Businesses that work with a PEO are 91% less likely to still be temporarily closed and 60% less likely to be permanently closed due to COVID-19, according to research released by the National Association of Professional Employer Organizations (NAPEO). One reason that’s the case is because a PEO provides small and mid-sized businesses (SMBs) full-spectrum HR support, including powerful technology platforms for essential functions like time tracking and performance management.

COVID-19 changed a lot about how business is done, but a lot of these changes are necessary and long overdue. Remote work, for example, is not a new concept. Our professional lives have long been migrating from physical papers in office buildings to emails and files saved “on the cloud”, and at this point, technology is the workplace for many employees. COVID-19 only further highlights how important it is for businesses to be prepared to have their workforce remain productive from anywhere.

In a post-COVID world, employers are recognizing the value of reliable technology platforms that enable their employees to do their jobs, and also give managers the tools they need to track tasks, performance, and more. Keep reading for three areas businesses can implement technology to improve HR operations.

Long gone are the days of all your employees clocking in and out from a single workplace. With many employers’ workforces now dispersed throughout the country – or even all around the world – it’s more important than ever to invest in a comprehensive time tracking platform. Time tracking software makes it easy for employees to track hours worked and for managers to approve timesheets. It can also simplify PTO management, enabling employees to view and request time off online.

Digital time and attendance tools can help your internal HR staff streamline operations and reduce their administrative workload. Time tracking is often a frustrating experience for non-HR staff, too. The right solution can relieve your employees of tedious time and attendance policies and replace them with an intuitive digital experience. A PEO can help you identify the best time tracking solution for your team’s needs and effectively implement it throughout your organization.

As remote work becomes the norm, it can be a challenge for employers to keep their workforces challenged and engaged. For some employers, it could even be difficult to ensure employees are remaining on task. Performance management tools empower employers to promote the ongoing professional development of their employees – no matter where they work. From training and assessments to nurture employee skills to key performance indicators and ongoing evaluations, performance management tools have the power to bring out the very best in your employees.

Payroll is one of the most common administrative burdens plaguing SMBs. Many small HR teams spend a bulk of their time dealing with payroll and the chronic issues associated with it. A slow or cumbersome payroll process can also have a negative impact on employee satisfaction.

With the right payroll technology, SMBs can streamline operations pay employees faster. A PEO can help SMBs identify technology solutions that simplify payroll and provide employees with digital access to documents like paystubs and tax information. And unlike many payroll technology providers which only offer the technology itself, a PEO provides end-to-end support to fully manage all payroll operations on behalf of employers.

Expense management is another administrative burden that commonly plagues internal HR teams. Traditionally, expense management is a tedious paper-based process that requires several distinct managers, departments, and approvals. A digital expense management solution can help SMBs automate the process and reimburse their employees much faster. It can help businesses reduce their paper trail and give employees more time to focus on core business operations. An expense management platform can also provide customized data reports that may help SMBs implement smarter spending policies. It also brings efficiency to time tracking, employee benefits, and other HR functions. Your PEO partner can recommend the best expense management solution for your business’s needs and train your employees to help encourage adoption across your organization.

As technology evolves, it’s quickly becoming an integral part of our professional lives. People across all industries are already accustomed to using a number of different technology platforms and mobile apps for their day-to-day jobs. Your employees are more technologically-savvy than you might think, and they’re likely to respond favorably to any technology that could make their workday easier.

Many businesses find it beneficial to offer their managers and employees an all-encompassing HR app that provides employees with simple digital self-service options that are available 24/7. An HR app can enable employees to view and manage their time off, review employee benefits information, and even instantly connect with certified HR specialists. With the same app, managers can approve payroll and PTO requests, and make other time-sensitive updates. An app can easily resolve several HR bottlenecks that otherwise cost a lot of time for managers and employees alike.

Managing a workforce is a lot more complicated than it used to be, but the right digital tools can help your employees remain connected and productive through any challenge. A PEO can help your business identify the best technology solutions for your unique HR challenges. Contact us to learn more.

It’s 2020. Things sure are different now.

From the employee perspective, benefits like health insurance are more important than ever. A new report from Prudential Financial reveals double-digit increases in the value employees place on their benefits packages, with over 70% of respondents indicating employee benefits are “a big reason they would stay at a job.” This is up from 59% just one year ago. Furthermore, 75% of survey respondents indicated that they feel access to employee benefits through their employer is more important than ever before due to the pandemic.

While employee benefits are a key reason many are remaining in their jobs, the opposite also holds true for employees that are dissatisfied with their health insurance plan and other benefit options. By over a 2-to-1 margin, survey respondents agreed that they’d be willing to take a chance on a new job right now for better employee benefits.

