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.

What is a PEO? It’s a common question because many business leaders don’t realize that they don’t have to do everything on their own – especially when it comes to human resources (HR).

Small and mid-size businesses are often unable to adequately support their employees and handle the administrative burdens typically associated with HR. Whether your business is looking to quickly scale, or simply make it through the COVID-19 pandemic, it’s a lot of work for small teams working with limited resources and budgets.

A PEO or “professional employer organization” works on behalf of small and mid-sized businesses (SMBs) to manage employee benefits, workplace compliance, HR management, payroll services, and more. Here at PrestigePEO, we provide one-on-one support for all things HR, and we’re continuously exploring new ways to better serve our clients. Keep reading to learn why it’s more important than ever to partner with a PEO.

Employee benefits can be a huge financial and administrative burden on SMBs. Because they have fewer employees, it’s often difficult for SMBs to negotiate affordable rates for premium health insurance plans and other employee benefits. Large corporations are able to attract and retain top talent with much more lucrative employee benefits packages.

A PEO combines the purchasing power of all its clients to provide access to exclusive group rates for top-tier medical, dental, vision, and other insurance plans. A PEO also enables SMBs to offer additional employee benefits such as financial wellness programs, gym reimbursements, and discounts on travel and entertainment. We also offer PEO workers’ compensation insurance and PEO 401(k) programs.

Even with a PEO, however, employee benefit costs can skyrocket over time. It’s important to partner with a PEO that demonstrates a commitment to minimizing costs for their clients. Here at PrestigePEO, we have a consistent track record of competitively low medical insurance renewal rates year after year.

Small and mid-sized businesses have long outsourced parts of their HR operations, but now more than ever, it’s clear to see the benefits of partner that provides more holistic HR support. Recent data shows that SMBs that partner with a PEO are 91% less likely to still be temporarily closed, and 60% less likely to have permanently closed due to COVID-19 (NAPEO). That’s because a PEO offers much more than piecemeal solutions.

Our approach to customer service at PrestigePEO enables us to serve as a true HR partner. In a world impacted by COVID-19, we’re leveraging our one-on-one relationships with our clients to help them adapt to a business landscape that’s rapidly changing. Rather than chatbots and canned responses, each of our clients receives the support of a dedicated team of HR, payroll, employee benefits, and compliance specialists.

We work closely with internal HR and leadership teams to understand your unique HR pain points at a granular level, as well as how they impact your organization at large. From there, we collaborate to identify the most effective solutions across the board.

Businesses of all sizes are required to maintain compliance with a plethora of local, state, and federal laws. The list continues to grow as new health and safety regulations are introduced to combat COVID-19. This year, the shift to remote work made compliance even more complex, as many required communications had to be sent to employees via email or direct mail. PrestigePEO works directly with each of our clients to stay help them stay ahead of all compliance requirements despite any challenges caused by COVID-19.

As a proud member of NAPEO, the National Association of Professional Employer Organizations, PrestigePEO provides exclusive access to expert legal advice and updates straight from Capitol Hill. This year, we’ve kept our clients and business community informed with timely webinars and podcasts covering everything SMBs need to know about new legislation and compliance requirements as they unfold. We go the extra mile for our clients, helping them implement best practices to ensure they remain compliant with each change.

Many SMBs utilize external payroll services, but a PEO is much more than a payroll service provider. As a co-employer, PrestigePEO assumes certain financial responsibilities on behalf of your business, including all payroll administration and compliance with local, state, and federal tax laws. We work with your HR team reduce their administrative workload and ensure that all your employees are always paid safely, securely, and on time.

It’s a much bigger responsibility than simply processing payroll, which means we’re able to provide much more comprehensive support. Due to COVID-19, for example, many businesses are seeking financial assistance from the Paycheck Protection Program (PPP), a federal program designed to help SMBs keep their employees on payroll. As our clients’ PEO partner, we’re able to provide personalized assistance as they apply for PPP loans and loan forgiveness. We’ve created custom reports that offer our clients line-by-line information to guide them through the application process, and we also offer webinars that offer step-by-step guidance from our team of experts.

PrestigePEO isn’t a replacement for your HR team – we’re an extension of it, and we’re always here to help your team nurture an environment that encourages productivity and growth. We’re developing new strategies and resources to equip our clients for a “new normal,” and we’re always working proactively to keep them informed about what’s next. Learn more about how a PEO can help your organization build a better future at www.prestigePEO.com.

Once per year, employers that offer their employees health insurance benefits must review and re-enroll in their plan options. It’s often a time-consuming and stressful process for CEOs, CFOs, and HR professionals everywhere.

If you own a business or manage employee benefits for one, you’re probably familiar with the burden associated with health insurance renewals as rates continue to increase year after year. With markets so volatile, it can be difficult for small and mid-size businesses (SMBs) to predict costs and absorb the financial impacts of across-the-board price increases. COVID-19 is likely to impact this process even further in 2020 and beyond. This can leave business leaders frustrated and without a sense of control over the situation, and it’s often a cause of concern for employees as well.

