Unethical behaviors across workplaces and organizations have been exposed over the past few years, with allegations even stretching into the jewelry industry.
Employment-related lawsuits continue to rise and in order to be protected, a special type of coverage is needed: employment practices liability insurance (EPL).
The stats around EPL aren't pretty and give a powerful reason to have the coverage. In an article posted by Trusted Choice, employee lawsuits have risen 400% in the past 20 years!
Think about this:
An employee at your jewelry business continues to arrive late to his shift. After a month of this occurring and no change in behavior, you decide that it's in your best interest to fire this person.
Now, did you just make an effective management decision, or commit a misguided human resources error that could potentially cost your business hundreds of thousands of dollars?
As a manager or owner of a business, what are some of the most difficult decisions that you've had to make?
Even if they're not the first things that come to mind, hiring and firing decisions probably fit somewhere in that category.