A professional employer organization (PEO) can help your company handle all of its human resources and could be the boost your company needs . If you’re seriously considering partnering with a PEO to help with everything from compliance to benefits, a little research can go a long way. Here are a few things you should look at when determining which PEO to partner with:
PEOs can be great for small to medium sized businesses because they allow businesses to get much needed assistance on complicated human resources tasks and focus their efforts on the growth and profitability of their business instead. Of course, this only works if the PEO is affordable. Before digging deep into costs, it’s important to know how the pricing structure works. PEOs typically charge two different ways, often a percentage of total salaries (3-8%) or as a flat per-employee-per-year fee. When reviewing costs, determine which structure works best for your company and compare PEOs based upon the services they provide and the fees associated with these services.
A PEO is not meant to replace your HR department, but to serve as an extension of your business. Thus, finding a service that integrates well with your current processes can be a determining factor in the selection process. If your process is not refined, PEOs can provide consistent administration and often times improved technology resources. When picking a PEO, you should ask about the technology they offer and whether or not they will continue using programs that you have already purchased.
Get a feel for the type of service and level of service that each PEO will provide to you. Some PEO arrangements will have a dedicated service team that you can contact and speak with over time whereas others may charge extra to speak to a live representative or use call centers to answer questions.
Additional services like training can also be available under certain PEOs. These services can be very valuable to smaller organizations because they provide great opportunity for professional development and ability to maximize the current workforce.
Other notable considerations
- Expertise & experience – Determine the level of expertise within the internal staff. The PEO will be handling important documents and services, so a good understanding of your industry along with your geographic area would provide a big benefit.
- Tailored benefits – Does the PEO fit the needs of your employees? It’s a good idea to speak with your employees before selecting a service and determining what their needs are, as these needs can vary.
- References – Professional references are always reassuring. Speaking with clients who have had success with the services you will adopt allows you to determine if the service will be right for you.
Ultimately, many factors should be considered before jumping into an agreement with a PEO and this is not a decision that should be taken lightly. To determine if a PEO is right for your company, or for help in electing the service that best fits your company’s needs, Contact Us !
New technologies have allowed doctors to find more ways to efficiently and conveniently care for their patients. Telemedicine allows patients and doctors to communicate through a live video, audio, or patient data transfer system without ever having to be in the same physical space.
Employers can provide telemedicine as an extension of their health insurance to allow employees to use these services and provide convenient care – anywhere. Both employers and employees can benefit from these services as can be seen below, and a more detailed explanation of these benefits will be described in the webinar.
Did you know?
An estimated 70% of non-emergent medical conditions can be addressed telephonically or via email, making 1-800MD’s physician access services one of the most cost-effective and convenient ways for employees to seek medical care.
In this webinar you’ll learn:
- The benefits of telemedicine for employers
- Lower health care costs
- Reduced employee absenteeism
- Enhanced productivity
- The benefits of telemedicine for employees
- Cost savings
- Quality care
Date and Time
Wednesday November 02, 2016 at 2:00 PM (EST)
Who Should Attend?
Human Resources professionals, benefits specialists, CFO’s, CEO’s, and anyone interested in learning more about how telemedicine can create convenient, quality care that ultimately benefits both employers and employees.
Handling all of your human resources (HR) needs, including payroll and administration, employee health and retirement benefits, workers’ compensation insurance, and compliance issues in an ever-changing environment can be a tall task for small businesses. A professional employer organization (PEO) can not only help you tackle these tasks, but provide savings on group health insurance and benefit plans for your employees. Unlike other outsourced HR tasks which typically handle one or two services, a PEO can provide your company with the bulk of key services needed. Listed below are some of the things a PEO can do for your business and the advantages associated with these services.
A PEO will take over payroll administration and take responsibility for:
- Employee taxes
- Quarterly reports
- Worker’s compensation insurance
- Premium audits
- Claims management
- Benefits procurement
Affordable Health Insurance & Benefits
Employees under PEO services can get access to a wider range of services at a much better price. This is possible because the employees are essentially hired under the PEO rather than the company they work for. This allows the PEO to pool all of its employees into one larger group and negotiate lower rates and lower annual rate increases.
Ensuring your company is compliant with all employer-related state and federal laws is important, as fines for compliance failure can be hefty and reputation damaging. A key advantage in hiring a PEO is that employers do not have to handle as many complex legal HR tasks, and the PEO will ensure that its clients are knowledgeable on standards at the local, state, and federal levels.
A PEO is not set out to replace your internal HR staff, but to align with your existing staff and ease the administration of HR tasks. A good PEO will have an experienced, knowledgeable staff that can provide assistance and guidance in complex HR situations. Some PEOs may provide liability awareness training or employee engagement initiatives.
Focus on Core Competencies
For companies who have been struggling to meet their human resources needs, a PEO can be the perfect opportunity to alleviate a lot of the time and resources being spent towards resolving these issues. This will allow for companies to focus on the tasks they are truly good at and provide more value to them, ultimately increasing profits and growth.
For small businesses that are currently not offering health insurance coverage to employees, there are some important dates to mark your calendars with in the upcoming months. With the Affordable Care Act (ACA) guidelines changing each year, it is important to keep up with compliance and reach these dates and deadlines for the 2017 open enrollment period. Important deadlines are:
November 1, 2016 – The first day of open enrollment for enrolling, renewing, or making changes to a 2017 insurance plan through the ACA marketplace.
December 15, 2017 – Last day to enroll in or change coverage for January 2017.
January 1, 2017 – 2017 coverage starts for those who enrolled or changed plans by the December 15, 2017 deadline.
January 31, 2017 – Last day to enroll in or change 2017 health plans. Anything after this date can only be changed if it qualifies for a special enrollment period.
Open enrollment can be a great time to help out your employees and strengthen your employee benefits package. Consulting a broker during this time to review the upcoming open enrollment and discuss insurance plans could be valuable to help further your understanding of providing health insurance as a small business. Alternatively, even if your small business opts not to provide insurance as part of your package, there are things you can do like setting up a reimbursement plan to give employees tax free allowance for health insurance premiums.
As a small business it is important to keep in mind that while in 2015 businesses needed to insure 70 percent of their full-time workers, for 2017 reporting, businesses with 50 or more employees must insure at least 95 percent of employees to avoid compliance fines. For help with ACA compliance or to discuss health insurance options for your small business, feel free to Contact Us or checkout our ACA compliance checklist .
- December (1)
- November (2)
- October (2)
- September (2)
- August (2)
- July (2)
- June (3)
- May (3)
- April (2)
- March (3)
- February (2)
- January (3)
- December (2)
- November (3)
- October (4)
- September (2)
- August (3)
- July (3)
- May (1)
- April (2)
- March (3)
- February (3)
- January (4)
- December (3)
- November (2)
- October (2)
- September (1)
- August (1)
- July (1)
- June (1)
- April (1)
- February (1)