Any entrepreneur who has looked into HR services is likely to know that the first thing a PEO will lead with is lowered cost on health insurance plans. This is not to be discounted. Small group health plans are expensive and the ceiling on what they will charge appears to be nowhere in sight. When a company dangles lowering the cost of benefits in front of an entrepreneur, they are likely to at least feel compelled to take a look.
The reasons why an entrepreneur might not further pursue a relationship with a PEO are certainly varied. Sometimes the fear of the unknown takes over and going with the devil you know, they suppose, is better than the one you donâ€™t. Others may get squeamish about the idea of co-employment. The term is a little scary. Â What is meant by co-employment anyway? How much control does the other half of the â€śCo-â€ť have once you sign. That is another place the PEO industry typically loses people.
What Does A PEO Do Besides Offer Discounted Health Plans
The idea of the discount should be approached with caution. A discounted health plan usually means there is something missing that makes it discounted, such as coverage. Many have been sorely disappointed when they fell for low rates only to find out they also go little coverage for their attractive price tag.
PEOs do not offer cut rate health insurance. They offer quality coverage at a better price because they use the power of the the collective with their members to make volume purchases with better insurance companies. The idea that a PEO is like Costco for buying small business health insurance is false. You can feel good about knowing that the coverage you get with a PEO is the kind of coverage you want.
Did you know that a PEO will also allow your employees to take advantage of attractive retirement plans? Many entrepreneurs would love to offer the kinds of retirement plans that big companies can use to lure talent away from them. Usually small businesses are not able to offer these kinds of plans.
A PEO Can Help You With HR Law Compliance
One of the biggest risks in running a small business that employs people is getting into legal trouble over HR issues without knowing it. There is much to know about employment law and many small business owners are woefully unaware of what they should and shouldnâ€™t be doing to stay out of trouble. A PEO will help you stay compliant so you donâ€™t have to worry about it. Who doesnâ€™t want one less thing to worry about?
In some cases, a PEO can offer you legal support when things go awry. This is just one of the many services that a PEO will offer besides just great benefits at a good price.
A PEO Helps You Recruit The Right Candidates In Less Time
One service that a PEO can offer that most entrepreneurs may not know about is recruitment assistance. With the job market the way it is these days, who doesnâ€™t need help with finding the right candidates. Recruiting and hiring is time consuming and expensive, especially when new hires donâ€™t work out. A PEO can help you with talent sourcing so you can focus on growing your business, not finding talent to help you do it.
How Can You Find A PEO Who Offers You More For Your Money?
Once you get your mind around all that a PEO can offer you, how do you find the right one for you? There are hundreds of PEOs to choose from. Combing through websites to find that PEO with the right list of services can take a long time.
A PEO broker like PEO Spectrum will help you with all the research that needs to be done so you donâ€™t have to spend hours on websites fumbling for answers. A quick 20 minute call puts the power of a PEO broker like PEO Spectrum to work for you. Their industry expertise, coupled with years of experience finding PEOs for happy business owners will get you the right choices to work with the first time. Best yet, their service is free.