Being competitive in today’s marketplace involves a lot of effort. Budgets are tighter, yet expectations are greater. Upper management expects more, employees expect more, and consumers expect more. The employee benefits you offer directly relate to your bottom line, because happy employees do good jobs and a job well done satisfies the end customer. Yet you have to offer these perks while keeping costs down and the budget lean.
A PEO is a Professional Employer Organization. PEOs allow you to outsource many of the responsibilities related to hiring and managing workers. It relieves the business of many of the risks and liabilities associated with employing workers, allowing you to offer workers more while the company spends less time and money. PEOs are staffed by human resources professionals who are trained in benefits packages and knowledgeable about laws, industry regulations, as well as trends in the marketplace regarding common and popular options.
Small and mid-sized businesses often can’t afford to compete with the big guys when it comes to offering employee benefits, but with a PEO, you can find benefits packages that attract excellent workers without huge investments in time and effort on your part. After all, you should be focused on growing your business — not trying to determine the difference between health insurance regulations and retirement packages.
A PEO can keep costs down, productivity up, and help keep your business in compliance with laws and industry regulations, which are forever changing. Here’s why employee benefits packages are so important and how a PEO can help you provide these benefits without a hassle.
How Offering the Right Employee Benefits Helps the Employer
Can the benefits you offer your employees actually benefit your company? Here are a few things to consider about what you are offering to your employees.
Empowering the Employer to Get the Right Workers
The figures on employment are confusing. Though there is an abundance of workers looking for jobs, the quality of job candidates isn’t always what an employer hopes for. It becomes even tougher to find good workers when industry regulations or customer expectations demand background checks, credit checks, and even a check into an applicant’s social media persona. Candidates who look good on paper might not be the best fit for the job, especially in jobs that entail great attention to detail, specific hard-to-find skills like mathematics or science, or jobs involving tight security restrictions. The problem then shifts from finding the right workers to attracting the best workers. With a solid employee benefits package, your company can stand out among the others, helping you lure those top applicants.
Empowering the Employer to Keep the Right Workers
Is there anything more frustrating than training a worker just to see them walk away and join forces with your competitor? Once you get those great employees in the door (especially after you’ve empowered them with training and job experience), the last thing you want is to lose those skills and knowledge to another company. A comprehensive and attractive benefits package could be your key to keeping top talent.
Empowering the Workers to Become Successful
Workers who aren’t worried about retirement, healthcare, and what happens if they become too sick to work can focus on what’s important: doing a great job at work. The right benefits package frees your employees from anxiety over the future, so that they can turn their attention to learning, growing, and producing solid work. It’s easy to see how a good benefits package easily becomes a sound investment in this scenario.
How Using a PEO Makes Providing Employee Benefits Simpler
If employee benefits are so crucial to the success of a company, why aren’t more businesses offering great packages? Part of the issue is a matter of knowledge, research, and experience.
Finding the Right Benefits at the Right Price
Shopping for benefits like health insurance, life insurance, disability insurance, workers’ compensation insurance, retirement plans, and other benefits is time consuming and expensive. Add in all of the new requirements that come along with the Affordable Care Act and other new legislation, and finding the right packages for the right price become daunting, even for experienced human resources professionals.
A PEO is your ticket to expertise when it comes to shopping for insurance plans, retirement offerings, and other benefits that attract and retain good workers. Turning this task over to a professional not only improves the packages you can offer and the price you can get those benefits for, it also lessens the burden on your internal staff. No one in your company has to do the research, attend training seminars, or become an expert. The PEO is the only expertise you need.
Making Sense Out of Confusing Benefits Packages
What is the difference in a 401 K and a 403 B? Should you invest in an FSA or an HSA? Should managers be offered additional benefits, above what production workers receive? What do employees want? What is most affordable and practical for the company to invest in? These questions are a constant for businesses looking to improve the benefits they offer their employees. However, it takes lots of savvy know-how to determine which options are best and choose the options that are most affordable for the company. A PEO takes this burden off of your staff and handles these issues as part of a neat, tidy package that you can use to attract and retain the best workers available in the marketplace today.
It’s time to stop fretting over how to become competitive in hiring, and begin focusing on the productivity that drives your business. A PEO can take the hassle out of choosing, purchasing, and managing employee benefits packages, as well as handle issues like payroll, workers’ compensation compliance, payroll taxes, and other human resources solutions. It’s like having a human resources department without having to pay their salaries, provide them training, and upkeep their office spaces.