Do you run a small business and possess a limited amount of Human Resources support to handle all the duties needed to run your business efficiently?
Then you might want to consider hiring outside specialists. A professional employer organization (PEO) provides businesses specialized services to help businesses grow.
PEO services help business owners control costs and achieve their business goals without needing to hire more staff. And their functions go way beyond payroll and benefits. In this post, you’ll discover how PEO services help build your organization’s bottom line.
Here’s what PEO services can do for your company.
1. PEO Services Help Strengthen Strategic Planning
A strategic plan provides an organization a focus. If your business lacks a company vision, mission, and value statements, a Professional Employer Organization professionals can help to create this.
They’ll help your management team maintain a deep understanding of the products and services you sell.
They’ll analyze your primary business objectives and your company values. They’ll work with you to build a strategic plan of action to achieve your goals.
PEO services help business teams collaborate in your organization. The advice they provide will be rooted in your company’s culture and brand strategy.
They achieve this in several ways:
- Asking pertinent questions to get to know your business
- Create procedures and management initiatives you can build on
- Help you identify your organization’s core values
- Help define a vision with one year, three-year, and five-year milestones
- Organize a human capital management plan grounded in your strategic objectives.
2. They Offer Valuable Compensation Services
Did you know that PEO services provide compensation services? Many business owners do not. And I don’t mean only salary surveys.
Professional Employer Organizations put compensation specialists at your fingertips. They provide expert advice to bring your compensation goals to the next level.
Keep in mind, PEO experts possess knowledge and expertise from a variety of industries. This allows you to design an effective compensation program.
This helps you meet and exceed the expectations of today’s business market and the talent of each industry. Ways they achieve this:
Help Develop a Compensation Strategy and Philosophy
PEOs assist you in devising a compensation structure that combines a wide variety of compensation objectives: market competitiveness, compliance, base salary, and immediate and long term incentives.
They align your human resource strategies, your company culture, brand strategies, business goals, and designs a company mission with your compensation strategy and philosophy.
Equal Pay to Company Value
PEO services will demonstrate how to align your employees’ salaries with their current and future contributions in the direction of accomplishing the critical priorities of your business.
3. PEO Professionals Provide Corporate Coaching Services
What better way to learn than with an experienced coach who knows your industry. A corporate coach enables companies to connect their passions and purpose to their company goals.
They can break down the tasks that enable you to achieve remarkable results to sustain your business’s financial health.
Some of the advantages of coaching include strengthening communication processes, improving employee and managerial performance, and increasing time management.
Coaching can easily result in increased productivity across your entire company. This can provide a substantial return on your investment.
Corporate coaching can be expensive. However, as part of PEO services, it can be significantly discounted as part of a PEO service package.
Professional Employer Organizations can offer certified training programs to help you learn the training needs of your business. They also can facilitate these training programs within your company.
4. They Administer Employee Surveys
You can learn valuable information about your workforce by administering employee surveys. You and your limited HR team may not have the bandwidth to undertake these duties. But a PEO company does.
Employee surveys assist you in learning your staff’s perceptions of your management team, their company culture, and their work environment.
Some of the areas you can assess include manager-employee communication, trust, employee engagement, company perks, and benefits.
This will help you learn the employee perceptions that can enable you to adjust practices to retain valued workers. Some of the types of surveys include employee onboarding, salary compensation, employee opinion, and exit surveys.
Employee surveys act as a form of communication employees can feel comfortable expressing anonymously that they might not communicate to management.
Analyzing the Results
After PEO professionals administer employee surveys, adjustments to your corporate culture can be adjusted and revised if necessary. The survey results provide you with critical intel; you might not be able to obtain any other way.
An expert PEO will create a comprehensive, detailed presentation of the statistical data that clarifies and defines the valuable findings.
Then you can discuss a detailed action plan with the PEO professional who will help you correct any issues that need to be addressed. Companies that administer employee surveys regularly possess an advantage.
They learn the data, trends, and practices that relate to human resources procedures that need modifying. Analyzing the data from employee surveys is an effective way to keep the line of communication open between staff and management.
It enables you to develop human resources strategies to implement through your organization that aids in employee retention that can save you considerable organizational resources.
PEO Professionals Can Manage Worker’s Compensation Insurance
Worker’s Compensation takes a specified skill that requires thorough knowledge of the law and insurance processes that a small human resources team may not possess.
An expert PEO company that specializes in worker’s compensation insurance and its issues can save your company thousands of dollars. And free your staff to focus on their qualified areas of expertise.
The Bottom Line: How PEO Services Help You Cut Costs and Grow Your Business
Now you know more about the critical value of PEO services to your company. From strategic planning to worker’s compensation, and much more, PEOs help companies save money, increase productivity, and build their bottom line.
Want to know about PEO services that can help your company? Contact us today to learn more about how you can increase your organization’s bottom line.