Choosing a PEO for employee benefits administration is important as benefits attract the right professionals to your organization and also contribute to increasing staff retention.
The Importance of Staff Retention
Retaining staff members who perform well is an important success factor for businesses as it offers continuity and saves the cost of hiring another batch and providing training. It leads to more resources, costs and time spent. A good benefits package not only increases the employee retention factor, but also expands the influence of the organization in the job market, when it’s time to get fresh, creative and dynamic professionals to spearhead the growth of your business. Choosing a PEO for employee benefits administration is therefore one of the most important tasks for any organization.
How a PEO Can Help
The PEO or Professional Employer Organization is made up of experts in the various fields of business – accounting, HR administration, management, business ownership, law, and more. They can handle all aspects of human resource management and also offer valuable suggestions and other assistance for the success of your organization, depending on its size, structure and nature of business. Benefits administration is one of the solutions offered as part of the PEO’s comprehensive HR management services.
What the Benefits Package Contains
The comprehensive benefits package offered by a PEO generally covers employee health benefits and insurance plans (PPOs, HSAs), individual retirement accounts and retirement planning, dental and vision care, disability insurance for the short and long term, individual coverage, hospital and supplemental plans, cancer and accident plans, voluntary benefits programs, flexible spending accounts, prescription drug plans, and education saving plans.
By choosing a PEO for employee benefits administration, you can ensure a satisfied workforce that is your greatest asset.
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