Many owners know that a professional employer organization (PEO) can help with benefits and payroll. Still, many don’t know that PEO’s offer much more services, and they might be beneficial for your employees and business. Below are five PEO services to consider before you choose a company.
Some PEOs can get you advice directly from people familiar with the ins and outs of employee compensation, and they can help you with the following:
- Compensation planning – Aligning your company’s mission, culture, business, and human resource strategies with your compensation approach.
- Compensation philosophy/strategy – Forming a compensation structure that combines the various compensation elements, such as base salary, short- and long-term incentives, compliance, market competitiveness, internal alignment, and affordability.
- Pay-for-strategic value – Aligning your employees’ pay with their predicted contributions toward achieving your company’s strategic priorities.
This allows you to create a meaningful company compensation program that meets talent expectations in your industry and today’s market.
Without a strategic plan, a company has zero focus. PEOs have HR specialists who can help create your company’s mission, vision, and value statements.
They may also help you collect and measure data related to turnover and retention, labor costs, pay equity, diversity, and more. These data-driven insights can improve the way you do business and provide clear benchmarks for improvement moving forward.
Whether an employee is promoted, retiring, or your company is going, succession planning is important to ensure your business keeps moving forward, despite changes. This can help you understand what knowledge, skills, and abilities exist within your company and where there’s an opportunity for improvement.
Coaching helps people tap into their inner purpose and passion and connect it with outer goals and tasks to bring extraordinary and sustainable results. Employees who participate in ongoing coaching have seen many benefits. These include improved work performance, communication skills, time management, and team effectiveness. Such benefits often lead to increased productivity across your entire business.
Conducting employee surveys is a great way to evaluate what employees are thinking. Surveys measure your team’s perception of their work environment, leadership team, and company culture. Some of the areas measured may include communication, commitment, trust, engagement, and benefits.
Keep in mind that specific PEO services are going to vary from company to company. That’s why it’s always best to do your research and look closely at what each PEO has to offer before deciding.
Cosmo Insurance Agency is a full-service independent insurance agency based in Hackensack (Bergen County) and Lakewood (Ocean County), New Jersey that offers an all-encompassing range of insurance options for both individuals and businesses. Cosmo keeps its promise to assure an efficient and creative approach to the services we offer. Each of our clients experience a personalized and long-term relationship with us. Our New Jersey based team of health brokers guides our clients in helping them choose the most cost-effective options. By incorporating our knowledge of the insurance guidelines for healthcare, employee benefits, life insurance, self-insurance, dental, disability, and long term care insurance, we keep our clients up-to-date with affordable plans that cover all their specific insurance needs.