Attracting skilled and experienced professionals to an organization and retaining them are what employee benefit management services are all about. The greater the benefits package of a company, the more buying power the company has in the job market. But not all companies would be able to offer attractive benefits on their own. Larger companies and businesses undoubtedly have an edge over small businesses as they’re able to offer better and more comprehensive benefit packages.
The ideal means by which small and medium-sized businesses can exert their influence on qualified professionals looking for their dream job is to tie up with a PEO (Professional Employer Organization). A PEO gives a company access to a wide range of employee benefit plans, in many cases the best available in the market. These benefits are what would attract the workforce that could make the difference at the workplace. With the expert assistance of a PEO, the benefits are administered efficiently with employers not having to worry about the costs and compliance issues, focusing instead on their business operations.
Employee benefit management services of PEOs generally include:
- Employee health benefits & insurance plans
- Retirement benefits and planning
- Dental and vision care
- Long term and short term disability insurance
- Cancer, accident, hospital and other plans
- Education saving plans
- Adoption assistance
- Cafeteria plan
- Flexible spending accounts
- Individual coverage
- Employee voluntary benefits programs
- Prescription drug plans
Employee benefit management services are part of the comprehensive PEO package that covers all aspects of HR management.
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