By Shraga Jacobowitz
There are many reasons why you should use a PEO (not sure what they are? You can check out any one of the many blogs I’ve written about it such as this one). Every business owner, including hopefully you, has their own unique reason for partnering with a PEO. Perhaps you are just fed up with your administrative tasks eating up huge amounts of your time, overpaying for your company’s health coverage, or losing out on hiring top talent to companies that can offer better benefit packages. Regardless of the reason is (although I do hope my newsletters had at least a little bit of bearing on the decision), you are now ready to make that leap and join the thousands of companies who partner with PEOs.
You ready? Let’s go, pull out the yellow pages–who am I kidding– turn to the all trusty Google and type in PEO providers. In 0.49 seconds 1.56 Million results come up (trust me, I tried it). Now what?
How do you know which PEO provider is the right fit for your business? Will get you the best service? Best prices? Understand you? With over 700 PEO companies servicing businesses throughout the country, finding the one that meets your business’s needs can be a huge headache.
Enter the PEO Consultant (AKA PEO Broker). And while the word consultant conjures to mind the famous adage “Those who can’t do, teach. Those who can’t teach, consult,” this is one case where a consultant can really DO a lot. A PEO consultant/ broker will do all the research and negotiating for you so that you sign a contract with the PEO that is perfect for your industry and your particular organization. I mean, after all, your time is so precious; why bother researching and reviewing dozens of companies or even worse having to sit through countless sales pitches and lengthy (read: boring) presentations (although the swag and refreshments are always a nice perk, you have better things to do with your time) when you can have someone do it for you?
But hiring a PEO Consultant / PEO Broker is so much more than just the research. Here’s the top 6 reasons why you should use a PEO Consultant/ PEO Broker when partnering with a PEO:
- Comparison shopping made easy
We all love the option of comparison shopping online, just click a couple buttons and have all the data to make an informed decision right in front of you. Unfortunately, it’s not that easy when it comes to PEOs. Pricing is going to be a huge factor in your decision about which PEO provider to use. But getting quotes from several companies can take loads of time, energy and endless paperwork on your part. PEO proposals tend to be lengthy and as discussed in my last newsletter can be complicated, i.e., containing many easy-to-miss small details and varying pricing structures making comparison-shopping extremely difficult. A PEO Consultant/ PEO Broker can provide you multiple quotes to review at once, making your decision that much easier, and they can advise you to which PEO is the best fit for your needs and the best value for your company.
- Saving you time
When choosing a PEO, you’ll have to choose between a National, Regional or Niche PEO. You’ll need to do research into each kind of PEO, and once you’ve made that choice, you’ll need to do further research into PEO providers within each category. That’s a lot of research for one decision!
Think of the Consultant / Broker as that one guy who just knows everyone at the party….because honestly a good Consultant/ Broker will have already established dozens of relationships with PEO providers within each class. This way, they can guide you with this part of the process so you can make your final decision sooner. In addition, as mentioned above, knowing which type of PEO is the best fit for your business, eliminates the need to even sit down, never mind listen to sales presentation from PEOs that don’t fit your company’s needs (you’ll just have to do without the keychain, hand sanitizer or Danish). That’s why working with a PEO Consultant / PEO Broker will save you time and energy (and frustration), ensuring that you only sit down with those PEOs that services, technology and financial structure suit your business’ specific needs.
- Better pricing
Like every decision you make about your company, it’s all about the money, money, money! And to paraphrase the saying, “If you think hiring an expert is expensive, try doing it yourself.” Not hiring a consultant/broker can sometimes end up costing you more than any savings you might have thought you were gaining by doing it yourself. If you want to get the most value for your money with a PEO provider, hire a PEO Consultant / PEO Broker. An experience consultant / broker can negotiate on your behalf to get you the best service for the best price. And a good consultant / broker will use their exclusive relationships with PEO providers to draw up a deal that is favorable to everyone involved.
Hiring a PEO is a huge decision that will affect your bottom line for years to come. Why not get the most for your money?
- Simplified paperwork
Ever try to apply for something and simply give up just because of the sheer amount of paperwork? We know that feeling! In order to provide you with an accurate quote, a PEO will need to gather a large amount of data from you, including your employees’ salaries, insurance policies, health care requirements, workers’ compensation history, and a whole lot more. Since each PEO uses a unique proposal system, you’ll need to fill out all that paperwork each time you research another PEO. That’s paperwork times infinity, or at least it will feel like that.
When using an experienced Consultant / Broker though, you only need to submit this information once. The Consultant/ Broker will evaluate your company’s data and give you quotes based on your specific needs so that you can make an informed decision with minimal paperwork involved.
You’ve got enough on your head already; why not save yourself some paperwork—and lots of time?
- They have your best interests in mind
If you were in the market for a new computer and are not sure which one to get, do you go to a Dell store or an electronic store like Best Buy? Unless you know you want a Dell, I’d suggest going to Best Buy, because the Dell representative is only going to sell you a Dell which may not be the best computer for you.
Similarly, when you work with a PEO directly, the company will try to convince you that they’re the best fit for your business. In contrast, when you work with a Consultant / Broker, they only have your own interests in mind and will help you make a decision that is best for you. They don’t make more money when you choose a particular PEO over another; they only want to make you happy.
It’s always best to work with someone who has your best interests in mind.
- They’re in the know
When most people think about partnering with a PEO, it is to get competitive insurance rates or better employee benefit packages, but the pros of a PEO far exceed just saving your time and money. Many PEOs offer employee training, safety compliance assistance, creating company culture and employee engagement, workers comp insurance, assistance with onboarding, hiring and firing techniques, government compliance and regulation guidance and so much more. For more benefits of the PEO, check out some of my past blogs. But it’s hard to take advantage of all these amazing benefits if you don’t even know about them. A PEO Consultant/ PEO Broker can give you the complete rundown of all the myriad of ways a PEO can help your business. And really, why would you want to miss out on something, simply because you didn’t know to ask for it?
Want to see exactly how a PEO Consultant / PEO Broker can help your business get the most out of your PEO? Call ARC Consultants today and let them not only consult you, but DO all the work for you.