There’s a reason your job gets you out of bed in the morning, and it’s not the paperwork and other back-office tasks. As a business owner and leader, you’re driven to grow your revenue, improve your product or service, and collaborate with other talented people. And yet, those administrative tasks are calling your name and keeping you up at night. Sound familiar? Curious how partnering with a Professional Employer Organization (PEO) can help you? Read on.
Double Your Revenue Growth by Working with a PEO
It almost sounds too good to be true, but years of research shows that the average annual revenue growth for PEO users is double that of comparative companies who don’t use a PEO. That translates directly to increased profits and overall business success. That’s the kind of growth that gets business leaders out of bed in the morning!
So, why is this the case? What is it about working with a PEO that enables such impressive growth?
Simply put, it allows business leaders to get back to what they do best. It gets them out of the weeds of HR and back office tasks and into the work that matters most: strategically building their company. Take the following burdens off your shoulders:
- Recruiting and Hiring: A thorough PEO can relieve you of the time and money spent creating job descriptions, advertising open positions, screening resumes, interviewing people, and running background checks. With deep networks and vast experience, they know how to find high performers who will fit right into your company.
- Payroll Administration: Taxes, withholdings, garnishments, W2s, and payroll reporting – it’s a lot to handle by yourself, but your PEO can take care of it all. They should also be a valuable resource in setting pay rates and compensation plans.
- Employee Onboarding and Training: All that new hire paperwork is a headache for everyone involved. The right PEO partner will help streamline the process, orienting new employees to the workplace effectively. This includes new-hire and ongoing training and development initiatives.
- Employee Relations: Performance reviews, disciplinary actions, complaint procedures, employee surveys, exit interviews… the list is never-ending, which means many businesses might be tempted to start skipping steps to save time. But those steps are necessary for optimal employee engagement and improved employee performance (read: improved revenue potential). A PEO can handle it all.
- Benefits Enrollment: It’s more than just keeping up with the onslaught of legislative changes in health insurance. A PEO can also manage PTO and leave administration, unemployment, retirement plans, FSA and HSA plans, employee assistance, and so much more.
- Personnel/HR Records and Reporting: Recordkeeping and reporting are essential duties, but probably the most time-consuming of them all. Partner with a PEO that can provide a streamlined, integrated, cloud-based HR portal where all this can be housed securely.
- Safety & Risk Management: You know the importance of safety, but does your internal team have the bandwidth to ensure your safety programs are optimized? A PEO is equipped to come in and support your business with expertly developed safety training, OSHA compliance, regular safety audits, workers’ compensation and disability administration, and more.
Attract and Retain a Talented Workforce
In today’s candidate-driven market, a multitude of factors are at play in a professional’s decision to accept a new job. Career opportunities, work environment, and compensation are some of the top considerations, but they aren’t the only ones.
Given the choice between two similar job opportunities, it’s more than likely that the company who can offer a better benefits package will win over most candidates. That’s where partnering with a PEO can help. Benefits administration, mentioned above, is only part of the puzzle. Since a PEO is the co-employer of your workforce, you’ll get access to a wider network of benefits options – and at a more affordable cost. With the rising cost of healthcare, this will provide your employees with peace of mind. A PEO can also help you make more attractive decisions for retirement savings plans and other benefits.
Beyond benefits, the streamlined processes a PEO can provide may impact your company more than you realize. Most candidates believe that the interview and hiring processes are indicative of what it’s like to work at a company. If those processes are drawn-out, disorganized, and filled with red tape, candidates will see red flags and it’s likely they’ll walk away from your opportunity. When a PEO steps in to streamline it all, candidates can fly through the hiring process with ease and they can focus on what really matters in their career decision.
Protect Your Company and Gain Time Back in Your Day
Let’s be honest: you’re a business owner, not an HR expert – and you don’t want to be. But with ever-changing government regulations and increasing potential for risk in today’s business landscape, that expertise is essential to a healthy business. Working with a PEO gives you access to specialists in every HR function, who can assist you with compliance and risk mitigation every step of the way.
At the end of the day, PEOs can optimize all back-office tasks while simultaneously boosting revenue and improving employee satisfaction and engagement. At Ethan Allen HR Services, we’re ready to help you do just that.