To get the best candidates you want working for your business, you have to be able to provide a competitive benefits package. For many smaller companies starting out, however, the cost and administrative effort required to purchase and administer benefits can be prohibitive.
That’s why more and more businesses are outsourcing human resources to outside organizations that can take responsibility for providing high-quality benefits programs. A large PEO can negotiate for lower prices, and will have the administrative capacity and expertise to run the programs without absorbing your focus as the head of the company. Here are some of the different benefits you can offer potential employees by providing through a PEO service:
Acquiring coverage through an HR outsourcing organization will let you get better quality plans with lower rates. You’ll finally be able to attract top talent with comprehensive health coverage, including vision and dental insurance. You can even offer flexible spending accounts (FSA) or health spending and reimbursement accounts (HSA) to help your staff cover more medical costs and save on their taxes.
With a PEO, you’ll also have a dedicated administrator and self-service options for your employees to access information about their benefits on their own without having to track down the responsible staff person for every question. Easy access to benefits and knowledge is just as important as the benefits themselves.
Retirement Savings :
By working with a PEO, you can customize the benefits and plans you want to offer your staff, and let the experts handle the logistics and legal requirements. Show your employees that you’re investing in them for the long-term by providing 401 (k) eligibility and profit-sharing contributions for their retirement.
The administration and legal compliance issues that come with offering retirement plans are too much to put on your plate, and it isn’t cost-effective to put it all on a dedicated HR professional in your lean, competitive small business. You don’t have to worry about the risk when you hire experts to take care of it.
Wellness and Discount Programs :
Another way to bring in better employees and improve retention is to provide incentives for employees to stay healthy and take advantage of the programs you offer. Working with a large HR organization gives you the ability to connect your employees to discounts or other special services.
Wellness programs help your employees take advantage of their health benefits, and encourage regular check-ups and healthy habits. You can reward your staff for making healthy choices and increase both their well-being and their productivity. By outsourcing your HR with a PEO, you can recruit quality talent with a competitive benefits package. This way, you can support your staff without adding to your administrative workload.