As a PEO, we’re in the business of helping your business grow.
Think of a PEO, or “professional employer organization,” as a full-service extension of your HR department. PEOs help small and mid-size businesses manage critical HR functions like employee benefits, payroll, compliance, and HR management. With the support of a PEO, small and mid-size businesses (SMBs) can reduce costs, increase employee satisfaction, and dedicate more time to their core business. On average, small businesses that partner with a PEO grow 7-9% faster than SMBs that handle everything independently.
Three Ways To Encourage Employee Productivity
Keep reading to learn three ways a PEO can help your business foster a culture of integrity that encourages employee productivity and propels your employee satisfaction and overall business growth, and long-term employee retention business toward greater success.
1. Take Better Care of Your People
The culture of integrity in an organization is often measured by the way it treats its employees. Research indicates strong positive correlations between rates tend to be associated with greater profits over time.
According to SHRM, over 60% of employees rank medical, dental, and other benefits as critical factors contributing to overall job satisfaction. At the same time, offering top-tier employee benefits often seems impossibly expensive for SMBs due to their relatively small employee numbers. This obstacle leads to higher group rates for employee benefits like premium medical insurance plans, making it difficult for SMBs to compete with potential employee benefits packages offered by larger businesses.
A PEO, on the other hand, combines the purchasing power of all its clients to access the best possible rates for a diverse range of employee benefit plans. Partnering with a PEO enables SMBs to access those same discounted rates, reducing overall costs while making it possible to offer employees better coverage options.
2. Make a Commitment to Diversity, Equity, and Inclusion
Research from McKinsey & Company shows that gender-diverse companies are 15% more likely to outperform their peers, and ethnically diverse companies are 35% more likely to do the same. The business case for greater diversity, equity, and inclusion efforts is clear. Still, data indicates that reality hasn’t caught up yet: according to research conducted by Accenture, 68% of leaders feel they create empowering environments in which employees can be themselves, raise concerns, and innovate without fear of failure — but only 36% of employees agree.
Fostering an environment for integrity and inclusion requires staunch dedication to uncovering and resolving inequities experienced by marginalized groups. At PrestigePEO, we believe resolving these issues begins with a commitment to learning and understanding the impact of systemic and institutional racism and unlearning the biases that perpetuate discrimination.
It can be a challenge for any business to navigate such sensitive issues independently. By partnering with a PEO, SMBs can rely on the support and expertise of certified HR professionals to help guide their diversity, equity, and inclusion policies. A PEO might also provide access to educational resources and referrals to local training programs that may help.
3. Move Toward Innovation
As technology becomes a more prominent part of everyday life, employees expect convenient digital solutions for routine work tasks. From tracking time to managing their PTO, today’s employees want digital self-service tools that simplify burdensome procedures and make it easy to stay connected anytime and anywhere.
Replacing legacy systems with new technology can seem daunting, but a PEO can help make the process as smooth as possible. With a PEO’s help, SMBs can choose from a wide range of HR management and productivity platforms to streamline operations, reduce administrative strain, and improve integrity and inclusion for the employee experience. A dedicated team of HR specialists would then work with your business to develop the best technology solutions to resolve specific pain points and customize the platforms you need to meet your business’s unique needs.
It’s hard to run a business, but you don’t have to do it alone. As a PEO, it’s our job to help your business run smoother, so you and your employees can focus on what you do best. Contact us today to learn more about how a PEO can help set up your business for a culture of integrity, and visit our Media Resources Center for more blogs, webinars, and podcasts on all things HR.