Small to mid-sized businesses often struggle to compete with larger companies in terms of talent, reputation, and particularly robust benefit packages. You want to make sure employees feel taken care of, and in turn are loyal to the company, and benefit offerings are often what drives this. In this blog, we’re going to go over some of the more attractive employee benefits, and how partnering with a PEO can help provide your employees with them by simplifying the benefit planning process at your business.
There are four major types of employee benefits employers can offer:
- Medical insurance
- Life insurance
- Disability insurance
- Retirement plans
Employers interested in recruiting and retaining employees should also consider offering benefits that include:
- Time-off benefits
- Phone and internet reimbursement
- Health and wellness benefits
- Scholarship or tuition reimbursement
Within each category of these benefits, there are several different kinds, and it can be overwhelming trying to decide which ones your company should choose as well as afford. You want to ensure employees are provided with a package that they feel satisfied and secure with. This can promote employee loyalty, productivity and a good reputation at your company.
Simplifying Benefit Planning
Most employers want to provide their employees with a robust benefits package, but often struggle to plan out the selection of benefits, negotiation and administering them. This can be an overwhelming process when you’re also trying to run a business, which is where professional employer organizations (PEOs) come in. a PEO can help eliminate the struggles of planning benefits administration, and can also provide you with the resources to improve your benefit offerings. Here are some benefits your company can receive when working with a PEO.
Large Group Health Insurance Plans
For most small businesses, it’s hard to compete with large companies' benefits offerings, or simply can’t afford the same plans. When you partner with a PEO, you can gain access to “large group” medical offerings like Fortune 500 benefits, health insurance, and more. This allows you to gain a competitive edge against other small companies, and can even the playing field between you and larger corporations when recruiting talent.
Experts in the Field
Benefits administration can be a stressful process for busy business owners, especially when they don’t even know how to begin the process. When working with a PEO, you’re working with a team of experts who have knowledge throughout all stages of the benefits administration process. The types of tasks they will handle include:
- Annual renewals
- Shopping for new partners
- Compare plans
- Contract negotiation
- Two-step open enrollment process for employers and employees
- Document employee benefit elections
- Ensure payroll deductions are correct
There’s a lot of competition in the workforce today, so it’s imperative that small businesses can compete with larger organizations when finding talented employees. Having a robust benefits package is a smart way to gain that competitive edge, and partnering with a PEO can help you get there.