Every small business owner wants to offer the best possible benefits package to their employees. After all, employees that receive a strong benefits package are more likely to be happy in their job than those who do not, which means better retention. Offering the same type of benefits that a Fortune 500 company might can seem as if it’d be next to impossible to those who only employ a few individuals, and it likely would be if one was to take a traditional route. By using a professional employer organization (or PEO), however, all of this changes.
There are a number of benefits associated with using a professional employer organization, many of which can not only improve the lives of your employees, but the health of your business as a whole. Here are just a few reasons why it’s worth considering a PEO, even if the concept is entirely new to you.
Most employees who choose to settle into a job long-term would like to have the option to set up a 401k. Offering a plan can be difficult for small business owners, however, especially when the business is just getting off the ground. A PEO can help to set your employees up with a 401k plan, as well as offer the assistance of retirement planning professionals, which typically comes at no charge. The latter may seem like a small perk, but it can make all the difference in the world for the right people.
There’s no getting around the importance of allowing your employees to take vacations and get their mind off the job every once in a while. A professional employer organization can provide your employees with access to travel services, providing deep discounts on pre-negotiated airline fees, hotel costs and more. The customer service representative at your PEO can basically be viewed, in this way, as a concierge, helping you and your employees to get the most out of any vacation options that might be considered.
Payroll & HR
Handling your own payroll can be a difficult, time-consuming process that is best left outsourced. While you can spend a small fortune hiring a payroll professional, the other option is to choose a PEO that will handle it for you. The help doesn’t stop at payroll, however, as many PEOs will also handle your business’s HR. In the end, you’ll be getting services that you would typically have to hire a number of different individuals to receive, and they’ll be just as high in quality.
There’s nothing more important than keeping your employees happy, and offering the right set of benefits is one of the best ways to do so. Take the time to research PEOs, and you’ll be sure to make the right decision for your organization.