So, you’ve just joined a PEO or perhaps you’ve been part of a PEO for a while already. We’re sure you’re happy to have all the nitty gritty of your Human Resources department off your plate, (after all you didn’t start your business to become a Human Resource manager).
But, are you sure you’re really taking full advantage of your PEO partnership?
If you’re simply using a PEO to handle your human resources needs such as benefit packages, insurance, liability and risk management, to name a few, the answer to that questions is a resounding NO!
When partnered with the correct PEO, your company should not only be benefiting from the ability to handle your current needs, but should be able to leverage this partnership to gain top talent, maximize the potential of your current workforce and prevent employee turnover.
The primary reason a company chooses a PEO, over, for example, outsourcing their HR management jobs is because PEOs are a co-employment arrangement allowing companies to maximize their benefits without losing control of their employees. Thus, the partnership should be geared to helping your company, not only maintain control of, but getting the most out of your workforce.
So, how does a company leverage their PEO to maximize their workforce potential? Here’s three ways your company can use your PEO partnership to do exactly that.
- Offer attractive benefit packages. In the changing market of millennial hires, attracting top talent is about more than just the paycheck. Potential employees are looking for great employee benefit packages as well. And these new hires want it all….the best health insurance plans, a retirement plan that makes sense, life insurance, etc. Because PEOs aggregate employees from multiple companies, partnering with the right PEO allows you to offer the benefit package of larger corporations at competitive prices. The PEO’s ability to leverage the combined amount of employees also allows you to offer flexible benefit packages, so you can create the perfect match for your employees’ needs and lifestyle.
So how do you ensure you’re offering your current and potential employees the best packages? When discussing benefit packages, make sure your PEO is offering you and your employees the following:
- A wide range of options for each employee to choose from.
- Coverage for new hires with little or no waiting period.
- A stable health care provider network with an updated administration system.
- Familiarity with your needs, including a mastery of the complex issues associated with a dispersed workforce, if you are looking to expand out of state or overseas.
- And finally, make sure that your PEO partners only with companies that resemble your own industry and workforce profile. In this way, your low risk business isn’t being lumped together with high risk companies, or high wage employees with blue collar employees, which can cause your insurance rates to rise and benefit packages to be limited.
- Take advantage of professional development and employee training opportunities. Many PEOs offer live/on-site, virtual/video or other learning opportunities for your employees so that they can develop their skills and expand their knowledge and expertise. The ability to offer such development and training is a great way to attract potential employees as well as utilize the full potential of your current ones. Make sure to ask your PEO about such opportunities so that you can take full advantage of what they have to offer.
- Utilize their HR professionals. While all PEOs have HR professionals on staff, when you choose a PEO to partner with, make sure that their pros understand YOUR business. With the right HR professional in your corner, they can help you anticipate and resolve problems before they even develop. These pros can also help you with the interview, training, performance management processes so that you’re assured that you’re hiring the best employee for your business and its potential growth.
An added benefit to having HR pros on your side….it’s their job to stay on top of new regulations and compliance issues, so you don’t have to. Keeping you up to date, notifying you of and dealing with any regulation and/or compliance changes should be part of your PEO package. Again having pros who understand YOUR business, ensures that they’re aware of any and all regulations or compliance laws that affect YOU specifically allowing you to always be on top of your game.
Taking advantage of these three points are just some ways to maximize your benefits from your PEO partnership. Knowing all the benefits that can be gained from the PEO partnership is an important component of maintaining your PEO partnership. Whether you’ve been partnered with a PEO for one day or for several years, reviewing the benefits you’re currently receiving and exploring others that you’re not, can definitely maximize what you are getting out of your PEO partnership.
That way, when you’re asked next whether you know if you’re taking full advantage of your PEO partnership or not, you can answer a resounding YES with absolute certainty.
Not sure how to take the next step in taking full advantage, ARC Consultants can help you review your current PEO and ensure that you are. Give us a call or email to see how we can assist you in maximizing your benefits.