Why should you consider changing PEO providers now if you’re not satisfied with their services?
There may come a time when you feel that your PEO (Professional Employer Organization) isn’t living up to its promises, which could mean that it’s time to switch. However, this isn’t a decision that you should take lightly. Today, we’re going to discuss why you may want to change your PEO, what to do before you make your final decision, and what to look for in a new PEO provider.
When You Know It’s Time to Switch Your PEO Provider
PEO providers have certain responsibilities that are laid out when you first partner with them. These include providing certain benefits to employees, assisting with workers’ compensation claims, dealing with payroll services, and a variety of other types of tasks. If you feel that the PEO isn’t living up to your expectations or employees have expressed concerns, then it may be time to switch your provider.
What You Should Do Before Making a Switch
If you’re thinking about changing to a new PEO, you probably shouldn’t do so hastily because there may be an easier fix.
Here are a few things you should do before leaving one PEO for another:
Evaluate Current Offers
First off, take a very close look at the services you’re getting from the current PEO. There are several benefits of a PEO, including payroll services, workers’ comp, taxpayer services, healthcare benefits, etc. Take the time to look over what’s available because you might simply not be taking advantage of something you’re already offered.
Have an Open Discussion
The next thing you should do is to have an open discussion with the PEO’s main contact person. Ask to go over the benefits that you’re receiving and, if you don’t feel that you’re getting as many benefits as you should or perhaps you think they’re not doing a great job with employees, be forthright about it. You may be able to work something out that’s beneficial for everyone.
Consider Changing Benefits
If you’re not happy with the benefits you’re receiving or you think you’re spending too much money because employees aren’t taking advantage, you may need to change a few things. Most PEO providers will be very open to making tweaks to your services at any time. They may also be able to offer you discounts in certain situations.
How to Choose the Right PEO Provider for Your Company
Whether you’re switching to a new PEO or looking for your very first one, there are certain things you should keep in mind. Here are a few pieces of information that you should consider that will help you find the best PEO for your company:
How Many Years have They Been in Business?
There’s obviously no specific number of years of experience to look for, so use your own judgment. In most cases, just a few years in business will give plenty of experience. However, even a new startup can be very effective if the people who started the company have knowledge in a related field.
Another thing to consider is industry experience. This isn’t absolutely necessary because a lot of what a PEO does is similar enough across industries. However, if you can find a PEO that has dealt with companies in your field before, they’ll often understand your particular needs a bit more quickly.
A big part of a PEO’s success as it relates to your employees is the type of benefits they bring to the table. Reputable PEO providers will offer access to multiple employee benefits packages, which you’ll be able to choose from depending on factors like budget and the details of each package. They should give you a wide enough variety to fit practically any budget.
“Open Door Policy”
An important role of PEO providers is to act as an extension of your own Human Resources department. One of the ways that a reputable PEO company will make this possible is to institute an open-door policy. Before partnering with them, you should ask to see what processes are in place for employee interaction. You’re basically looking for a PEO that employees can easily work with.
Even if your company has plenty of money to spare, your PEO should offer different price structures depending on benefits packages and other services. They should also provide some kind of discount on workers’ comp if your company reaches a certain number of employees. Perhaps most importantly, they should be open and transparent with their price structure, with no hidden fees or expenses.
Contact Vested HR to be Your New PEO Providers
The best PEO providers are those that are attentive to the needs of employees and offer a variety of benefits. Vested HR provides PEO services that can help take your company to the next level. Above all, we strive to treat all of our clients like people, and not numbers. We provide a “human approach” to all of our services and look to provide what you and your employees need to succeed. If you have any questions, reach out to us at (727) 474-2114 today.