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Designed to highlight critical industry developments, ExtensisHR’s 2024 Trends Report features insight from our professional employer organization (PEO) subject matter experts. Many seasoned leaders are retiring, and their successors may benefit from training to help them become even more impactful in their new roles.
Here’s how to design an impactful total rewards plan, and how a PEO can help time-strapped SMBs reap the benefits of a well-appointed program. Common employee benefits include health, dental, vision, and life insurance, and retirement savings plans. That’s when a professional employer organization (PEO) can help.
These experts are also responsible for administering all benefits and retirement programs, helping onboard new hires, monitoring marketplace trends, and managing the open enrollment process. PEOs help businesses manage various aspects of their HR, recruiting, employee benefits, payroll, and risk management.
With ExtensisHR’s PEO Premier®, our personalized approach to HR management saves your business time, work, and stress. ExtensisHR’s PEO Premier® is one such investment, designed to make HR easy by doing core tasks for you. Here are seven reasons why choosing PEO Premier® saves your business time, administrative work, and hassle.
You probably know that a professional employer organization (PEO) can help you with benefits and payroll. Many PEOs offer several services that can be just as, if not more, beneficial to your employees and organization. Below are five little-known PEO services to consider before you choose a company. Compensation services.
This is where a partnership with a PEO will make a significant impact. PEO stands for Professional Employer Organization, which is a fancy term for an HR outsourcing partner. While every PEO differs, they generally all provide: Payroll processing and tax compliance. Access to large group employee benefits.
Though health and retirement savings benefits continue to lead the pack, modern offerings like flexible work environments and extended leave policies are gaining more traction. Retirement savings and planning are a close second SMBs are still focused on including retirement savings plans as part of their compensation packages.
In fact, SHRM’s new benchmark research reveals the average cost of recruitment is nearly $4,700 per hire. So, whether you’re a small- or medium-sized business (SMB) or a large corporation, here’s what to know about the costs associated with recruiting and how partnering with a professional employer organization (PEO) can help alleviate them.
As a broker-friendly professional employer organization (PEO) , ExtensisHR prioritizes informing its broker partners about the latest market developments. This year, it’s imperative that clients are transparent about how they calculate their employees’ pay, how they communicate it, and how it’s benchmarked against industry standards.
According to the Society for Human Resource Management’s (SHRM) new benchmark research , the average cost of recruitment is nearly $4,700 per hire. They also should detail employee benefits , life insurance , and retirement plans. In contrast, conditions generally include passing drug and background screenings.
If your company lacks dedicated HR personnel or has a small HR team in need of support, a professional employer organization (PEO) can step in to enhance your employee retention strategy. That’s why employers should be proactive about not only confirming that employees are paid fairly, but also maintaining their competitiveness.
As a broker-friendly professional employer organization (PEO) , ExtensisHR prioritizes informing its broker partners about the latest market developments. This year, it’s imperative that clients are transparent about how they calculate their employees’ pay, how they communicate it, and how it’s benchmarked against industry standards.
According to the Society for Human Resource Management’s (SHRM) new benchmark research , the average cost of recruitment is nearly $4,700 per hire. They also should detail employee benefits , life insurance , and retirement plans. In contrast, conditions generally include passing drug and background screenings.
On October 5, 1966, UNESCO and the International Labour Organization (ILO) held the Recommendation concerning the Status of Teachers conference to set benchmarks for teachers’ rights and responsibilities while employed. Educators also feel secure when their school offers retirement options like 401(k) and pension planning assistance.
Benchmark Jobs to Market. Here are some additional tips: When benchmarking to market, compare the position criteria/description versus position title. While various pandemic factors led to the expected increase, it’s still important to track your organization’s turnover rates and conduct exit interviews.
Benefits platforms also allow companies to centralize and automate the administration of employee benefits, such as health insurance, retirement plans, paid time off, and more. For example, some platforms allow for integrating different benefits, such as health insurance, retirement plans, and wellness programs.
Standard” benefits may include: Health, dental and vision insurance Retirement savings plan, with a company match Life insurance Disability insurance Workers’ compensation insurance Paid time off (PTO) – two weeks per year at a minimum, three weeks per year preferred. Perform a benchmarking analysis. Your company culture.
With it, you’ll be able to track an employee’s lifecycle from the time they’re hired until they choose to leave or retire. Using Trinet is a great way to find out, as it features a compensation benchmarking tool that’s powered by Salary.com. Yet, how do you know if your salaries are on par with other companies in your field?
Post-pandemic, employees have disappeared from their workplaces: taking early retirement, staying home due to lack of childcare, reevaluating their priorities, taking opportunities to work part time, and, in some cases, simply deciding to work less and get along with less income. Making quick, competitive offers.
Let’s look at how the two differ, their causes, what’s involved in calculating their rates, and how partnering with a PEO can help lower turnover and increase engagement. The average cost of recruiting a new candidate according to SHRM’s new benchmark research ranges around $4,700 per hire. Then, multiply your result by 100.
adults by the Nationwide Retirement Institute found that approximately two-thirds of them live paycheck-to-paycheck. Many of these people also feel less prepared for retirement, investing, and estate planning than their straight counterparts. A recent survey of 1,000 LGBTQ U.S. Fair compensation. Inclusive paid leave policies.
adults by the Nationwide Retirement Institute found that approximately two-thirds live paycheck-to-paycheck. Many of these people also feel less prepared for retirement, investing, and estate planning than their straight counterparts. Financial wellness benefits A recent survey of 1,000 LGBTQ+ U.S.
Quick look: PEOs can help small companies stay compliant, save money, and free up time. However, the sheer number of PEOs available can make it daunting for business leaders and brokers to thoroughly evaluate each one. The professional employer organization (PEO) industry has rapidly grown over the last several decades.
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