When businesses make the transition to a PEO, it's comparable to upgrading a computer system. The process offers numerous advantages to both employers and employees, making it a worthwhile investment in most cases. Although transitioning is typically efficient and takes little time, employers and employers may need to adjust to the new processes and protocols in place.
Here we'll take a look at the specific benefits of a PEO transition for employers and employees to make it worth your time and money.
Impacts on Employees
PEO partnerships offer several key benefits to employees, including:
Clearer Benefits
When your company works with a PEO, you'll be able to enroll more easily in benefits programs and get an update on their status. As a result, employees will be able to easily determine what their insurance carriers offer, the benefits that they can use, and the benefits they've already used. All of this is achievable using the same centralized software solution.
HR Compliance
Another benefit to employees is the ability to eliminate concerns regarding HR compliance. A PEO can help ensure that their company adheres to the latest rules, regulations, and guidelines. This PEO can also answer any questions employees have about their benefits, HR violations, and other issues. At the same time, employees can rest assured that they're getting accurate information from a team specializing in HR matters.
Ease of Transition
The right PEO will help keep the process of implementing HR tools and others simple and painless. For example, when completing various forms, employees won't need to manually enter all details more than once. After entering them the first time, the system will autofill information such as names and addresses. This makes it easy for employees to check their details and ensure that they're consistently accurate and up-to-date within the system.
If employees don't have a current login, they can simply complete an electronic packet that contains all necessary information to help them ease into the new system. This same packet allows employees to select the specific benefits they want.
As soon as employees sign up with the new system and sign the client service agreement, they can start accessing their benefits.
Easy Onboarding
Onboarding is also simpler for employees, as they can view software demos to help them learn about the new system. This helps them get the most from the software, enabling them to easily access and update their details. If employees need a refresher, they can simply go back to the videos and relearn the necessary steps.
Impacts on Employers
In addition to employees, transitioning to a PEO benefits employers in several ways. The following are some of those advantages:
Easy Transference of Processes
When partnering with a PEO, businesses only need to take a few steps to get the services they need for both their operations and their employees. Specifically, you will only need to complete three main forms, including:
- A W9 that provides the PEO with the company's federal ID
- ACH forms that enable the PEO to process payroll
- Your company's current workers' compensation policy
As soon as you complete and turn in these forms, your PEO will be able to take the reins and handle the processes you want to hand over to this partner. It takes very little time for you to connect with and establish a beneficial relationship with your PEO. Once your PEO has taken on the designated processes, you can focus on growing your business.
More Time for HR Employees to Focus on Important Tasks
When your PEO handles some of the more mundane HR tasks, your in-house HR staff will be able to focus on more critical tasks that benefit the business. For example, they can spend more time boosting morale for employees to increase productivity and satisfaction or handle conflicts.
Simple Integration
Once you've signed an agreement and are ready to implement the solution your PEO provides, you can quickly and easily do so. You'll get everything you need to integrate the new software and system and connect it to your operations and employees.
Like when employees enter information, you'll be able to autofill all employee details after initially entering them, saving you more time when making any updates or completing reports in the future. Additionally, you can automatically transfer pre-existing information from your previous system into the new one for even more seamless integration. This information could include details from a previous payroll processor or PEO.
Get Started With the Right PEO Today
With so many benefits for both employers and employees, making the transition to a PEO is often worth it in the long run. You'll be able to simplify HR and other processes and give your business and employees the most ideal solution based on your unique requirements. You'll gain access to better benefits for employees, easy integration of efficient tools, simpler payroll processing, and more.
