Mighty Hook is the largest manufacturer of hanging solutions and masking products for industrial finishing and powder coating processes. Mighty Hook has on-site engineers to improve efficiency through custom solutions. Their mission is to provide customers with high-quality, innovative, cost-effective products to improve their hanging efficiency and productivity in paint, powder, and e-coat processes.
Mighty Hook relies on its highly-skilled employees to innovate customized solutions for its clients, so the company takes employee compensation and engagement extremely seriously. For Scott Rampala, Mighty Hook President and CEO, it’s all about balancing offering competitive employee compensation and competitive rates for customers. The key to meeting the needs of employees and clients alike is to minimize human resources overhead, optimize employee compensation packages, and reduce business insurance costs so he can allocate resources where they matter most.
Scott first turned to Launchways when he decided to conduct an employee compensation audit eight years ago to better compete for talent while keeping costs low. The Launchways team facilitated the audit by ensuring that the auditor had the payroll information they needed to accurately assess Mighty Hook’s employee compensation. This included payroll data and departmental allocation to guide the auditor in determining the correct total payroll investment and compensation for individual employees depending on their employee classifications.
The audit successfully aligned Mighty Hook’s compensation strategy with their talent acquisition and business goals. Scott also decided to bring in Launchways to manage the company’s payroll processing so he could be sure that his employees were being taken care of without draining valuable internal resources. As he describes the value of Launchways’ payroll services,
“Payroll can be a touchy subject and Launchways does a great job of tracking the vital sensitive information and limiting access to key stakeholders. Best of all, I can rely on Launchways to make sure our employees are paid on time, which is a huge peace of mind for me and my team. It means that I can focus on reaching our business goals rather than the details of employee compensation.”
But the most lasting effect of Mighty Hook’s partnership with Launchways has been the reduction of business insurance costs across the board year after year. Before working with Launchways, Mighty Hook tended to renew their plans with their existing business insurance providers. Launchways brought a new approach to Mighty Hook’s insurance, taking the plans to the open market each year to find the best deals. This approach allows Mighty Hook to be much more flexible, as Scott explains,
“Every year our Launchways representative comes in and takes our worker’s comp, general liability, and property and casualty and moves it to the open market. In some instances, we’ve sourced our plans from a range of providers, although most recently we discovered that shopping our entire business insurance operation to a single provider generated the biggest savings.”
This flexibility has paid off for Mighty Hook year after year. As Scott describes, Launchways’ proactive approach to reevaluating insurance carriers annually has helped him cut costs so he can provide greater value for his customers while providing competitive employee compensation.
“The approach to taking our insurance to the open market every year is far preferable to our old model of just renewing with our existing carriers. It allows us to remain competitive and get the best value year after year. On average, we’ve probably seen a 4-5% decrease in costs each year and in the last year alone we saw an impressive 10% decrease in our insurance costs. Those savings are good for our bottom-line, our clients, and our employees.”
Beyond the concrete savings that Launchways has delivered for Mighty Hook, Scott values Launchways’ role as HR consultants. No matter what payroll, benefits, insurance, or HR challenges Mighty Hook faces, Launchways provides streamlined and cost-effective solutions without the Mighty Hook team having to dedicate valuable resources to addressing the challenges internally. This matters because the less time they spend on business insurance or human resources, the more time they can spend on their business.