As the job market improves, employees can afford to get pickier about the positions they take. Even the employees you currently have may be looking elsewhere for higher wages and better benefits. It’s tough to offer a great benefits package as a small business, but it has to be done to get and keep great employees. Partnering with a PEO makes benefits packages more affordable for small businesses; because the PEO represents a larger number of employees, they can negotiate better rates with insurance companies or may even fund their own health plan. Small businesses that use a PEO can offer health, vision, and dental insurance plans, as well as retirement plans. You can offer a great benefits package that will rival or best your competitors, so the employees you’ve already invested in and trained will stay. You’ll need to keep your great employees to help during your growth period.
Great benefits will also help to attract great new employees as your company grows. Your benefits package will need to compare to others that qualified jobseekers will be offered from other companies. You’ll also need to find these jobseekers. A PEO will help with this as well. PEOs can advertise job postings for you, but they also have contacts who may not be actively looking on many of the commonly used job sites. A PEO can find and attract great candidates, plus they can even help to narrow down the applicant pool and interview them. You’re an expert at your business, not necessarily at human resources and recruiting, so a PEO can help you to hire and grow your workforce with confidence.
Growing your business takes your time and attention, but you can’t give it your all if you’re bogged down by administrative duties. Filing human resources paperwork, doing payroll, paying taxes on time, staying current on changing labor laws – it all takes a lot of time away from your duties as the leader of a small business. A PEO can take these duties over so that you, or your employees, are free to do more profitable tasks. PEOs can make your company scalable (ready to take on more employees) without the need to hire in-house human resources employees, so it keeps things affordable.
If you’re looking to grow your business by hiring highly-qualified employees for the long-term and spending more of your time on profitable tasks, consider partnering with a PEO.