If the past two years have taught business owners nothing else, it’s the crucial importance of adjusting to unforeseen circumstances while staying on solid financial ground. For small to mid-sized companies, it’s never been easy, as they vie for top talent with their much larger competitors.
Even pre-Covid, the solution for a growing number of businesses was a partnership with a professional employer organization (PEO). Now, as the third year of living under a pandemic cloud begins, a PEO relationship can have even more value as you work to continuously improve your growing company.
Note that companies who work with a PEO:
- Are 50 percent less likely to go out of business.
- Have 10 percent to 14 percent less turnover.
- Grow 7 percent to 9 percent faster.
- Have been 119 percent more likely to receive Covid-related PPP loans and 60 percent less likely to close during the ongoing pandemic.
A PEO can help you improve your business this year by giving you access to:
Better Employee Benefits
Competitive pay is important, but a dynamite benefits package ranks equally high and, in some cases, even higher. It helps create a great place to work, which in turn leads to happier employees and higher retention.
- Many small businesses can’t afford to independently provide their employees with benefits comparable to those offered by their larger competitors. But, when you work with a PEO, you enter into a co-employment agreement and your PEO pools all its client employees together and harnesses this buying power.
- The end result? You can now provide your team members with better medical coverage, as well as additional benefits such as dental, vision and life insurance, 401(k) plans, tuition reimbursement, short and long-term disability insurance, and more.
Dedicated HR Specialists
Chances are, you’re not an HR person. And even if you are, you may not have the size, scope and bandwidth on your talent management team to handle everything this function throws your way. When you partner with a PEO, they bring specialists in numerous HR areas to the table. These areas include:
- Regulatory compliance
- Training and development
- Employee handbooks
- Payroll and tax administration
- Safety and emergency preparedness
- Recruitment and staffing
- Development of company policies and procedures
More Time in Your Day
The HR support provided by a PEO allows your business and internal employees to better utilize their time each day! Too often human resource tasks hold companies back from focusing on their key business functions. When your PEO takes burdensome administrative tasks off your employee’s plates, it shows them how much you value them and their time.
Considering a PEO Partnership?
To learn more about these and other advantages of a PEO partnership, reach out to Key HR today.
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- On January 5, 2022
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