It can be difficult to hire and retain top talent in today’s tight labor market and still maintain your bottom line. But with a professional employer organization (PEO) at your back, it’s possible to develop a plan to manage rising costs while taking care of your most important resource – your employees. Here are several challenges that can be turned into opportunities with help from a co-employer:
Prevent and manage high employee turnover
Today’s workforce is on the move. In fact, more than 50% of workers are looking for new career opportunities. Business leaders need to understand why employees leave their jobs and improve their organization’s culture if they want to minimize the impact of turnover.
How a PEO can help you retain talent
Employers that enter into co-employment have a partner who can help them formulate their talent strategy. Tactics may include investing in better benefits, adjusting compensation levels, embracing hybrid workplaces and more.
Stay competitive amid a changing benefits landscape
Benefits packages can make the difference in landing top talent, but employees today are no longer satisfied with just medical, dental and vision coverage. Employers need to take an objective view of their benefit offerings to make sure they consider the perks that are valued most.
How a PEO can improve benefits
Co-employment makes it possible to fulfill your employees’ needs without breaking your budget. A PEO can help you create an overall competitive benefits strategy, all while handling every aspect of administration and enrollment, saving you valuable time and money.
Maintain bottom lines by managing workers’ compensation
Every employer wants to keep their employees safe while, at the same time, protecting their company should a “worst case scenario” occur. However, it can be challenging to navigate the maze of workers' compensation compliance and regulations.
How a PEO can help protect your business
Whether you need a comprehensive risk and safety analysis or want to ensure injured employees get the best care possible, a PEO can give you access to multi-disciplinary expert teams that care about the well-being of both your business and your employees. That’s the true value of co-employment.
Reduce liability
Liabilities threaten profit margins and create operational challenges for all organizations, but especially smaller companies. On average, small business owners spend 20 hours per month (and $12,000 annually) trying to comply with state, federal and local regulations.
How a PEO can help support compliance
Co-employment means a PEO focuses on HR-related tasks, such as payroll, benefits administration and regulatory compliance. This relationship reduces liability when it comes to navigating tax responsibility and enforcing mandates from legislation, like the ACA, FLSA, OSHA and EEOC.
Scale business operations
A common goal of many organizations is achieving scalable growth, but this is often easier said than done. Operating a business in multiple locations creates a significant workload given today's complex employer landscape.
How a PEO can help your business grow
Partnering with a PEO takes the headache out of keeping up with state-to-state policies, wage and hour requirements, payroll taxes and other responsibilities that can be difficult to manage on your own. As a result, your business may be poised to grow at the right pace and save money in the process.
