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Professionalemployerorganizations (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 ProfessionalEmployerOrganizations) economists Laurie Bassi and Dan McMurrer conducted research into PEOs.
A ProfessionalEmployerOrganization , or PEO, allows businesses to outsource their administrative needs to a third party that specializes in these duties. They also allow employers to offer benefits and other perks (e.g., Fortunately, that’s not how PEOs work.
Open enrollment is a designated period each year when employees can review, adjust, or select their benefits, including health insurance, retirement plans, and other perks their employer offers. Some organizations may need to create or revisit their plan but are stretched thin. Is your benefits package robust and competitive?
As a broker-friendly professionalemployerorganization (PEO) , ExtensisHR strives to keep its partner community informed of the latest industry developments. Clients can appeal to these workers by offering programs like student loan assistance, education workshops, and more.
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. Retirement is a hot topic for all staff. workers is reaching retirement age. workers is reaching retirement age.
Employee Benefits Administration: Handling health insurance, retirement plans, and other perks to ensure employees receive their entitled benefits. HRO vs. Other HR Solutions Companies exploring HR solutions often compare HRO with other approaches such as ProfessionalEmployerOrganizations (PEOs) , HR consulting, and HR software solutions.
A ProfessionalEmployerOrganization (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. Service Offerings Ensure the PEO provides the HR services your business needs.
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.
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. Granted, it’s certainly wise to do research about HR outsourcing. In fact, the opposite is likely true.
These include: Title VII of the Civil Rights Act of 1964 The Americans with Disabilities Act Amendments Act The Pregnancy Discrimination Act The Equal Pay Act The Employee Retirement Income Security Act. The Equal Employment Opportunity Commission offers a guide on best practices for managing workers with caregiving responsibilities.
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. Many seasoned leaders are retiring, and their successors may benefit from training to help them become even more impactful in their new roles.
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. This can go a long way toward positioning your company to excel in the marketplace and securing your reputation as a stellar employer.
Consider: Do you have many employees who expected to be able to retire from your organization? In times of business hardship, it’s crucial to understand how choices like whether to furlough or lay off employees will affect your organization now and in the future. would you prefer to pay out PTO now or take on a future liability?)
For businesses bogged down by human resources requirements, partnering with a certified professionalemployerorganization (CPEO) is an option. According to the National Association of ProfessionalEmployerOrganizations (NAPEO), 180,000 small and midsize businesses use professionalemployerorganizations (PEOs).¹
Further, the study showed that HR professionals are adapting to employees’ desire for more robust total rewards packages , as there was a 7% increase this year in student loan repayment/other educational benefits and an 8% uptick in retirement benefits/contributions.
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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. Together, this equates to greater peace of mind that present and future HR needs are met.
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.
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).
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. In an EOR relationship, the EOR is responsible for administering employee benefits , such as health insurance and retirement plans.
Brokers who partner with a professionalemployerorganization (PEO) provide their small- and medium-sized business (SMB) clients access to premium benefits at approachable costs, which are typically reserved for larger companies. The need for child care, elder care, and even pet health insurance continue to have an upward trend.
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?
Quick look: It’s October, meaning it’s both “spooky season” and National Retirement Security Month. October is National Retirement Security Month, a time that is officially dedicated to “acknowledging the need to raise public awareness of a variety of tax-preferred retirement vehicles.” The state of retirement today.
And, in turn, as challenges continue to rise, it’s become an advantage for brokers and their clients to receive expert services and support through a professionalemployerorganization (PEO). While health and retirement plans still top the list, the inclusion of voluntary benefits is necessary as well.
Though 401(k)s are still a large piece of the retirement planning 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.
Expected Social Security cuts and continual inflation means the time is now for this segment to prioritize preparing for their retirement. Here are four ways employers can assist with helping their millennial employees get ready. What will retirement look like for millennials? 4 ways to help millennials prepare.
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Quick look: Retirement never strays far from the topic of conversation, even among those newly entering the workforce. A recent Transamerica study explores how Gen Z is preparing for retirement, how it differs from older generations, and ways brokers can help their clients adjust their benefits to accommodate all.
Quick look: The importance of retirement savings is a crucial factor among today’s multi-generational workforce. An August 2022 Transamerica Institute report reveals employers are eager to support financial well-being in an effort to attract and retain talent. 80% of employers look at retirement benefits for attracting talent.
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. outsourcing some of their daily administrative burden to a professionalemployerorganization (PEO) could provide much-needed relief.
Common employee benefits include health, dental, vision, and life insurance, and retirement savings plans. That’s when a professionalemployerorganization (PEO) can help. Employee benefits Employee benefits are offered to staff in addition to compensation and foster their overall physical, mental, and financial health.
A professionalemployerorganization (PEO) provides a range of services to companies that want to outsource human resources administrative tasks. They are staffed by professionals specializing in human resources, taxes, compliance law, and accounting. PEOs and their clients are considered co-employers.
A closer look at some of the survey’s data provides greater insight into common challenges small- and medium-sized (SMB) employers face and how brokers can offer solutions with the expertise and experience of a professionalemployerorganization (PEO) partner.
A glimmer of hope flickered as you were reminded of this curious thing called a professionalemployerorganization (PEO) – and maybe, just maybe, it’s exactly what you need if you ever want to have another serene moment again. Then something happened. In fact, the opposite is likely true.
Quick look: A new year is right around the corner, 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 2024 benefits plans accordingly.
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.
ProfessionalEmployerOrganizations (PEOs) are an important part of modern business to streamline and scale operations. Access to Benefits : Over 90% of PEO clients offer better health, dental, and retirement benefits due to group rate. Over 88% of PEO clients smoothly pass state and federal audits without penalties.
To support this shift and lessen the impact on businesses, brokers have begun to partner with professionalemployerorganizations (PEOs) on a more frequent basis. Employees still seek traditional benefits including healthcare plans and retirement savings accounts.
Outsourced HR companies, such as professionalemployerorganizations (PEOs), can help you find and hire qualified candidates. Most outsourced HR companies are staffed by HR professionals who have the skills, knowledge and resources to help with your recruiting efforts. But most small businesses can’t afford it.
ProfessionalEmployerOrganizations (PEOs) help businesses manage essential HR tasks like payroll, employee benefits, and compliance. PEOs act as co-employers, sharing employment responsibilities and ensuring businesses stay compliant with labor laws and tax regulations.
Rather than being left behind on the latest in HR compliance, trends, and operations, why not offer clients the benefit of a professionalemployerorganization (PEO) partner with its own premier solution?
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. An employer-sponsored retirement plan can help workers experience less financial stress, leading to higher productivity and job satisfaction.
ProfessionalEmployerOrganizations (PEOs) provide comprehensive HR solutions for businesses by handling payroll, benefits administration, compliance, and risk management. PEOs operate under a co-employment model, meaning they share certain employer responsibilities with their client companies.
From retirement savings accounts to identity protection services, offering a well-rounded financial wellness program can strengthen your brand as a trusted partner and provide even more value for your clients and their staff. For many, those needs involve economic stability, as 70% of Americans believe they are not financially healthy.
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