Scenario:
Century Management is a premier property management company located in New York City. They had one long-term person in house that took care of all their HR, and so they had never worked with a PEO. Their HR person was planning to retire, though, and they had several concerns as they looked for a replacement person or company. For one, they wanted to ensure compliance with New York City’s strict laws and regulations. In addition, their plan’s costs kept rising but they didn’t feel like the benefits were giving their workers the best value.
The workers and their families were a top priority for this company, and they wanted to ensure their employees had rich benefits for their families. The plans that Century Management had been looking at were too expensive for their budget.
CFO Mike Catanzaro came to PEO Spectrum for help in finding a PEO that might fit their needs, and within 5 days they were given an analysis of their current plan and how it compared to several different options.
Solution:
PEO Spectrum identified 2 plans that gave Century Management the benefits they wanted for their employees. They provided Century Management with an analysis of how these plans compared to their current situation. The PEO that Century Management selected gave their employees richer plans with more flexibility and saved the company $120,000 a year. In addition, putting HR in the hands of outside experts assured that their company was compliant with the many city, state, and federal rules and regulations.
Result:
Century Management was able to switch to a plan that gave them the benefits they wanted for their employees. In addition, the new plan gave them significant savings of $120,000 a year, which they passed on to their employees as a contribution to the health plan. They were also more comfortable knowing an outside company of experts would take on their HR liability so they could put all their focus on the business.
The company was fully transitioned over to the new PEO within 2 months, and the result was a win for the employer and employees.
I Century
Website: centuryny.com
Type of Firm:Â Property management
Location:Â New York City
Employee size:Â 50-60 employees
Years in business:Â 48 years
Service: PEO cost comparison