How to Choose an Employee Benefits Company

Posted on: December 14th, 2023 by roger

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:

You may find it challenging to attract the best talent
You may see a reduction in employee morale
You may experience high employee turnover rates that continuously set back your company

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.

Assess Your Existing Benefits and Evaluate Your Needs

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.

Key Considerations in Choosing an Employee Benefits Company

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:

Expertise and experience – Make sure you choose a partner with a proven track record in the industry and expertise providing the specific benefits that are most important to you.
Range of services offered – Can the PEO company address all your needs or just a few of them? Working with a company that can provide a comprehensive suite of benefits including health insurance, retirement plans, and flexible options for customization will make it easier to ensure you’re able to offer an attractive package that your employees will value.
Technology platform – It’s important to work with a PEO company that uses a technology platform that is user friendly and makes it easy for your employees to manage their benefits.
Compliance and legal knowledge – There are a variety of laws and regulations governing the employee benefits programs. Make sure you work with a PEO company that has a firm grasp on all regulatory compliance matters to ensure you don’t encounter legal issues down the road.
Customer service and support – Your PEO company should provide reliable support that ensures a smooth experience for your business and your employees. Make sure to evaluate a provider’s responsiveness and availability to assist when issues arise.

Evaluate Reputation and References

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.

Evaluate Cost of Services

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.

PassioHR Can Provide the Employee Benefits Your Business Needs to Thrive

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.

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roger

Roger Hays currently serves as President and CEO of PassioHR, Inc., based in Englewood Colorado. PassioHR was founded in 2021 by Roger after having spent over twenty years working in various positions in the Professional Employer Organization (PEO) market.

His areas of expertise are Human Resources management; Benefits Administration; Government Affairs; and Business Management.

Mr. Hays currently serves as the Chair the Leadership Council for NAPEO in Colorado and serves on their PAC committee, Federal Government Affairs and State Government Affairs Committees as well. In addition to NAPEO Roger is a past Leadership Council Chairman for the National Federation of Independent Business (NFIB) in Colorado and serves on their PAC committee as well (NFIB is the voice of small business, advocating on behalf of America’s small and independent business owners, both in Washington, D.C., and in all 50 state capitals). He is a past Board President for the Colorado Civil Justice League (Colorado Civil Justice League is the only organization in Colorado focused exclusively on limiting unreasonable lawsuits and preserving common sense in the courtroom). Roger has been appointed by the Governor of Colorado, three times, to serve as a Board member on the Colorado Uninsured Employers Board. (The CUE board was established by the CO legislature to provide financial assistance to individuals injured while working for employers who did not carry workers’ compensation insurance in violation of Colorado Statute.)

Roger spends many hours each Legislative session working with state Legislators in Colorado on behalf of the PEO industry as well as small business in general testifying in front of committees or just interacting with individual legislators on issues important to those groups. He also works with the Colorado Department of Labor and Employment, serving on a number of taskforces to help guide the department in dealing with Unemployment and Labor issues.

Mr. Hays Graduated from North Dakota State University with a BS Degree in Political Science and is an avid Bison supporter.

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