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Handling employeebenefits and other HR services in-house is extremely difficult for many small businesses. According to research by Secure Data Recovery, 88% of employees have worked at a small business without a dedicated HR team. Professionalemployerorganizations (PEOs) offer a cost-effective solution to this problem.
A ProfessionalEmployerOrganization , or PEO, allows businesses to outsource their administrative needs to a third party that specializes in these duties. This can include (but is not limited to) managing human resources, taking care of payroll, overseeing workers’ compensation issues, and offering employeebenefits.
Choosing the right professionalemployerorganization (PEO) for your company is a huge project. So, before selecting a PEO, it can make a difference to find out: is this a certified professionalemployerorganization? The IRS does not endorse any particular certified professionalemployerorganization.
As a broker-friendly professionalemployerorganization (PEO) , ExtensisHR strives to keep its partner community informed of the latest industry developments. To foster success in 2025, clients should confirm their benefits packages remain relevant or adjust them accordingly.
Employeebenefits and compensation Managing employeebenefits and compensation involves multiple processes to ensure your organization stays compliant, controls costs effectively, and promotes the health and well-being of your workforce. File FICA/FUTA: If applicable, submit forms by the IRS deadlines.
Be prepared to answer questions New employees, and even those who are returning for the season, will naturally have questions about your organization. Some small businesses partner with a professionalemployerorganization (PEO) , like ExtensisHR, which has a readily available customer service team to field employee requests.
Revisiting an organization’semployeebenefits package is essential to ensure their offerings remain competitive, sparking the need for deeper, more strategic discussions. Establish the basics Preparing clients for open enrollment involves evaluating how well their current employeebenefits plan works.
Some organizations may need to create or revisit their plan but are stretched thin. In this case, offloading the project to the benefits experts at a professionalemployerorganization (PEO) may be worth it. Open enrollment strategies can drive lucrative results but take time and resources to develop.
A ProfessionalEmployerOrganization (PEO) is a firm that provides comprehensive HR solutions to businesses by handling payroll, employeebenefits, regulatory compliance, tax administration, and other workforce management functions. Essentially, the business owner or managers continue to run the company as usual.
EmployeeBenefits Administration: Handling health insurance, retirement plans, and other perks to ensure employees receive their entitled benefits. PEOs, for instance, go beyond traditional outsourcing by acting as co-employers , meaning they share legal responsibility for employees.
Quick look: SHRM recently released its annual employeebenefits survey depicting what benefits remain high-priority and which are trending upward. Though the popularity of some benefits may not come as a surprise, there are a few important changes to note which brokers can help their clients get ready for.
Employeebenefits Your clients rely on you to present cost-effective benefits packages that cater to their increasingly diverse workforces —and that need will remain steadfast. Many AI programs remove names from resumes to help eliminate bias, leading to a larger qualified talent pool, and giving candidates a fairer chance.
Diversity, equity, and inclusion (DEI) consultants : Firms or individual professionals who help businesses develop inclusive, diverse workforce policies and programs. Administrative services organization (ASO): ASOs provide similar HR management services to PEOs but without establishing a co-employment relationship.
For healthcare professionals, the demands of managing a practice can sometimes overshadow their primary mission: delivering high-quality healthcare. A professionalemployerorganization (PEO) can step in as a powerful ally, simplifying operations, reducing costs, and allowing medical practices to focus on what truly matters most.
It was a time of uncertainty and back-and-forth changes, but what evolved was an insightful perspective of what employeesbenefited from most which ultimately set the tone for expectations today. Working with a PEO automatically expands a brokers service offerings by providing clients with tailored HR and benefit solutions.
Are rumors about companies that have had professionalemployerorganization problems keeping you from hiring a PEO? And it’s natural to have a few concerns at first, especially if co-employment is a new concept to you. Employees leaving because their company enters a PEO relationship is virtually unheard of.
Employee leasing is a popular option for business owners who need new workers for a set time frame and don’t want to worry about the HR administrative and regulatory tasks associated with hiring contract or temporary workers. What is co-employment?
For businesses bogged down by human resources requirements, partnering with a certified professionalemployerorganization (CPEO) is an option. Potential cost savings are another benefit. Some may prefer a certified PEO because they offer certain financial protections and safeguards regarding federal employment taxes.
And while this news may alarm clients who provide or hope to offer telehealth solutions, brokers can help ease the burden by leveraging a professionalemployerorganization (PEO) partnership that provides access to reputable providers. Unfortunately, the number of fraudulent telehealth claims also rose steadily.
If you’re considering entering into an agreement with a professionalemployerorganization (PEO) , chances are you have questions about how PEO pricing works. Additionally, since the PEO will become a co-employer of your employees , your employees will generally have access to PEO-sponsored benefit plans.
Unfortunately, most small or startup companies cannot meet their goals due to lack of in-house Human Resource teams that contribute to highly ineffective employee management and creating solid plans. The good news is that you can outsource your HR functions from credible ProfessionalEmployerOrganizations (PEO).