With competition for top talent at an all-time high, offering robust employee benefit packages is pivotal to the success of SMBs focused on growth; and health insurance is often the central decision factor for many employees. According to SHRM, 56% of U.S. adults with employer-sponsored health insurance said that whether or not they like their medical coverage is a key factor in deciding to stay at their current job.

For SMBs that shop the health insurance market independently, renewal rates can be exorbitantly high, making it difficult to offer employees premium medical insurance plan options within budget. This can lead to a disgruntled workforce, especially if the business is left convincing their employees to accept less coverage for higher prices. SMBs may find themselves in an annual loop of increasing their employer contributions while simultaneously passing increased costs onto their employees in the form of higher payroll deductions – a discouraging situation for all sides.

Partnering with a PEO may be a more cost-effective option for SMBs looking to control annual health insurance renewal costs. A PEO combines the purchasing power of all its clients to access the best possible group rates for top-tier health insurance plans and other employee benefit options. With the support of the right PEO partner, SMBs can better predict annual price increases and continue to improve their employee benefit offerings each year.

That said, not all PEOs offer the same level of service, so it’s vital to choose a PEO partner with a consistent track record of competitive medical insurance renewal rates. Be sure to ask your PEO about the average year-over-year rate increases for your preferred medical insurance plans over a span of five years or more, and partner with a PEO that can demonstrate a commitment to minimizing costs for their clients. Contact us to learn more about PrestigePEO’s renewal process and rates.

Working with a PEO for employee benefits also helps SMBs save on administrative costs. Implementing smart technology platforms to streamline operations and reduce manual workflows can lead to significant operational benefits and reduced administrative costs over time. Innovative technology also provides a simpler and more intuitive experience for employees and HR managers alike.

It’s never too soon to consider your options for health insurance renewals. Working with a PEO may help your organization reduce costs while offering your employees better coverage. Learn more at www.PrestigePEO.com.

Your employees are your top asset, especially in such uncertain times. Now more than ever, you need top talent to successfully steer your business to the next decade and beyond with the benefits of a PEO. With the world changing so rapidly, it’s vital for employers to invest in their people in hopes of building a more sustainable future.

Employee benefits play an integral role in employee satisfaction and retention. A Hierl Insurance study from 2018 indicated that health insurance is “very or extremely important” for over 80% of employees when changing jobs. Amid current public health concerns, benefits like medical, life, disability, and supplemental insurance are even more crucial in employment decisions.

Small and mid-size businesses (SMBs) often struggle to offer their employees benefits like top-tier health insurance plans because the cost of benefits per employee is too expensive when these companies approach the marketplace on their own. Since SMBs have fewer employees, they have less purchasing power than large enterprises, which leads to higher prices per employee.

A PEO (or “professional employer organization”) is an organization that serves as a partner to SMBs, stepping in to provide support with essential HR functions like payroll administration and employee benefits management. A PEO essentially acts as a “co-employer” of all its clients’ employees, which makes it possible for the PEO to administer paychecks and perform other administrative HR functions on behalf of its clients. When it comes to employee benefits, a PEO combines the purchasing power of all its clients to offer the best possible rates on top-tier plans, enabling SMBs to provide employees premium coverage options while reducing the overall cost of employee benefits costs.

By partnering with a PEO, SMBs can give their employees access to a wide range of medical, dental, vision, life, disability, and supplemental insurance plans from leading insurance providers. A PEO also enables SMBs to offer additional employee benefits like commuter benefits, travel discounts, and exclusive access to local entertainment.

Beyond simply reducing the cost of benefits per employee, a PEO also helps SMBs manage the administrative processes associated with them. From enrollment paperwork to ensuring proper compliance and educating employees on their benefit plans, a PEO provides valuable support in making sure your employees are covered and aware of all the great perks available to them.

As technology becomes more deeply integrated into your employees’ daily routines, they’ll also expect innovative ways to digitally connect and manage their benefits. A PEO equips SMBs with all the technology platforms their employees need for digital self-service, making it easy for them to view the benefits of a PEO and instantly connect with their providers.

Employee benefits are a major employer responsibility, so it’s a good idea to ensure you partner with the right PEO to manage it all. Only 1% of PEOs are ESAC accredited, IRS certified and Workers’ Comp Risk Management certified – these certifications demonstrate a PEO’s financial stability and adherence with strict regulatory standards that guarantee its ability to take on financial responsibility on behalf of your company.

It’s more important than ever for SMBs to invest in employee benefits. Working with a PEO makes it more affordable and offers employers greater peace of mind. Combined with the dedicated one-on-one support of an entire team of certified HR professionals, partnership with a PEO is one of the most cost-effective ways for reducing employee healthcare costs, increasing employee satisfaction, and building a stronger business for SMBs. Contact us to learn more about the benefits of a PEO.