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The HR technology market in 2024 was a story of resilience and growth amidst a rapidly changing global landscape. From groundbreaking mergers and acquisitions to the introduction of innovative solutions that redefine talent management, payroll, and employee experience, 2024 has proven to be a year of transformation. With the U.S.
A Professional Employer Organization , or PEO, allows businesses to outsource their administrative needs to a third party that specializes in these duties. insurance options, training programs, retirement and savings plans) that would be inaccessible otherwise. Fortunately, that’s not how PEOs work.
Quick look: A new year is here, and with it comes a fresh set of workplace trends, from further incorporating artificial intelligence into daily tasks to designing comprehensive succession plans. AI-powered tools can simplify everything from drafting corporate emails to organizing your daily to-do list.
In this guide, we’ll explore practical strategies to streamline open enrollment and how a PEO can help busy SMBs make the most of their benefit election cycle. Open enrollment is an annual period in which employees can enroll in, change, or cancel insurance plans for themselves and their families for the upcoming year.
Professional employer organizations (PEOs) offer a cost-effective solution to this problem. Besides the cost savings, working with a PEO can yield many benefits to employers. NAPEO (National Association of Professional Employer Organizations) economists Laurie Bassi and Dan McMurrer conducted research into PEOs.
As companies look for ways to optimize operations, Human Resource Outsourcing (HRO) has emerged as a strategic solution. Employee Benefits Administration: Handling health insurance, retirementplans, and other perks to ensure employees receive their entitled benefits.
Let’s explore all the services that a full-service PEO partner can perform for your organization and why your business may want to consider this option for the most comprehensive, cost-efficient and time-efficient HR outsourcing. What is a full-service PEO partner? Among PEOs, level of service matters.
Thankfully, market trends are pointing toward a continued need for benefits and PEO brokers, and the right HR outsourcing partner can help them continue to meet those demands. Customizable employee benefits packages in which clients can leverage ExtensisHR’s economy of scale, as well as benefits planning and administration services.
Get Full Report Today’s workforce demands, technological advancements, and shifting demographics are causing the human resources (HR) industry to transform rapidly. Designed to highlight critical industry developments, ExtensisHR’s 2024 Trends Report features insight from our professional employer organization (PEO) subject matter experts.
Quick look: It’s National Retirement Security Month, making it the perfect time for brokers to equip clients with the tools and resources needed to help their employees plan for a secure financial future. Plus, discover why partnering with a PEO can give you and your clients a competitive edge. Sources state that over 4.1
Quick look: To strengthen client relationships and keep SMBs competitive, brokers are constantly on the lookout for innovative tools, services, and strategies to help them grow their businesses without an added burden. With PEO Premier® , broker clients have this option. With PEO Premier® , broker clients have this option.
HR leaders often use employee management software to enhance efficiency, foster better employee engagement, and ensure compliance across HR functions. This guide will examine a selection of leading employee management softwaresystems for optimizing these core HR tasks. What is employee management software?
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. Technology adoption Technology plays a significant role in many traditional HR duties, from performance management to benefit enrollment.
But, with the right HR system , HR leaders can optimize scaling operations while supporting team member engagement and productivity. This article will review some of the best HR software for small businesses, how they can support growth and what features to look for when you’re making your decision.
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.
Quick look: A new year is quickly approaching, and with it comes a new set of contribution limits for retirement accounts, health savings accounts, flexible savings accounts, and commuter benefits plans. Employers and their staff should review these new figures set by the IRS and adapt their 2025 benefits plans accordingly.
To meet employees’ growing demands and help employers maximize their investment, brokers play a key role in designing benefit packages and find partnering with a PEO delivers the ideal support. Therefore, it’s important to choose a PEO partner wisely as big-box PEOs often apply a one-size-fits-all approach to benefit plans.
When employers plan to permanently reduce headcount at the time of termination (e.g., if automation technology or artificial intelligence is replacing a staffed position), this may be called a reduction in force (RIF) but is simply a layoff using a different term. Are you in search of a PEO? PTO payout.
Quick look: 401(k)s are the most popular retirementplans in the U.S. Here, we explore the many potential benefits of 401(k) plans for SMB employers, including improved employee retention rates, more successful recruiting, and decreased tax liability. When people think of a retirement savings plan, many think of a 401(k).
A Professional Employer Organization (PEO) allows its clients to outsource many of their human resource functions, share employment liability, and, oftentimes, gain economies of scale to bring an improved benefits package to their employees. How can PEO services help my company? PEO Health Insurance. PEO Benefits.
A professional employer organization (PEO) provides a range of services to companies that want to outsource human resources administrative tasks. Many PEOs employ certified employee benefits specialists and certified payroll professionals. PEOs and their clients are considered co-employers. Recruit, hire, and fire staff.
This collective call for support gives brokers and PEOs an opportunity to work together to help clients ease their HR burden and prolong business growth. In addition to managing benefit complexity, the survey’s top reasons for outsourcing benefit functions include: Expertise (78.6%) Risk (62.3%) Technology (51.6)
From employer-sponsored health insurance to retirement savings plans, an attractive benefits package can help you hire the best employees and ensure you retain them for many years to come. Be sure they have the tools they need to make educated decisions. Find out how a PEO can help.