Despite the increased importance of employee benefits, employers are facing tough choices in 2020. Gallagher’s 2020 Benefits Strategy and Benchmarking Survey finds that due to the financial impacts of the pandemic coupled with rising healthcare costs, many employers may adjust their 2020-2021 employee benefits offerings. This could play out as higher premiums or a switch to high-deductible healthcare plans or “HDHPs,” which lead to higher out-of-pocket medical costs for employees.

This year, however, employees are recognizing the value of their overall benefits packages. One strategy for employers to offset the impact of changes to health insurance is to offer additional employee benefits such as supplemental insurance for unexpected medical costs, or tax-exempt health savings accounts.

The best way for small and mid-size businesses to ensure employee benefits costs remain low is to work with a PEO, or “professional employer organization,” to access the best rates on premium health insurance plans and other employee perks. A reliable PEO works on behalf of its clients to keep rates low year after year. A PEO can also help SMBs offer their employees a much more comprehensive benefits package with options like hospital insurance, life insurance, retirement and financial planning tools, pet insurance, and much more.

The benefits of partnering with a PEO are more apparent than ever before, especially as we navigate through Open Enrollment season. While many employees tend to select the same benefit options every year, COVID-19 brought unprecedented changes that may impact many employees’ health insurance and other benefit elections this year. Some people, if they have the budget to do so, may opt to add additional coverage, while others who may have faced furloughs or layoffs may choose to waive certain plans.

This will require a more strategic approach to communicating with employees about the importance of PEO Open Enrollment season and a careful review of their coverage options. With a PEO, SMBs receive the support of a dedicated team of certified HR specialists that are ready to help employees with any questions they may have about their employee benefits. A PEO also helps SMBs manage all employee benefits administration, including making all necessary plan changes and maintaining compliance.

COVID-19 is making it even more critical than ever for employers and employees to pay attention to their options and employee benefit elections this year. With medical costs at an all-time high during a pandemic, many people are experiencing increased concern around any potential changes to their health insurance coverage and how it might impact their families.

Want to learn more about PEO open enrollment? Tell us a little about your company here, and a member of our team will contact you. You can also find more articles, podcasts, and webinars about the benefits of working with a PEO in our Media Center, The Prestige Perspective. 

Whether or not our world returns to “normal” as we’ve known it, some things about COVID-19 are likely to become regular facets of a “new normal” long after the public health threat subsides. Mandatory masks in public, social distancing measures, and frequent sanitization are likely to become standard measures throughout society – especially in high-traffic areas like airports or public event spaces.

COVID-19 has also changed how the world does business, and that includes how businesses hire and onboard new talent. Keep reading to learn a few best practices businesses can implement for smoother recruitment, hiring, and onboarding during and after COVID-19.

Like masks and hand sanitizer, remote work arrangements are likely to become a regular fixture in a post-COVID world – and that’s a great thing. Allowing for remote work enables employers to expand their search for candidates beyond the local talent pool, reaching out to skilled professionals all across the U.S. – or even around the world.

As the search for employees expands geographically, employers may also find themselves having to change how they evaluate candidates. In the absence of physical transcripts or verification records due to COVID-19, employers have to get creative in the interview process and find other ways to evaluate a candidate’s background and skill level. This might include a series of general skill assessments, strategic interview questions, or a special assignment related to the role. (Check out this episode of our podcast, HR in 15, to learn more about interviewing during and after COVID-19.)

We live in an increasingly digital world, making it a critical time for businesses to ensure they’re properly equipped for the next decade and beyond. In order to sustain and recruit talent during and after COVID-19, businesses need to make sure they have the technology in place to support remote interviewing, working from home, and virtual collaboration.

One of the most effective ways to do this is to “move to the cloud” – in other words, ensure that everything everyone needs to do their jobs is accessible and sharable online. Ideally, “moving to the cloud” should be a company-wide initiative that aims to digitally transform all aspects of business operations. This includes everything from productivity tools to improve cross-team collaboration, to innovative recruitment software, to technology platforms that make employee and HR management a breeze.

Digital transformation isn’t always easy, but with the right partner, businesses can implement effective technology solutions to encourage employee productivity and streamline operations across the board.

With the right technology in place, employers can conduct all kinds of business virtually – including interviews. Many businesses are moving forward with more progressive hiring practices in which in-person meetings are no longer required to screen potential candidates. This saves everyone a lot of time and effort, and during a pandemic, virtual meetings are also a safer alternative.

Once hired, virtual collaboration can also encourage greater employee productivity. Without the physical limitations of meeting in the same place or time-zone, teams have the freedom to connect and seamlessly collaborate whenever and however it works for them.

Things are different now, but that doesn’t have to be a bad thing. The COVID-19 pandemic has highlighted opportunities for businesses to make changes that ultimately lead to greater productivity and business growth. By getting creative in the recruitment and interview process, implementing the right technology, and making it easy for employees to meet and work remotely, employers can look forward to a future of continued success long after COVID-19.