Offering a comprehensive employee benefits package that provides your employees with all the support and essential services they need is a critical aspect of running a modern business. Companies that have attractive benefits programs typically experience a competitive advantage in hiring and retaining the top talent in their industry.
Workers are being more selective than ever regarding their next job opportunity, and they’re valuing perks such as employee benefits and a good work-life balance with increasing priority. Failing to provide a strong benefits package that addresses the needs of your employees can have a devastating impact on your business:
Managing your employee benefits in-house can be time-consuming and expensive. In addition, it can be challenging to gain access to the best benefits packages if you’re a small business and don’t have the buying power of a large corporation or a third-party benefits company who is sourcing benefits for many companies. For this reason, it’s often more effective to hire a PEO company to manage your employee benefits.
It’s important to understand that not all PEO companies provide equal levels of service. It’s critical to choose an employee benefits company that will be a trusted partner who can deliver the best options to help you attract the best talent, retain your staff long term and maintain high levels of employee morale. The following tips will help you get this important decision right.
Before researching employee benefits providers, it’s important to assess your company’s current benefits offerings to determine the ways in which they meet your employees’ needs, and the ways in which they fall short. By identifying your specific needs and objectives, you can streamline the process of evaluating different PEO companies.
For example, are you looking to improve your health insurance packages? Do you want to offer a better retirement plan? Do your employees want additional wellness programs? Understanding these goals will make it much easier to identify the right benefits provider to address your specific needs.
There are several important considerations that should factor into your decision-making process when choosing a PEO company to provide your employee benefits. These include:
Once you’ve identified several options that meet the criteria listed above, it’s time to start narrowing down your options to a few finalists. Evaluating reviews, testimonials and case studies provide important insights that will help you get a sense of the quality of service you’ll receive.
In addition, you should request client references from each company you’re considering. Having a brief conversation with prior clients can provide much more detailed feedback than is possible when reading reviews, and it gives you an opportunity to ask specific questions that you may have. This insight will be invaluable in comparing your options.
Cost should never be the primary factor determining this important decision, but it must still be a consideration. It’s important to work with a provider that fits into your budget, so always ask any questions necessary to fully understand all fees associated with their services.
When evaluating cost, you should always balance it against the value you receive for the services provided. Often, a slightly more expensive provider may deliver greater long-term benefits that result in potential savings that make the increased cost of services worthwhile.
At PassioHR, we’ve helped many businesses develop a customized benefits package to address the specific needs of their team. Our unique Elevated Engagement Plus™ Approach is focused on helping you create a more successful and inspired organization, and we understand that offering the right benefits is essential to our ability to achieve this goal.
Relationship building lies at the heart of our Elevated Engagement Plus™ Approach. We’ll work closely with you to get to know your business and understand your specific goals for your benefits offerings. Then, we’ll collaborate with you on a customized benefits program that addresses these needs in a way that works with your budget.
Contact us today to schedule a free consultation.
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