PEO services are one of the most important factors for the success of businesses in the heat of intense competition. PEOs or professional employer organizations offer cost efficient outsourcing of HR administration. PEOs offer services in all departments of HR management – payroll and tax administration, employee benefits administration, workers compensation administration, human resources management, risk management, regulatory and government compliance, recruitment and selection of staff, employer liability management, and immigration compliance. Of all the PEO services, employee benefits administration is one of the most significant as it determines the inflow of qualified and experienced professionals to contribute to the effective functioning and increased earnings of the business. The more comprehensive the benefits package of a company, the more its buying power in the labor market. Small or medium-sized businesses that may not be able to offer much in terms of benefits on their own could do so in partnership with a PEO. It would tremendously boost the presence of the company in the job market. It also increases the company’s chances of retaining its employees.
A comprehensive employee benefits plan offered by a PEO generally includes:
· Employee health benefits & insurance plans (PPOs, HSAs)
· IRA solutions (Individual Retirement Accounts)
· Retirement planning
· Dental and vision care
· Long term and short term disability insurance
· Cancer, accident, hospital and other supplemental plans
· Education saving plans
· Adoption assistance
· Cafeteria plan
· Flexible spending accounts
· Individual coverage
· Employee voluntary benefits programs
· Prescription drug plans
PEO services that include a great employee benefits administration plan could make the vital difference in a company’s performance.
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