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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.
ExtensisHR’s PEO Premier® delivers HR services with an edge, complete with a personalized approach, saving time, costs, and sanity. Rather than being left behind on the latest in HR compliance, trends, and operations, why not offer clients the benefit of a professional employer organization (PEO) partner with its own premier solution?
Total rewards include compensation, benefits, well-being initiatives, and recognition, and help companies increase productivity, retention rates, and talent acquisition success. 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.
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.
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!
A benefits specialist has the power to create a compelling benefits package that will attract and excite candidates—ultimately reducing the company’s costs associated with turnover. PEOs help businesses manage various aspects of their HR, recruiting, employee benefits, payroll, and risk management. In fact, nearly 70% of U.S.
Quick look: 401(k)s are the most popular retirement plans 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).
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%
Research has shown a lack of attention to the matter results in a lack of productivity and performance and an increase in burnout and turnover. With the help of a professional employer organization (PEO), brokers and their clients can find solutions which speak to their employees’ specific needs.
As people seek more quality time away from the office and more employees work remotely, they desire the security of affordable healthcare, flexible work schedules, and retirement savings. Additionally, turnover can lead to decreased productivity for the duration of the recruiting period and a possible decline in employee morale.
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.
What is a PEO and how can it help solve these workplace hurdles? One solution is a professional employer organization (PEO) , an HR outsourcing option that performs the most comprehensive set of HR functions. First, what is a PEO? And leaders of growing organizations are in a unique position to face these hurdles.
Putting employees first creates a ripple effect that boosts productivity and retention. Higher Retention Rates: Companies that invest in their teams see lower turnover and higher engagement. Financial Wellness: Help employees build financial stability through retirement plans, financial education, and budgeting tools.
Here are eight ways that your organization’s HR personnel can have a direct, positive impact on your employee retention strategy and serve as a valuable partner alongside management. It’s the question employers are constantly asking: How do I get my employees to stay for the long term ?
Therefore, in order to protect their investments, it’s wise for companies to engage in strategic retention efforts. Today’s employees expect healthcare coverage and retirement plans to be part of the standard. Improving retention with the support of a PEO Most of the time, a complete overhaul is unnecessary when SMBs remain proactive.
These factors have also caused small- and medium-sized businesses (SMBs) to emphasize employer branding and company culture within their talent acquisition and retention strategies. This appreciation creates a sense of pride and belonging, significantly reducing turnover rates and increasing employee satisfaction.
So, when HR becomes too complicated for an SMB to handle on their own, working with a professional employer organization (PEO) could be the perfect solution. Since workforce management and labor account for nearly 70% of business costs, it’s wise to explore how a PEO can help streamline operations and mitigate expenses.
Companies have long supported 401(k) retirement accounts for employees as part of a comprehensive compensation package. Therefore, professional employer organization (PEO) brokers are being called upon to expand options for small- and medium-sized businesses (SMBs) in new and customized ways.
Here we will discuss National Wellness Month, the importance of promoting employee health and wellness, and how partnering with a professional employer organization (PEO) can help employers achieve these goals. The pandemic has solidified the idea that the well-being of staff greatly affects worker retention and happiness.
But while doing that they overlook the hidden costs of not offering them: high turnover, low morale, recruitment struggles, and lost productivity. This approach can lead to increased job satisfaction and reduced turnover rates. The businesses that thrive understand that employee well-being is directly tied to business performance.
Here’s a look at the importance of recognizing NSBW and how a professional employer organization (PEO) can help these organizations grow, build a strong and productive workforce, and foster a positive workplace culture. Because of the relationship with a PEO, businesses see countless advantages. National Small Business Week The U.S.
Quick look: 401(k)s are the most popular retirement plans in the U.S., Here, dive into 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).
Chamber of Commerce’s report, Business Success and Growth Through LGBT-Inclusive Culture , found that 76% of companies that implemented inclusive practices experienced greater employee engagement, 53% reported higher employee retention, 71% improved their company brand or reputation, and 59% expanded their job applicant pool. PEOs can help.
It’s important to note that unlike flexible savings accounts (FSAs), which generally don’t allow participants to rollover funds into the following year, HSA balances are retained even if the account holder changes health insurance plans, switches employers, or retires. How do HSAs save clients and workers money?
As a broker-friendly professional employer organization (PEO) , ExtensisHR prioritizes informing its broker partners about the latest market developments. The right PEO partner, like ExtensisHR, can streamline that process. Further details and potential action items for your clients can be accessed in the complete report.
