You probably are aware that a professional employer organization (PEO) will assist you with benefits and payroll. But that’s not everything it has to offer. Most PEOs offer several services that could be equally as, if not more, valuable to your employees and organization.
Listed below are just five little-known services to take into consideration before you opt for a PEO.
1. Compensation services
You might not understand that a PEO may offer reimbursement solutions, beyond salary surveys. With a few PEOs, you are able to get information directly from compensation experts.
These experts can help you with things like:
• Pay-for-strategic value — Helping align your employees’ pay with their projected donations toward achieving your company’s strategic priorities.
It’s essential to remember that these experts frequently have wisdom and experience from several industries. This allows you to create a meaningful compensation program that satisfies the expectations of talent on your industry and today’s market.
2. Strategic planning
Some PEOs have HR specialists who can help create your organization’s mission, vision and value statements.
These experts will work to acquire an understanding of your products and services, fundamental business objectives, in addition to the value you place on your capital. Furthermore, they can collaborate with various groups within your organization to deliver advice that’s reflective of your culture and brand.
By asking the ideal questions and finding what your company actually values, the specialists help focus on your organization’s vision for the next one, three and five decades. Based on this information, a PEO can then help you develop processes and procedures, such as a human capital management plan, which will encourage your strategic aims.
3. Succession planning
Change is continuous for many organizations. Whether an employee is promoted, your company is going into an expansion mode, succession planningis vital to ensuring that your company can keep moving ahead despite modifications. This could help you understand what knowledge, skills and abilities currently exist within your organization and where there’s opportunity for development.
This analysis can help you begin to bridge the ability difference.
Often a PEO can help you develop the people in your employees or, at least, decide whether current employees could be the next leaders in your business. When performed correctly, this procedure can boost loyalty and employee engagement, while reducing downtime and recruiting costs while people leave your business.
4. Corporate coaching
Coaching helps people tap into their inner purpose and enthusiasm, then join it together with outside goals and activities to bring about extraordinary and sustainable outcomes.
Employees who have participated in on-going training have cited many benefits. These include improved job performance, communication skills, time management and team effectiveness. Such advantages frequently cause increased productivity across your entire organization — a significant return on investment (ROI).
Professional coaching is a growing industry that may cost a substantial quantity of money should you try to obtain these services by yourself.
However, as a PEO customer, coaching services may be contained in your service package. Many PEOs provide certified training and development specialists who can help you identify your company’s training needs and ease various kinds of training in your organization.
5. Employee surveys
Administering employee surveys is an excellent way to keep your finger on the pulse of your own workforce.
Employee surveys quantify your team’s perception of the work environment, leadership group and company culture. A few of the areas measured may include communication, dedication, trust, engagement and advantages.
There are various sorts of surveys available, such as employee opinion, on-boarding, reimbursement perception and exit polls.
The value of the surveys lies in the results and the discussions which occur between your organization and your PEO concerning the outcomes. A fantastic PEO will provide a comprehensive demonstration that describes the statistical data, what it means to your organization and recommends concentrated action plans.
Organizations that replicate this procedure regularly have the benefit of tapping into historical statistics to determine trends and link back to other HR measurements. The collaborative process which follows empowers your organization to develop a strategy which can be effectively communicated and implemented throughout your entire work force.
Keep in mind
Specific services will vary from PEO to PEO. It is always best to do your homework and look at exactly what each PEO has to give before deciding which one offers the best value and ROI for your own organization.
