When starting or managing any business, one of the key elements is the acquisition and retention of top-tier employees. To do this, it often it is necessary to provide a high quality employee benefits package. Unfortunately, some business owners may find it difficult to provide the kind of benefits that truly attract the best talent, due to pricing.
By using a PEO or human resources outsourcing company like Einstein HR, companies are better poised to offer the best employee benefits at significantly lower per-employee costs. Additionally, HR outsourcing companies employ experts in the field and can help business owners manage and control employee benefits packages with ease.
Benefits Services With HR Outsourcing Companies
One of the chief services provided by human resources outsourcing companies like Einstein HR is employee benefits administration. Often much cheaper than hiring a permanent in-house human resources staff, bringing in an outsourcing firm can offer your company the following services related to employee benefits.
Einstein HR can provide your company with full set-up and installation of employee benefits software.
Einstein HR can acquaint both business owners and employees with the benefits packages they are afforded, and can teach employees how their benefits work.
Handling the day-to-day management of employee benefits can be a burden on business owners whose time might be better spent dealing with the functions of their company. Einstein HR can process and administer employee benefits to save owners time and energy.
When it comes to payroll matters, Einstein HR can ensure that the deductions for benefits packages are handled efficiently.
The reason for having employee benefits is so that employees can use them in times of need. When these times arise, Einstein HR can handle the paying out of benefits packages in a manner that is compliant with local and federal employer laws.
Customer service is one of the chief areas in which Einstein HR excels. Having been voted Best Customer Service by Gwinnett Magazine for five years running, we are uniquely positioned to offer post-benefits services to your employees and handle any issues that arise.
Providing Employee Benefits Through Co-Employment
To help provide the highest quality employee benefits packages, companies often turn to the co-employment relationship. Though the name may sound scary to some business owners, in fact co-employment does not pose a risk to the company.
How Co-Employment Works
When you and a PEO or HR outsourcing company like Einstein HR enter into a co-employment relationship, that PEO becomes a fellow employer of your employees. This is a legal relationship that allows the PEO or outsourcing firm to handle certain services, such as employee benefits and payroll management.
In co-employment, the following things are still true:
- You remain the primary employer of your employees.
- The PEO does not hold any ownership stake in your company.
- You and your leadership team still control the direction of the company.
- Your employer liability is often reduced by the PEO.
Many businesses choose to outsource their HR needs in this way, as co-employment can save owners time and money. Significantly, having a co-employment relationship often results in the ability to offer better employee benefits at a fraction of the normal cost.
Employee Benefits Through Co-Employment
PEOs and human resources outsourcing companies are on the rise. In fact, the latest information compiled by the National Association of Professional Employer Organizations indicates that more than 175,000 businesses use PEOs. The HR outsourcing industry is growing at a faster rate than the overall United States economy as well.
Since PEOs partner with so many different businesses through the co-employment relationship, their overall employee pool is much larger than that of any single company. This is especially true when the company in question is small or just starting out, as these often have a limited number of employees.
By having a larger employee pool, PEOs and HR outsourcing companies like Einstein HR are able to spread the cost of top-tier employee benefits packages over a larger number of people, resulting in a much more affordable plan.
Start Saving Money and Providing Better Benefits Today
As a business owner, you stand to save money and time by outsourcing your HR needs, including the provision and administration of employee benefits. Not only does this give your employees access to better benefits at a fraction of the normal cost, but it makes your employees happier and cuts down on costly turnover rates.
At Einstein HR, we have been recognized throughout the industry for our ability to provide employers with just these kinds of services. Recipient of the Atlanta Pacesetter Award in both 2016 and 2017, we are here to handle any of your human resources needs.