Attracting and retaining the best talent often comes down to the benefits you offer. But the cost of a comprehensive, competitive benefits program can be out of reach for the average small to midsized business. What’s the solution?
How Partnering with A PEO can Help You Offer Better Benefits
Strength in Numbers
By partnering with a professional employer organization (PEO), you can take advantage of its group purchasing power to provide benefits you couldn’t possibly negotiate on your own. Your PEO becomes the employer of record for your employees through a co-employment agreement. It uses its Federal Employer Identification Number (FEIN) and combines employees from its various clients into one large pool. This allows your PEO – and you – to keep insurance and other benefits costs down.
- In addition to employee benefits, PEOs provide HR support and technology, including recruiting, training, payroll administration, regulatory and risk management guidance, and more.
- The perks you can offer your employees through a PEO partnership can help build morale, enhance company culture, and instill a better work/life balance for your employees. Creating a great place to work results in greater loyalty and positive employee reviews. Ultimately, you strengthen your employer brand and build a broader, stronger workforce.
About the ACA
The federal Affordable Care Act (ACA) significantly changed employee benefit requirements, mandating companies to offer health insurance coverage even if they have fewer than 50 full-time employees. Obtaining coverage as a small business means the pool for a group policy is also small, making the cost-prohibitive. The economies of scale provided by a PEO eliminate this obstacle.
A PEO Service Menu
In addition to benefits plan negotiation, employee enrolment, and administration, your PEO can assist with ACA and other regulatory compliance and reporting duties. You can also turn to specialized experts on staff at your PEO to assist with or fully handle:
- Dental and vision benefits.
- Supplemental and voluntary benefits.
- Section 125 and flexible spending accounts (FSAs).
- Retirement plan options.
- Premium reconciliation and payment.
- COBRA, HIPAA, and ERISA compliance assistance.
You can also rely on PEOs like Lyons HR for the following talent, risk management, and tax and payroll services:
- Consultations, audits, and recommendations.
- Job descriptions and postings.
- Employee handbooks.
- State unemployment claims.
- Labor law compliance assistance.
- Development and implementation of policies, procedures, and forms.
- Workers’ compensation coverage and procurement.
- Safety plans and training.
- OSHA reporting and assistance.
- Accident fraud investigation.
- Worksite liability assessments.
- Payroll processing including direct deposit, checks, and cash cards.
- FICA, FUTA, and SUTA payments and filings.
- W-2 and W-3 filings.
- Time and attendance interface.
- New hire reporting and immigration verification.
- Processing of tax liens and garnishments.
- HRIS and employee file maintenance and storage.
- Employment and wage verification.
Looking for Help Managing Business Priorities? Contact Us Today!
It’s an impressive list – and no wonder it can be challenging to handle, along with all the other business priorities on your list. Why not let us lighten the load, so you can focus on running your business? To learn more, contact the Lyons HR team today.