One of the biggest challenges is managing the employer-employee relationship, and this is where Employer of Record (EOR) and ProfessionalEmployerOrganization (PEO) services come in. EmployeeBenefits Another significant difference between EOR and PEO is the way employeebenefits are handled.
A total rewards program for employees includes four major components: compensation, employeebenefits, well-being, recognition, and development. Compensation Compensation is the total amount paid to an employee by their employer. That’s when a professionalemployerorganization (PEO) can help.
But there’s one area where you can make a huge impact—your employeebenefits package. Additionally, they assist with childcare costs when employees return to work, demonstrating a strong commitment to fostering a family-friendly environment. Take Mustard Made , for example.
The speed at which the business landscape is evolving means employers must quickly adapt to remain competitive; gone are the days of researching emerging trends and bookmarking them for later. A dedicated HR Manager to help you craft policies to meet the workforce’s evolving expectations.
With long to-do lists, its challenging for many small business HR professionals to find the time to do this. That’s when a partnership with a professionalemployerorganization (PEO) may be helpful.
That presents business leaders an ever-present challenge: how to contain the cost of employeebenefits. Why benefits costs keep rising – and are more challenging for small- to mid-sized businesses to control. Wondering how to contain the cost of employeebenefits? Time and resources. Summing it all up.
Here, we highlight this years five most popular ExtensisHR broker blogs which reflect top talking points like maximizing the value of employeebenefits, the importance of providing a seamless client implementation process, and more. years Benefit Operations 8.4 years Benefit Management 20.7 years Payroll 11.3
Below, explore what National Wellness Month is all about, the significance of promoting employee health and wellness, and discover how partnering with a professionalemployerorganization (PEO) can help your business achieve these goals. What is National Wellness Month?
Employeebenefit administration and analysis In today’s hyper-competitive market, employees consider their benefits a critical component of their total compensation. outsourcing some of their daily administrative burden to a professionalemployerorganization (PEO) could provide much-needed relief.
Your clients depend on you—and will continue to do so The business landscape constantly transforms, but one thing remains steady: small- and medium-sized employers will continue to turn to their brokers to help them differentiate themselves in the market. Talent acquisition Hiring remains a top priority for employers.
Proper research and securing affordable, reliable access to highly sought-after benefits is key. And open enrollment is the perfect time for business leaders to focus on how they plan to build a competitive employeebenefits package. The right benefits matter. 3 ways to build a competitive employeebenefits package.
However, the goal is to strengthen the healthcare system and benefit patients in the long run. As a professionalemployerorganization (PEO) broker, preparing clients for these fluctuations year to year is essential. In the short term, these investments will likely drive higher medical costs.
For many employers and their employees, the time for open enrollment comes and goes in the blink of an eye. 37% of employees wish they had more time to make the right choice , and 60% of those who regretted last year’s benefit choices said it was due to a lack of information and understanding.
There are many different factors to consider when choosing a new employeebenefits provider. Whether you offer benefits currently can play a significant role, as switching providers is more complicated than merely signing up initially. End-to-end, choosing a new employeebenefits provider is potentially time-consuming.
Because when job satisfaction is low, retention rates usually follow, and Gallup reports the cost of replacing an employee can equal as much as one-half to two times the employee’s salary. In addition to benefit planning, ExtensisHR offers in-depth HR and risk and compliance services.
A professionalemployerorganization (PEO) , like ExtensisHR, can help. ExtensisHR’s dedicated employeebenefits experts are seasoned in benefits administration and management. Explore ExtensisHR’s employeebenefits solutions now, or contact our experts to get started today.
Quick look: While the HR and benefits experts at ExtensisHR can’t predict the future, they can foresee the top expected employeebenefits trends in 2023. ExtensisHR’s SVP of People and Culture, David Pearson , weighed in on the top expected employeebenefits trends of 2023, outlined below. Family-focused benefits.
Quick look: Effectively communicating employeebenefits is essential during open enrollment season but can also make a positive business impact for clients year-round. One-third of workers say benefits are as important to them as salary, yet nearly double that don’t feel they can turn to their employers with benefit-related questions.
Quick Look: Adapting to trends while also focusing on what employees really want is essential to maintaining low turnover and an engaged work environment. SHRM has recently published its 2022 EmployeeBenefits Survey which shows the trends worth paying attention to as employers prepare for the upcoming benefits renewal season.
A new Forbes Advisor survey findings reveal 40% of employers say workers leave their job to find a role with better employeebenefits. As a professionalemployerorganization (PEO) broker, providing benefit guidance as part of a larger recruiting and retention strategy is invaluable.
An Administrative Services Organization (ASO) is a specialized third-party provider that helps businesses manage essential HR functions without assuming any employer responsibilities. Ideal For Small to mid-sized businesses looking for HR expertise without giving up employer authority.
Insurance brokers and professionalemployerorganizations (PEOs) are supposed to be competitors, right? Furthermore, brokers themselves can benefit significantly from working with a PEO. With some PEOs, that referral fee may: Cover all employees on payroll, not only insured employees. (In Let’s explore how.
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