Posts tagged PEO
E-Book Release!
 

We are excited for the release of our e-book, “Get More Done with a PEO,” which you can download here: www.fullstackpeo.com/ebook.  In conjunction with the release, we are going to be highlighting particular focus areas each week in June & July.  It all starts with these two questions:

What’s holding your business back from growth? Are you spending time on the right things for growth - or the administrative tasks of your company’s HR and operations?

If this sounds familiar, you know you need to make a change. It’s time to turn to a trusted adviser to remove the burden of transactional HR and free your time to focus on revenue.

As the tech scene is exploding in Indiana, companies need to find a way to attract and retain talent. What does the workforce want when it comes to choosing where to work and why to stay there? They want a strong company culture, opportunities for growth and development, and traditional benefits.

Here at FullStack, we want small business owners to know their options and understand just how a PEO can help their business grow. We believe that when companies can outsource their administrative HR needs to a PEO, that company is able to focus more on bringing their ideas to market and generating revenue.

What is a PEO?

A PEO is an HR outsourcing firm that enters into an agreement with a company to share responsibility and liability for its employees in the areas of Compliance, Employee Relationship Payroll and Benefits Administration, Workers’ Compensation, and Risk Management. The arrangement allows small companies to be able to offer highly sought-after benefits, such as 401(k) and health care benefits, to employees at costs much lower than if the company were to obtain them independently.

The demand for tech talent is continuing to flourish in Indiana and the Midwest. Companies that offer benefits make themselves more attractive to current and prospective employees. Working with a PEO can help you affordably offer these lucrative benefits that otherwise may have been cost-prohibitive for your company.

What do I delegate to a PEO?

At a minimum, the PEO will monitor and administer payroll, benefits, workers compensation, 401(k), compliance regarding taxes, employment law and other HR matters, as well as drug testing and background checks.

You decide who to hire and what benefits to offer. The PEO then handles the onboarding process or working with benefits providers. This process frees up the much-needed time for company leaders to focus on growing the business.

Do you want to spend more time focusing on bringing ideas to market instead of HR or administrative tasks? Do you want your company to grow?

If this sounds like you, then a PEO might be the right option for your company. You can find more information about what PEO is and how it can help improve your business, in our eBook, “Get More Done with a PEO.”

 
Why Use a PEO?
 

‘Tis the season for the holidays, where we are all making plans for how we will spend our time with family and friends over the next few months, what gifts we want to give to whom, and what who is going to cook what for the various holiday meals!  I personally am looking forward to making my pumpkin pie recipe that I make from scratch with baking pumpkins grown locally!


‘Tis the season also for business leaders making significant decisions for the next calendar year, including employee benefits open enrollment or shopping benefits providers to start providing new benefits.  You may be considering a PEO as your benefits provider, along with the other perks of partnering with one (payroll, compliance, strategic support). Therefore, as the newest member of the FullStack team, I want to share with you how I am answering the question, “Why use a PEO?”  Let’s look first at the statistics provided by a third-party research firm for the National Association of Professional Employer Organizations (NAPEO) - see references cited below for the link to the research.


  1. PEO Expansion - As of 2017, approximately 3.7 million employees in the U.S.A. were served by PEOs, growing progressively every year since 2008 (1.8 million employees served)

  2. Financial Save - Companies save approximately $450 per year in administrative costs by utilizing a PEO.

  3. Survival & Growth - Companies who utilize a PEO are 50% less likely to go out of business, and grow 7-9% faster than companies who don’t use one.

  4. Employee Retention - Companies using a PEO have 10-14% lower employee turnover


Allow me to expand on the second and fourth points from my experience as an HR/OD consultant and leadership coach working with many business and nonprofit leaders, and as a small business owner myself. A PEO is a one-stop-shop for payroll, benefits, and compliance.  Many small businesses use separate vendors for all three, which means separate invoices, and having to communicate with CPAs, benefits providers, and attorneys respectively for their specialized services. Not only will working with a PEO save companies substantial costs per employee, it will also save leaders incredible amounts of executive time and energy to work with multiple vendors and troubleshoot challenges.  PEOs take care of this with all the respective vendors on behalf of our clients.


As a result of this time and energy save, leaders are less frenzied, and are freed to focus on the essentials of the business.  At FullStack, we believe one of these essentials is creating a healthy company culture where leaders are intentionally investing in the development of its team members.  Not only do we encourage our clients in this priority, coaching and consulting support in this strategic arena is a key offering we call “Empathy Services.”  As people who have started businesses and helped run them at early stages, we empathize with the challenges leaders are facing and strive to be a support to them in these.  This is not something you will find at every PEO, but something that differentiates FullStack. In the next few weeks, we will share stories of how we’ve supported our amazing clients.  Don’t hesitate to contact us if you’d like to learn more.


References Cited


  1. NAPEO White Papers - Research conducted by McBassi & Company https://www.napeo.org/what-is-a-peo/about-the-peo-industry/napeo-white-papers -


 
Employee Recognition - What Works?
 

While focusing recently on thoughts of Employee Engagement, recognition comes to the forefront to provide employees feedback on how they are doing. This can be done by a team lead, practice manager, peer, mentor, or mentee - anyone with whom the employee comes into contact. But I have a call to action today - I want to know what you’ve seen work, and what you’ve seen fail miserably.

One item that keeps being mentioned is the need for a remote connectivity tool with the workforce that is so physically scattered in today’s e-work environment. There are apps that can connect individuals where you can give “shout-outs”, make announcements, etc. Other apps, like Slack, allow you to do the same but are employee-controlled with regard to content creation and posting. Are these the best tools for remote engagement?

For in person, we know nothing replaces an in-person “atta boy”, a handwritten Thank You card, or shout-outs at the company meeting. Some companies have a discretionary bonus pool and award for core value recognition. Still others do peer-to-peer recognition on a regular basis.

We know what doesn’t tend to work: Intranets.

So what does work best for you and how often? 

Hit me up with your thoughts at dawn.lively@fullstackpeo.com