With this massive major demographic shift on the horizon, it’s a smart move for businesses to stay up to date on legal protections offered to caregivers and develop a plan that offers support for caregivers. Or, if you are with a professional employer organization (PEO), their benefit plan packages will typically include this benefit.
Brokers who partner with a professional employer organization (PEO) provide their small- and medium-sized business (SMB) clients access to premium benefits at approachable costs, which are typically reserved for larger companies. It also requires finding a balance between meeting employees’ needs and aligning with a business’ budget.
In conclusion, the Employer of Record (EOR) service model has become an increasingly popular solution for companies looking to expand their operations globally while maintaining compliance with local labor laws and regulations. Deel Deel offers an all-in-one EOR platform for companies across over 80 countries globally.
Professional Employer Organizations (PEOs) help businesses manage essential HR tasks like payroll, employee benefits, and compliance. By partnering with a PEO, companies can focus on growth while outsourcing time-consuming administrative work. One major advantage of working with a PEO is access to high-quality employee benefits.
A Professional Employer Organization (PEO) is a firm that provides comprehensive HR solutions to businesses by handling payroll, employee benefits, regulatory compliance, tax administration, and other workforce management functions. You may read more about PEO statistics here. How Does A PEO Work?
Professional Employer Organizations (PEOs) provide comprehensive HR solutions for businesses by handling payroll, benefits administration, compliance, and risk management. By partnering with a PEO, businesses can outsource essential HR functions, allowing them to focus on their core operations.
To support this shift and lessen the impact on businesses, brokers have begun to partner with professional employer organizations (PEOs) on a more frequent basis. Working with a PEO automatically expands a brokers service offerings by providing clients with tailored HR and benefit solutions.
Below, explore what National Wellness Month is all about, the significance of promoting employee health and wellness, and discover how partnering with a professional employer organization (PEO) can help your business achieve these goals. What is National Wellness Month? Don’t stress!
Quick look: Reports show startup businesses have experienced a slight decline in 2024 which means the demand for new benefit plans may have also slowed. However, brokers can look to this as an opportunity to review clients’ current benefit plans and confirm they still align with their business goals.
Quick look: As a small business, it can be challenging to manage day-to-day operations while maintaining focus on growth, which is why it’s helpful to partner with a PEO. PEO customers have a 2x higher growth rate When compared to non-users, SMBs working with a PEO reportedly grow twice as fast. annually, compared to 1.9%
This leads some to long for a trusted, skillful extra set of hands, and thats precisely what a professional employer organization (PEO) offers. Discover how in-house HR experts and PEOs can unite to streamline talent acquisition, maintain compliance, manage daily administrative tasks, and more. What is the role of a PEO?
Though 401(k)s are still a large piece of the retirementplanning puzzle, raising awareness about voluntary benefits has become just as essential to boost savings confidence and employee satisfaction. Employees are evaluating how they’ll be able to afford to maintain their health and well-being into their retirement years.
With over 20 years of experience, Dave has positively impacted hundreds of small businesses in our community by finding unique solutions to the benefits, payroll, human resources, and risk management challenges that companies in Utah and Wyoming face. PEO stands for Professional Employer Organization.
Quick look: 2023 has been a big year for PEOs. According to the National Association of Professional Employer Organizations (NAPEO), awareness has risen 44% since 2018 , with a record 33% of business owners using a PEO last year.
If you’re considering entering into an agreement with a professional employer organization (PEO) , chances are you have questions about how PEO pricing works. To help you understand how PEO pricing works, let’s discuss these items first. What are a PEO’s services worth to your organization?
Making this happen on a consistent basis is no easy task, but it’s made easier with the help of a PEO partner. Ensuring employees are paid accurately and on time takes careful planning and expertise. To ensure accurate reporting and calculations for health coverage, a PEO aligns company payroll processes with ACA mandates.
Unlike a Professional Employer Organization (PEO) , which enters into a co-employment arrangement, an ASO allows companies to maintain full control over their workforce while outsourcing administrative burdens such as payroll processing, compliance management, benefits administration, and HR support.
Standard physical health benefit plans no longer cut it for today’s top talent. Additionally, voluntary benefits continue to be a talking point for brokers and business leaders as more employees seek financial services, retirement savings assistance, and mental health care as part of a complete benefit plan.
To honor National Employee Benefits Days 2025 theme of building future financial stability, we review how brokers and PEOs can equip clients with comprehensive benefits, intuitive platforms and tools, educational sessions, and more. As such, many employers are taking action to help their staff improve their economic standing.
Though there are many unknowns when it comes to this next phase of technology, AI can be an asset for brokers, freeing up time for them to focus on more personalized strategies and services. And, as with any technology, there have been trial runs to figure out how to extract the most value.
Partnering with a Professional Employer Organization or PEO for HR solutions will save you hours of human resource administration. Because you are sharing resources with other small and mid-sized companies, a PEO can be an affordable solution. Finding the perfect PEO may seem like a daunting task.
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