Smart business owners like you want to attract and retain great people, and that means offering great benefits. But health, dental, and workers’ compensation insurance can be pricey, and figuring out the best options for your business can be time-consuming.
If you want to offer a solid benefits package without sacrificing your bottom line, you should consider partnering with a Professional Employer Organization (PEO). These companies handle all your HR matters, from payroll to choosing insurance plans and processing workers’ compensations claims.
How can these companies help you get better employee benefits? Here are a few ways:
They can help you get better benefits for less. Because they partner with multiple businesses, they can often get better rates for health insurance and other policies than you can-and the savings are passed on to you.
PEOs know the HR landscape inside out. If you’re like most business owners, shopping around for employee benefit plans is not your area of expertise. And this means that even if you spend hours comparing plans, you may still end up with plans that fail to meet your needs.
These providers save you from this pitfall. These companies are staffed by seasoned HR professionals who know the pros and cons of all the major plans on the market, ensuring you get the plan or choice of plans that best suits the needs of your business and your people. And you save yourself hours of time and stress.
They free you from paperwork hassles. If you’re a business owner, you know that paperwork is a necessary part of doing business. But if you partner with a PEO, employee benefits paperwork is no longer your problem. They handle everything, from enrolling new members, deducting contributions from paychecks, and handling workers’ compensation claims. Your employees get benefits that show you value their efforts, and you get hours of valuable time back-not to mention the security of knowing everything was done right.
Partnering with a PEO can improve retention. Many business owners learn the hard way that inconsistencies in workplace policies and HR administration can lead to hurt feelings and lowered morale. When you work with these companies, you’re working with HR experts who know how to ensure everyone is treated fairly and who know how to keep their promises. You can rest secure knowing that your employees’ vacation time is being tracked accurately, HR policies are transparent and applied consistently, and health, dental, and other insurance plans provide the benefits they advertise. When your team feels respected and comfortable, your team stays loyal-and your PEO can help you keep them on your side.
They know your industry. Every industry has different needs and employee expectations. These companies know your industry and the types of employee benefits your competitors offer and your prospective employees expect. Depending on your industry and the PEO you partner with, your team can enjoy benefits including vision, dental, 401(k) and employee assistance programs for those struggling with personal issues. If you’re in a field where the risk of physical injury is high (such as the construction industry), the provider can ensure that you have the right level of workers’ compensation insurance to cover your risks.
In short, a PEO makes it easy for you to offer a great benefits package.