As a small business owner, you know how much your employees mean to your company’s success. You want nothing more than to provide them with quality benefits to show your appreciation for their hard work. However, managing health insurance, retirement plans, compliance, and more can be challenging on your own.
At NetPEO, we can help you find an Austin PEO that can provide you with employee benefits services. We have a wide network we can choose from, and our team is ready to help you find your perfect match.
How Does Partnering With a PEO Work?
Partnering with a professional employer organization (PEO) is a straightforward arrangement that provides key benefits without much effort required by the business owner. Here’s an overview of how the PEO relationship works:
- The PEO becomes a co-employer of your existing staff by taking on employer responsibilities for tax, benefits, and compliance.
- Your employees effectively work for both your company and the PEO. However, their day-to-day roles and supervision do not change.
- The PEO handles employer payroll taxes, stays on top of regulations, and oversees benefit administration so you don’t have to.
- Based on a pre-determined PEO broker charge, typically a percentage of payroll, the PEO takes care of all associated employer costs and administration behind the scenes.
- Your company pays one invoice to the PEO each pay period to cover wages, taxes, benefits, and services.
- Your team remains working onsite, your business proceeds as usual, and your existing relationships stay entirely intact.
Partnering is simple to set up. The PEO relationship operates transparently, so employees see no change while you gain valuable expertise and services.
How an Austin PEO Can Help You Provide Better Employee Benefits
Partnering with a PEO based in Austin can make it easier for small business owners to offer competitive benefits to attract and retain top talent. By teaming up with an Austin PEO, you gain access to benefits packages and prices normally only available to much larger companies. Some key benefits an Austin PEO can provide include:
Group Health Insurance Plans
By joining together with other small businesses through the PEO, you can offer health insurance to your employees as part of a much larger insurance group. This opens up group plans that may otherwise be cost-prohibitive for businesses of your size.
Larger group statuses mean lower premium costs per enrolled employee. The PEO handles all the paperwork and billing to make health coverage simple and affordable for both you and your staff.
Retirement Savings Options
Setting up a quality retirement savings option, such as a 401(k) plan, can be an expensive administrative burden for small companies. However, partnering with a PEO gives you access to top-tier retirement plans that your employees will value.
The PEO selects strong investment funds and provider partners, then takes on board plan setup, recordkeeping, compliance regulations that all businesses must follow, and enrollment tasks. This allows employees to contribute pre-tax dollars toward their future financial security while also receiving any employer match funds. The PEO manages retirement plans professionally so you can focus on your business.
In addition to medical and retirement benefits, a PEO may help arrange life insurance, flexible spending accounts, and dental and vision plans at prices you can budget for.
How Do Good Employee Benefits Help Your Business Financially?
Being able to provide your employees with quality benefits will make them feel valued and supported. As a result, your employees will be more likely to stay at your company. This can help you financially because you don’t have to worry about spending money on talent outreach and training new employees.
When your employees are happy, it’s going to reflect in their work. By using a PEO company, you’re investing in your business and your employees to keep everything running smoothly. At NetPEO, we have a wide network of PEOs we can match you with.
Risks of Failing to Provide Quality Benefits to Your Employees
While employee benefits require an investment, failing to offer a competitive package can be costly for a business in several ways. The risks you face when you don’t use a PEO to obtain quality employee benefits include:
- Recruiting challenges: Top candidates seek stable benefits in addition to fair pay. It’s difficult to attract top talent without quality offerings.
- Increased absenteeism: When healthcare is missing, minor issues may lead to more sick days. Lack of sick time options can exacerbate this.
- Compliance fines: Neglecting laws around FMLA or other benefits places a business at risk of hefty penalties.
- Lower productivity: Unhealthy, uninsured workers may struggle with medical or work-life issues, sapping focus and output.
Protecting your business requires protecting your employees. Quality employee benefits services through an Austin PEO provide stability for both parties.
What Industries Can Austin PEO Employee Benefits Services Help?
PEOs work with a wide variety of industries to provide valuable benefits packages to their employees. Some common industry sectors that can benefit from partnering with an Austin area PEO include:
- Professional and technical services
- Retail and wholesale trade
- Hospitality and food services
- Non-profit and social assistance
- Personal and repair services
- Real estate and property management
No matter the nature of your small business, an Austin PEO can help employees gain affordable group benefits. Even seasonal industries like landscaping, agricultural work, or tourism can take advantage of the healthcare, retirement, and other perks PEOs negotiate. Partnering makes robust benefits attainable regardless of industry size or location constraints.
Contact Us to Find Austin PEO Employee Benefits Services
At NetPEO, we do the hard work for you and search for Austin PEOs that can help your business grow. Austin PEO employee benefits services are an investment in your business, employees, and yourself.
Contact us today to get started with Austin PEO employee benefits services.