and your existing clients need a new poster. Many payroll providers are ready to meet that demand, are you?
About Paul Abel:
After owning several different bagel franchises, and experiencing first-hand how compliance is no easy matter for the average employer, Paul founded Poster Elite. Poster Elite provides turn-key Labor Law poster solutions to payroll bureaus in addition to many insurance and HR companies that take advantage of publisher direct pricing and pay-as-you-go subscription services.