How to Get the Most Out of Your PEO PartnershipSeptember 5, 2017 - By: Matt Thomas
Outsourcing your HR needs through a Professional Employer Organization (PEO) is about more than having them handle your HR admin-related tasks. PEOs are made up of experts in their field and have the potential to become your true partner. Their deep understanding and direct tap into the HR industry can be used to your advantage in many ways.
To get the most out of this partnership, you need to understand the full range of benefits working with a PEO brings your business. A great place to start is becoming familiar with their level of expertise in the HR field, the range of HR admin-related tasks they are able to take off your hands, and the industry resources they have available to bring to your business.
Lean on their expertise
Your PEO partner is there to handle the tough HR-related situations so you don’t have to. Whether it’s an employee situation that’s difficult to navigate – like an employee complaint – or a compliance-related issue – like the ever-changing employment laws related to hiring– you can fall back on your PEO partner to take care of it. With the more than 180 federal employment-related laws alone, compliance itself is a big undertaking. Lean on your PEO partner in these situations and trust they will be handled in the right way. Make sure to check in with your PEO early and often when a questionable employee- or compliance-related situation arises – better to be safe than sorry.
Hand over HR admin tasks
It’s no secret that HR admin-related tasks can be a major time suck for a business – benefits, payroll, risk management – time spent on these individual tasks, compounded by the number of employees on your team, can really add up. A recent report from TotalJobs.com concludes that nearly 50 percent of an HR team’s time is spent on admin-related tasks. With that in mind, entrust your HR admin-related tasks to your PEO partner as much as possible. That way, you can get back to what you do best – running your business.
Tap into their resources
Partnering with a PEO for your HR needs means you have access to the benefits of their networks and trusted resources. For example, PEOs negotiate insurance rates on behalf of all their clients. This means you’ll have the opportunity to tap into lower group insurance costs, workers’ compensation discounts, and a lower state unemployment insurance (SUI) rate. As far as resources, your PEO likely comes equipped with an advanced Human Resource Information System (HRIS), which typically has capabilities for payroll and HR analytics. Make sure to ask your PEO partner about taking full advantage of their networks and resources in order to get the most out of your partnership.
Partnering with a PEO comes with cost-saving, time-saving and compliance-related benefits. Make sure you have a full understanding of these benefits and you’ll be sure to maximize your partnership.
Interested in learning more about the specific HR benefits we can provide your business here at WorkSmart? Check out our unique solution and let us know how we can help.