Your business may be small, but competition against much larger players in your industry is huge – and a big part of the battle is attracting and retaining good employees. U.S. unemployment in December 2019 was at a 50-year low of 3.5 percent, underlining that candidate-driven market. This obviously has changed dramatically with the results of the COVID-19 pandemic. However, went the recovery begins, the competition will, again, be fierce.
How can you afford to offer benefits and overall employee experience and culture that stand a fighting chance in this dog-eat-dog environment? A creative solution for many small to mid-sized companies is entering into a co-employment agreement with a professional employer organization (PEO).
Take advantage of your PEO’s group purchasing power.
Your PEO becomes the employer of record for members of your workforce. As a result, when it comes to benefit eligibility, your employees are part of a much larger pool, along with those of other PEO clients. This gives them access to health insurance, retirement plan options and other benefits typically only available at much larger organizations.
- Alleviate the financial stress and time-consuming administrative work associated with employee benefits. Leave it all up to your PEO. Your employees get the same quantity and quality of benefits as Fortune 500 companies. Specialists at your PEO also provide regulatory, risk management and compliance expertise.
Enhance the employee experience.
As defined by Forbes, the employee experience is the “sum of everything an employee experiences through his or her connection to the organization – every employee interaction, from the first contact as a potential recruit to the last interaction after the end of employment.”
A positive employee experience is critical to keeping your team members happy, engaged and productive. Three key factors in shaping the employee experience, as identified by the Society for Human Resource Management (SHRM) are company culture, technology and workspace. Your PEO can help with all three.
- A positive culture is one that encourages employee happiness and growth. PEOs can provide resources, expertise and assistance with training and development programs, and other best practices to enhance culture.
- Partnering with a PEO saves you from having to invest on your own in the latest HR technology. You and your employees will have ready access to the right hardware, software and other tools to effectively do your jobs and keep your company successful.
- Employee feedback is essential. Whether two-way communication is for the purpose of improving culture, assessing your tech stack or making workspace or other continuous improvements, your PEO can design and conduct employee surveys, analyze the results, and implement follow-up activities.
Are you looking for a strategic partner to help you compete effectively?
You probably can’t afford to hire an FTE to oversee benefits and/or your employee experience. And since everyone’s plate – including your own – is already full, maybe now is the time to consider an outsource agreement with a PEO. To learn more about how this would work for your company, contact Lyons HR today.