Recruiting today is cited as one of the top challenges facing employers, regardless of company size. With the current talent shortage, and the importance of passive candidates, smaller employers are at a disadvantage when competing for the best talent.
This is often due to a lack of employer branding and offering employee benefits that are below industry standards. The latter can also negatively impact employee turnover, which can prevent business growth and cost organizations a lot of money in trying to hire a replacement.
In our Customer Value Survey, we asked our clients which factors most impacted their ability to attract and
retain employees.
88% said the number one driver was the quantity and quality of benefits offered.
This is one of the major advantages of partnering with a PEO—gaining access to Fortune 500-level employee benefits.
Being able to recruit top talent while retaining high-performers enables small and medium-sized businesses to achieve growth goals.
Spending Too Much Time on HR Tasks
As HR has become more complicated and complex from an administrative standpoint, the time needed to properly execute it has grown significantly.
While larger employers have entire departments dedicated to ensuring all HR tasks are completed, smaller employers aren’t as lucky.
In many cases, one person must find time—and often a LOT of it—to complete HR tasks.
However, not putting in the necessary time or effort can lead to administrative errors that can negatively impact things like payroll, compliance, taxes, and more.
This is another problem that outsourcing can help fix, as a PEO will take over all HR management and administrative tasks. This frees up significant amounts of time for small business owners to use on other areas of a company. Having this extra time back can allow business owners to focus on curing another common HR and business symptom…
Limited Business Growth
With business leaders spending substantial amounts of time ensuring all HR administrative tasks are completed properly, it’s hard to devote the necessary amount of effort on tasks that result in company success. This can lead to missed company goals and less-than-expected growth. However, working with an outsourcing solution like a PEO gives time back to business owners and leaders that can be used on high-value business activities.
Additionally, PEO clients gain access to a wide-range of experts, including HR managers, benefit administrators,
and risk management experts that help to streamline HR and other business strategies.
When business owners don’t have to worry about these issues or spend time on them, they can instead focus their efforts on the main missions of
the company. Doing so can lead to significant growth over time for small and medium-sized businesses.
Cosmo Insurance Agency is an independent insurance agency serving surrounding communities in New Jersey. 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 the latest in technology-based tools and laws on healthcare, employee benefits, life insurance and finance, we keep our clients up-to-date with the plans that encompass all of their needs, whether it is individual or group insurance.
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