As business owners look to reduce costs and increase their budgets, many of them are realizing the value of working with a Professional Employer Organization (PEO). With the help of a reliable PEO, businesses can save more money and experience the growth they need to succeed. Working with the right PEO is a worthwhile investment, potentially leading to an ROI of as much as 27.2% or higher.
To give you a better understanding of how partnering with a PEO can help increase your profitability, the following are some ways you can boost your ROI with the help of the right organization.
Learn more about what you should expect from your outsourced HR partner
1. Employee Retention Reduces Costly Turnover
Employee turnover is extraordinarily costly for businesses. The fact is that replacing a single employee can cost as much as two times that employee’s salary, or even more. To avoid turnover and the potential costs associated with it, a PEO can help improve employee retention. A good PEO will be able to assist with onboarding, which helps ensure that new hires make a smooth transition into your workforce.
In addition, a PEO can help create proper job descriptions that appeal to prospective employees. These descriptions will include plenty of details about the job itself, along with information about perks and benefits. These descriptions will excite potential hires and attract better talent.
A PEO can also assist with training and development to make sure employees perform their best. At the same time, employees will be more satisfied with their job knowing that their employer values their progress. If employees feel as though their company wants them to succeed as professionals and individuals, they’ll be far more likely to stay on with the company and remain productive.
2. Robust HRIS Keeps You Organized… and Profitable
A PEO can also help harness the power of a human resource information system (HRIS), which will empower both your employees and your organization as a whole.
Using an HRIS, self-service options can increase employee engagement and give them more control over their benefits and other elements of HR. For example, open enrollment will enable employees to choose the plans that work for them. Additionally, your company can benefit from improved collaboration between teams.
Other advantages of a fully capable HRIS include improved employee training capabilities that keep employees at the top of their game, along with optimized scheduling. These systems can also reduce the risk of payroll and employee information errors.
All of these benefits make implementing an HRIS with a PEO invaluable when it comes to saving money and increasing internal efficiency.
3. Benefits Attract Top Talent and Solidify You as a Desirable Brand
When searching for a new job, prospective employees will want to know what kinds of benefits companies offer from the start. Appealing benefits packages go a long way in attracting and retaining top talent. If people see that a company is eager to take good care of them with health insurance benefits and other types of benefits, they’ll be far more trusting of the organization.
Healthy employees also make for a much better workplace for everyone. Consider the fact that 89% of workers are more likely to recommend their company to other potential hires if the organization supports well-being initiatives. Having a wellness program and good benefits packages has also led 61% of employees to make healthier lifestyle choices, which further results in increased employee productivity and satisfaction.
These and other statistics highlight the value of offering high-quality benefits packages to new and existing employees. With the help of an experienced PEO, you’ll be able to select the right benefits to offer your employees.
Get the HR Solutions You Need with Execustaff HR
If you want to see the potential ROI of a PEO partnership when outsourcing your HR, consider working with the experts at Execustaff. Having a dependable PEO by your side can benefit your business in numerous ways that help save money and facilitate long-term growth. At Execustaff HR, we provide top-tier customer service along with ample experience and technology to give our clients the partnership they need. We offer cost-effective benefits and can streamline payroll, HR, and benefit responsibilities.
We understand that employees are among our clients’ biggest investments, which is why we work to provide “live” services on-site that help us stand apart from other PEOs. With Execustaff HR behind your business, you and your employees will benefit from the help of a live HR professional who’s always available to provide assistance, which helps significantly reduce administrative burden on your end. We also provide our clients with a comprehensive HRIS and employee portal. Regardless of your company’s unique requirements, we can help meet them with the ideal solution for your company and employees.
