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Survey Finds Small Finance Firms Exposed to Elements of Risk

Paychex recently surveyed owners of small finance firms and found that most do not have a safety manual (60%), many have never conducted employee safety training (53%), and a lot do not conduct facility safety inspections (50%).

When was your safety manual last updated?

  • We do not have a safety manual - 60%
  • Less than a year ago - 18%
  • 3+ years ago - 9%
  • 2 to 3 years ago - 7%
  • 1 to 2 years ago - 6%

When is employee safety training conducted?

  • Never - 53%
  • Annually - 17%
  • At time of hire and annually (or more frequent) thereafter - 13%
  • At time of hire only - 9%
  • Every 2+ years - 9%

How often do you conduct and document facility safety inspections/walkthroughs?

  • Never - 50%
  • Annually - 18%
  • Monthly or more frequent - 14%
  • Semi-annually - 11%
  • Quarterly - 7%

Who’s responsible for workplace safety? More often than not, it resides with the owner of the business (48%), although in about one-in-five cases (23%) no one has been appointed to be responsible for safety.

FIGURE 1: Respondents by revenue size (2018)

If you’re an owner of a small finance firm, consider:

  • Are you exposing your employees to unnecessary or excessive risk?
  • Are safety training and development of a safety manual tasks that you can outsource?
  • How much could exposure to risk cost your business?

The survey results provide a barometer of sorts about exposure to risk, and it would seem that many small financial service organizations are lacking in fundamental protections for risk management. Safety training is important for the health and well-being of employees, no matter what industry. Sure, some industries are more prone to accidents and exposures than others, but safety should be a priority for all employers. Allocate funding, find the best trainers (whether external or internal) and create clear and easy to follow safety procedures and protocols for such things as conduct, sexual harassment, discrimination, and drug and alcohol use.

The Paychex team of risk consultants can assist small financial firms in creating and maintaining a safe working environment while bearing full liability for workers’ compensation and providing support with other HR administrative tasks such as payroll and benefits. Think of us as an offsite Risk Management Department. We assist in developing best-in-class worksite safety programs, onsite employee safety training, and Workers’ Compensation claims management.

The most common services we provide to small businesses are in the areas of payroll, benefits, regulatory compliance, risk management and general human resource administration.

We can help you tackle business challenges like these Contact us today

* This content is for educational purposes only, is not intended to provide specific legal advice, and should not be used as a substitute for the legal advice of a qualified attorney or other professional. The information may not reflect the most current legal developments, may be changed without notice and is not guaranteed to be complete, correct, or up-to-date.

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