Keeping up with a myriad of HR demands in today’s workplace is no small feat. As a business leader, you can’t afford to let key talent management functions slide – but do you feel like there simply aren’t enough hours in the day to handle them all?
A professional employer organization, or PEO, can be the answer you’ve been looking for. While you run your company, your PEO can relieve you of the costly time and resources needed to handle complicated HR processes.
Here are five areas where partnering with a PEO can make your life easier and your business stronger:
It continues to be a candidate’s market, with the U.S. unemployment rate hovering at around 4 percent. Often, the most in-demand talent tends to head for larger companies, assuming these organizations will be able to offer more lucrative wage and benefits packages. Your PEO can counter this assumption by:
- Enabling you to offer competitive benefits by virtue of their group purchasing power. To cite just a few examples, these may include better health insurance options or dental, vision or retirement plans that may not otherwise have been feasible for you as an employer.
- Helping you tap into a broader candidate pool. PEO services include expert recruiting and a vast network, so you can access applicants you may otherwise never hear about.
While on the lookout for new talent, you can’t afford to ignore the superstars already working under your roof. Your PEO can help you create tailored perks and benefits packages to meet the needs of your existing employees, building loyalty and engagement and reducing turnover.
Analysis of Employee Data
PEOs offer cloud-based HR systems that allow you to track employee progress and data at a glance. You can access annual reviews, performance improvement plans and other information easily. As your business partner, your PEO can help generate the user-friendly reports you need to track key trends and make informed business decisions.
Employment law is complex and ever-changing. Your PEO can provide guidance from seasoned professionals and help you avoid compliance mishaps.
- You can rest assured you’re on top of any changes that may impact your business, including the Affordable Care Act, COBRA and state continuation coverage, minimum wage regulations, safety and OSHA requirements, workers’ compensation and unemployment insurance.
A single lawsuit can devastate your business, so it’s critical to keep your employer liabilities under control. When you partner with a PEO, you enter into a co-employment relationship – which means you share the liability associated with certain employment-related claims.
- While not a substitute for legal counsel, your PEO is an added layer of defense – a second set of eyes to nip potential trouble in the bud. For instance, a PEO can provide equal opportunity specialists well versed in the intricacies of discrimination laws. You can tap into their expertise to avoid or mitigate potentially costly settlements.
Partner with a PEO company in Knoxville, TN!
To learn more about the advantages of a PEO partnership, contact Lyons HR today. We’re a full-service staffing firm and a PEO accredited by the Employer Services Assurance Corporation (ESAC), the gold standard for industry best practices and financial reliability. We look forward to easing your HR burden and helping your business maintain its competitive edge.