The ultimate goal of any business owner is, obviously, to grow their business. Achieving this growth requires your organization to move as efficiently and productively as possible. How exactly do you accomplish this with such a long to-do list? Small to medium-sized business owners know all too well it is not a 9 – 5 job and managing everything that comes along with ownership can keep you trying to constantly stay afloat.
Imagine how much more time you could spend on your growth strategy if you could check HR management off your list. Including everything from trying to coordinate and get the best employee benefits, onboarding, 401k administration, payroll and tax organization, plus more.
Partnering with a PEO offers just that. The freedom to let go of some of your HR duties while remaining in control and having the bandwidth to accomplish more. It sounds like a dream to most, but the power of a PEO allows for small to medium-sized business owners to get more done in a typical day than they could have ever imagined.
A PEO gives your business room to grow
Boosting productivity, and fueling the business enough to grow, starts at the top. When small to medium-sized business owners have the time to invest in strategy and communication, it trickles down to employees who can make it happen. Creating a plan based on clarity, concise communication, and keeping your people in the loop can boost morale and in turn grow your business. But the only way to accomplish this is if owners are free from HR tasks and administrative duties to focus on their business goals.
When employees have a trajectory of where their hard work is leading, it makes them more productive and confident in their path of accomplishment. Most people are goal-oriented and so working collectively towards a clear finish line helps team members to keep going.
Help motivate your employees
Employees are motivated with recognition and appreciation, and both can come in multiple forms. Keeping employees motivated has so many perks as well. This can ensure your business is operating efficiently and keeps your turnover rate low.
PEOs leave more time for all of the positive parts of managing a team. By leaving the administrative tasks to a PEO, small to medium-sized business owners can spend more time with their staff. Managers have the time to recognize a job well done when their HR tasks are taken care of.
Another helpful way to keep employees motivated and to show appreciation for them is by making sure their workload isn’t overwhelming. But how can a PEO assist in managing how much a single employee needs to do in a day? PEOs allow business owners room to focus on growing their business as well as take the time to interview and hire more employees. PEOs make it easier to hire and onboard new hires and eliminate the stress of completing these detailed tasks.
Keeping employee turnover low
Employees coming and going is inevitable, but how can small to medium-sized business owners keep their turnover rate low? The simple answer is employee benefits. One of the biggest perks of partnering with a PEO is being able to pool employee benefits for better prices. This means that if you have a smaller group of employees, your team gets put into a large pool of other business owners’ employees. The result is fortune 500 employee benefits at incredible rates. Employees get access to vast networks of doctors and treatment options while business owners make sure their budget isn’t blown out of proportion. These advantages are ideal for keeping employees happy and making them less likely to look for a new position that offers better insurance options for them and their families since they are already receiving great benefits.
Offering medical insurance is a no-brainer – but how else can you keep your employee turnover rate low? Small to medium-size business owners can offer retirement planning options including 401(k) plans. This perk helps employees plan for their future and shows them that their company cares about them enough to assist in their retirement options. PEOs allow business owners to offer 401(k) benefits at great rates and make managing these options for their employees simple.
It is all about the benefits when it comes to keeping your good employees happy and not wanting to look elsewhere. In addition, you can offer ancillary benefits to your office. These may include things like Aflac or pet insurance, auto, and home insurance discounts, or wellness perks and rewards. All these options show your staff that you care about them and want to offer these options to make their lives easier and more fruitful.
Efficient business process
Another great way PEOs help boost business productivity is through effective processes and efficiently completing otherwise bulky tasks. Many companies process payroll weekly or bi-weekly and some even have to account for hourly employees. PEOs take the management of multiple employee payrolls and ensure they’re properly processed and their tax information is properly accounted for. PEOs are able to handle payroll and tax administration, which removes the burden of a constant task.
Many business owners also don’t realize that with having employees and running an organization, there are state and federal compliance laws that must be followed. PEOs are regularly monitoring their clients’ accounts for these updates. They then communicate new laws and regulations to help their clients avoid costly penalties for either not putting up a new poster in a break room or creating a new policy based on a state mandate. It’s just one more process that a business owner can take off their list in order to operate better.
As a small to medium-sized business owner, it can be hard to take your business to the next level. You cannot do everything on your own, and that’s why PrestigePEO is here to help. Our business is helping yours. Let us take care of the administrative duties so that you have time and room to grow. If you’re interested in learning more about how PrestigePEO can relieve your burdens, contact us today.