Quick Look: Adapting to trends while also focusing on what employees really want is essential to maintaining low turnover and an engaged work environment. The survey covers employee health benefits, retirement and savings, paid leave, and flexible work schedules as the top categories employers and their employees value most.
What does it take to encourage employees to stay and, as a result, accomplish high retention rates and mitigate turnover costs ? Certainly, post-pandemic turnover has contributed to shortened tenure and higher turnover in the job market overall. So, what makes a good workplace? Keep in mind that, per the U.S.
94% offer a retirement savings plan to their employees, and 84% provide a matching contribution. And as they approach retirement , they may be more interested in financial wellness initiatives. And while only some organizations can feasibly provide these accommodations, you should consider doing so to aid hiring and retention efforts.
In addition to medical, dental, and vision insurance, employers should consider offering a 401(k) retirement plan with a company match and a student loan repayment program. SMB leaders should measure their total number of hires, and interview-to-offer, offer-to-acceptance, and retention rates. Measure and improve. Run reports.
And as they approach retirement , they may be more interested in financial planning services. And while not every organization can feasibly provide these accommodations, you should consider doing so to aid in hiring and retention efforts. PEOs can help with all of that and more, on National Employee Benefits Day and beyond.
As a broker-friendly professional employer organization (PEO) , ExtensisHR prioritizes informing its broker partners about the latest market developments. The right PEO partner, like ExtensisHR, can streamline that process. Further details and potential action items for your clients can be accessed in the complete report.
That includes turnover , which can be a challenge for any company. adults 55 and older say they are retired. companies that fall into the small and medium-sized business (SMB) category, turnover can be especially difficult for smaller organizations that feel bottom-line hits much quicker than their larger counterparts.
To find in-demand skills, especially in emerging technologies like AI and quantum computing, HR has to be innovative in their recruiting and retention efforts, as traditional ways to find tech talent don’t work for this new age of employee—a mobile, multitasking, gig economy workforce.”. Michael Roloson , Founder, PEO Focus.
Using a PEO to outsource HR lets you focus on your mission and operations to deliver the best products and services to your clients. In this blog, we’ll discuss the top 10 FAQs business owners have about professional employer organizations (PEOs). What is a PEO? How does the PEO model work? What services do PEOs offer?
Analyze Turnover. Analyzing turnover can identify potential compensation misalignment in specific departments, positions, or the whole organization. Turnover rates vary significantly by industry. turnover rate was 44.3% turnover rate was 44.3% According to the Bureau of Labor and Statistics, the average U.S.
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.
Now, maintaining a steady pipeline of talent is an integral part of strategic growth and business leaders are looking at ways they can benefit from the help of a PEO. Baby boomers began reaching retirement age, meaning a whole generation exited the workforce at once. How can a PEO solve the talent shortage problem?
ERISA also requires participation in retirement programs in accordance with the 1,000-hour rule. Gradual retirement. This arrangement can be beneficial to organizations losing valuable talent and institutional knowledge as employees retire. This is where a PEO like GenesisHR can be invaluable. Workers compensation.
The following tips will help your organization efficiently and effectively recruit valuable employees: Measure recruitment success and continually improve processes : Track HR metrics like average time to fill, offer acceptance rate, cost per hire, and new hire/early turnover. Flexibility : Nearly two-thirds of U.S.
Here, we review seven best practices for establishing employee resource groups (ERGs), which can foster a sense of belonging among workers of underrepresented groups, alert employers of pain points for these demographics, and improve acquisition, retention, absenteeism, performance, and engagement rates.
Whether its benefits, tax and compliance, or hiring and retention, outsourcing HR functions reduces the time, complexity, cost and risk for your business. RELATED: What’s a Professional Employer Organization (PEO)? Increasingly, when it comes to recruiting, retention and employee satisfaction, benefits matter.
By adhering to employment laws, businesses can maintain legal protection, foster a fair and ethical work environment, safeguard their reputation, avoid fines and penalties, and enhance employee trust, satisfaction, and retention. Additionally, the guide reviews common labor law compliance mistakes and best practices for managing adherence.
Without onboarding software, getting new hires up to speed can take a very long time, which can negatively affect your employee turnover rate. It’s because 20% of turnover occurs within the first 45 days, which is why nailing your onboarding process is a must for retaining new hires. Why is that? Predictive analytics.
HR acronym usage example: “Examples of a BIK include healthcare benefits, meal vouchers, retirement plans, childcare assistance, and accommodation.” HR acronym usage example: “Key benefits of DTO include the fact that it increases job satisfaction and improves retention.” There is no limit on the amount of paid time off per year.
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