StroudLink’s Solutions 

The Benefits of Working with a PEO

Are you frustrated with the time it takes and the cost involved in attracting good talent? Being able to retain that talent once you finally find it is also another struggle. Attracting and retaining top talent is a crucial part of building a successful business. Companies that can attract and retain top talent are better positioned to grow and achieve their goals.

However, many businesses, especially SMEs, struggle with this task and find it difficult to compete with larger Fortune 500 companies that have more resources and higher compensation packages. What if there was a way to compete head-on for great talent no matter who the competition is?

Why do employees look for new job opportunities?

One of the primary reasons employees leave their current job is for better pay and benefits. In a recent Gallup Poll, this was identified as the number one reason employees seek new job opportunities, with 64% of employees citing it as very important. It is not surprising that employees want to be fairly compensated for their work, and they want access to benefits that meet their needs. Employees are aware that they are currently in a job seeker’s market and in a position to negotiate for higher pay and better benefits. As a result of this current intense competition for talent, businesses must be willing to offer competitive compensation and benefits packages to attract and retain top talent.
This is where smaller businesses often struggle, as they may not be able to offer competitive salaries and the huge benefit packages that other larger corporations can. This can make it difficult for them to attract and retain top talent, as employees are often looking for the best compensation and benefits package.

PEO services as a solution 

One solution that can help businesses compete for top talent is a Professional Employer Organization (PEO). PEO services pool businesses together to leverage and use economies of scale to get discounts. A small pool would be 10,000 to 20,000 worksite employees and there are now PEOs with pools well over 1,000,000 worksite employees. So, being a part of these types of pools immediately puts SMEs on a level playing field with any large corporation. The PEOs will then help with everything from payroll and benefits administration to employee training and development.

One of the primary benefits of a PEO is that it can help businesses offer more affordable benefits packages to their employees. By partnering with the right PEO service, small businesses can gain access to group rates on health insurance, retirement plans, and other benefits that are typically only affordable for larger companies. This allows them to offer competitive benefits packages that can help them compete with larger corporations for top talent.

By offering good benefits packages and competitive salaries, businesses create a culture of employee loyalty, as they show that they value their employees. By offering affordable benefits and investing in employee development, businesses can show their employees that they are valued and appreciated. This can create a sense of loyalty among employees, which can lead to better retention rates and higher levels of productivity.

In addition to offering affordable benefits, PEOs can also help businesses lower their overall HR costs. By outsourcing HR functions, businesses can save time and money on recruiting, training, and other HR-related tasks. This frees up resources that can be used to invest in employee development, compensation, and other initiatives that can help attract and retain top talent.

The right PEO service could potentially lower your cost so businesses can afford to give raises to key employees. Furthermore, by making benefits packages affordable, businesses can even afford to put their employees’ dependents on the benefit plan. This provides a clear demonstration that the business genuinely cares about them, which is another important factor in generating employee loyalty.

Finding the right PEO service for your business

How do you know you are working with a trustworthy PEO service that is charging you the right prices and giving you the best services? It can be difficult to find a PEO firm that is the right fit for your business, in terms of meeting your needs, goals, or budget. This is where a PEO broker comes in.

A PEO broker is a knowledgeable and experienced professional who knows the PEO industry inside and out. They understand the strengths and weaknesses of each PEO service provider and can guide you to the one that best fits your business needs.

Using a PEO broker costs nothing extra for your business, as the PEO firm pays the broker’s fee. In fact, it’s in the PEO firm’s best interest to offer the best deal possible through the broker, as the broker has access to many different options.

By working with a PEO broker, you can avoid the pitfalls of selecting the wrong PEO service provider and ensure that you get the best pricing package available. Don’t miss out on the benefits of PEO services for your business.

Trust a seasoned PEO broker to help you find the right fit. To learn more about our PEO brokerage firm at StroudLink, visit our website! Reach out to me directly at [email protected] or call 210-887-2148.

StroudLink’s Solution!

To learn more about our PEO brokerage firm or to reach out to us directly call 210-887-2148 or email our CEO at [email protected]

To view this article in it’s original location (LinkedIn) please click here: The key to attracting and retaining top employee talent

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