Whether you’re leading an established business or are just launching a startup, the Professional Employer Organization or PEO is worth considering. This third-party relationship brings a host of advantages to any business, including reduced compliance risk, more efficient payroll processing, streamlined employee costs, and more. PEO benefits alone are worth a look.
A PEO won’t make decisions about your business for you or take over your operations. Instead, a carefully selected PEO will elevate every aspect of your HR functions and support from a unique third-party partner perspective. And it’s often a perfect-fit solution for small and medium-sized businesses that might not otherwise have the means or resources to hire internally or outsource these services individually.
If you’re still considering your options for HR-related improvements this year, there’s another significant benefit to working with a great PEO. Your employees and staff will also enjoy the perks and advantages of such a partnership. And today, we’ll share what a PEO partnership can mean for them, including potential offerings, PEO benefits, and support.
The Many Roles of a PEO
A professional employer organization is essentially a human resources service. But there’s more, including payroll services, organizational process streamlining, benefits, and compliance. It’s important to know that PEOs all operate differently and provide various services and benefits. However, in general, the PEO can step in to assume the HR responsibilities on your company’s behalf, including administrative tasks, payroll, hiring, staff training, benefits, taxes, and compliance. Evaluating your partnership options, be sure to identify which services best complement your needs. Here are a few PEO services to look for with any new partnership:
- HR Consulting
- HR Support
- PEO Benefits Administration
- Risk & Compliance
- Learning Management
- ASO Solutions
- Additional Services
And each of these layers of services will have unique and direct benefits your employees will also enjoy.
Employees Love the PEO Health Benefits
Next to direct compensation, the most important company benefit an employee will look for in an organization are health insurance and wellness-related benefits. With a PEO partner, your company taps into the vast negotiating power of the PEO’s network. With more employees, the PEO can, in return, provide your employees with more health insurance options and better rates. Your employees would be thrilled to learn that by working with a PEO, you could now offer them the following:
- Medical Coverage (PPO & HSA plans)
- Dental Coverage
- Vision Coverage
- Life Insurance
- Short and Long-Term Disability
- Dependent Care
- Employee Assistance Program
- Wellness Programs
- Supplemental Benefits
- 401(k) Retirement Planning
- FSA (Flexible Spending Account)
- HSA (Health Savings Account)
A More Robust Approach to Human Resources
Many small and medium-sized businesses struggle to afford the resources necessary to internally staff a full roster of human resources professionals. Your current human resources department right now might just consist of you or one other person. However, your employees still need to rely on HR for certain elements of the job and support. HR is still a critical layer of your business operations, whether you can afford to staff an entire department or not.
Fortunately, when you work with a PEO, it’s like having a full HR department with all the HR power and support resources employees need. The right PEO, like Human Capital Concepts, can serve as an extension of your business and brand. Our team fills in any HR-related gaps you might currently be experiencing. Check out just a few of the human resources functions to look for in a PEO partnership.
- Employee Relations
- HR Investigations
- Employee Surveys
- Exit Interviews
- Rewards & Recognition Programs
PEOs Streamline the Compensation Process
How efficient is your company’s payroll processing? Another motivating factor for businesses to make the transition to a PEO is payroll. When you work with a PEO, or more specifically, a CPEO with certifications and distinctions with the IRS, you have a multi-faceted partner for compensation, compliance, and taxes in one. And because your payroll processes are outsourced to the PEO, you won’t have to worry about making mistakes – a benefit your employees are sure to appreciate. Here is a suite of services you can expect from a CPEO:
- Tax Payments & Filings
- Management Reports
- Unemployment Filings & Reports
- Paperless Enrollment
- Time & Attendance
- Employment Verifications
With Human Capital Concepts, your employees will also enjoy having access to an intuitive payroll platform that allows them self-service access to their own employee data. They can use this platform to find pay stubs, make time-off requests, find reports, and review W2s.
PEOs Improve Company Culture
Because a PEO can also provide risk mitigation guidance associated with employee-facing concerns, employees tend to experience an improved company culture. For example, with a PEO’s extensive knowledge and expertise in reducing liabilities like wrongful termination, discrimination, and sexual harassment, employees enjoy a more conducive work environment. But PEOs can also help with other HR tasks that elevate the company culture, including employee handbooks and training. They can also keep your company on track with performance evaluations, policy guidance, and hiring initiatives. Here are a few of the more popular and well-received perks, according to employees of companies working with a PEO.
- Online Benefit Renewal Enrollment
- New Employee Onboarding
- Employee Advocate Concierge Support
- Assistance with Quality Issues
- Bill Reconciliation and Payment
- Benefit Contribution Strategies
Are You Ready for a PEO?
You don’t have to own and operate a large, multi-location, or nationally renowned business to offer your employees the best human resources support. When you partner with a PEO, it’s like having an outsourced extension of your own HR but with all the big-company resources.
Get back to your core competencies and relieve the burdens of your current payroll staff. Improve your processes, reduce your risks, and focus on growing your business. Transform how your company handles benefits administration, payroll, compliance, and human resources, all with one comprehensive and convenient PEO partnership.
Contact Human Capital Concepts today and start leveraging all the advantages of a PEO partnership. And now you know your employees will support the change, with all the advantages they’ll enjoy, too.