Financo

“It’s not just the cost thing in a small business. I look at it as how it’s effecting the employees.”

Scenario:

Scott Abrams, CFO of Financo, has an impressive list of responsibilities with the company, one of which is HR. Despite the demands, he is still in touch with how his decisions regarding the right PEO choice for Financo’s bottom line could impact the every day lives of the employees.

Scott was contacted by PEO Spectrum about how his current PEO relationship was going and proposed the idea of comparing it to other PEOs in the market to see if it would make sense to make a switch. In order for Scott to feel comfortable switching, he’d have to find a PEO that offered the same healthcare provider.

PEO Spectrum would need to find a PEO worth switching for, without upsetting the lives of the employees at Financo. A cost savings and better customer service than what he was already receiving would put the decision to make a PEO switch over the edge. The fact that PEO Spectrum’s services were free to him was even better.

Solution:

PEO Spectrum gained a better understanding of what kinds of benefits and healthcare offerings Financo was receiving already so they could search for PEOs with the same coverage.

Next, PEO Spectrum performed a Financial Analysis of what Financo was spending with their current PEO so they could understand what would need to happen in order to find a PEO with a greater cost advantage.

Result:

PEO Spectrum was able to provide Scott with a healthy choice of PEOs with lots of detail to help him decide which was best. It was not about just saving but keeping what they liked. What did they save? “The savings amounted to, I believe was, over $100,000.” On top of the impressive savings, Scott and the other employees of Financo are also reaping the benefits of a PEO with better customer service for them all. PEO Spectrum found them a PEO with an offer they couldn’t refuse and they couldn’t be happier. They switched to a PEO that had everything they wanted to keep, with a better experience and tremendous savings.

I Financo

Website: financo.com

Type of Firm: Boutique investment banking company

Location: New York, NY

Employee size: 20

Years in business: 47 years

Service: PEO cost comparison