There are many benefits to you, as an employer when you outsource some or all of your HR responsibilities to a professional employer organization (PEO). You save time and money, your talent management function is better managed, and you can offer much more competitive benefits packages, so both your employer brand and your competitive position in the job marketplace are enhanced.
But, have you paused to consider the benefits of a PEO partnership to your employees? Here are four ways they gain from this business relationship, making it a “win” for all parties involved:
How Outsourced HR Helps Your Staff
As you enter into a co-employment agreement with your PEO, they harness the buying power reserved for larger companies. Your PEO pools employees from all its client companies together to achieve this. So, you can now afford to offer comprehensive benefits comparable to those provided by your much larger competitors.
- Benefits are not only better, they’re also less costly to your employees, as well as to you. PEO-sponsored benefits may include not only more robust healthcare coverage, but also dental and vision insurance, retirement plans, disability and life insurance, HSAs and FSAs, mental health support, and more.
Fewer errors when it comes to employees’ pay, benefits and related issues
When your HR function is managed well, your employees have less to worry about – including whether their next paycheck will be accurate in terms of hours and PTO or the details involved in their 401(k) savings or other benefit options. By contrast, if your HR staff is struggling to keep up with all the detailed work involved in these areas, everyone suffers as a result.
- You retain full control over who you hire, which benefit plans and designs to offer and other important talent management decisions. But you don’t have to worry about the details – or keeping up with record keeping or all the latest changes that occur, especially as your workforce grows.
Ready access to specialized HR experts
Since PEOs are experts in all areas of HR, they are fully equipped to answer questions, process benefits claims quickly, and be accessible to provide quick responses to employee concerns.
- Your PEO can also assist with employee training and development. For instance, they can help fully educate employees on acceptable workplace behavior, so they continue to do the right thing – and avoid any potential legal trouble.
Robust self-service options
PEOs bring the latest HR technology and established processes to the table. This includes online benefit plan content and enrollment tools and contact centers, as well as educational materials.
- Today’s workers don’t want delays in getting the information they need from their employer. Your PEO team will ensure that efficient, mobile-friendly and other user-oriented options are in place and stay fully operational and effective.
It’s no surprise, then, that as reported by the National Association of Professional Employer Organizations (NAPEO), employee engagement at companies that partner with PEOs scored five points higher on an association research study than among non-PEO users.
Considering a PEO or HR Services Partnership?
To learn more about PEO or HR services benefits that might work to your company’s advantage – and enhance the experience for your employees from hiring and onboarding throughout their tenure with you – contact Key HR today.
- Posted by
- On January 19, 2022
- 0 Comment