Running a successful small business in New Jersey is rewarding, but it is not easy. The success of the business depends on multiple factors. A major factor is having qualified, talented workers.
Unfortunately, attracting and holding on to strong employees can be a challenge for small business owners who often cannot afford to offer health insurance or other benefits larger businesses provide and lose out on hiring or keeping the best employees. The good news for New Jersey’s small business owners is that a New Jersey NetPEO broker can help solve this problem, leveling the health insurance playing field and opening up hiring opportunities.
NetPEO is a Professional Employer Organization (PEO) brokerage firm. We help small business owners find a New Jersey PEO health insurance services provider who can improve their health insurance offerings and take care of other administrative needs.
Health Insurance Is Important to Employees and Good for Business
As reported by the United States Chamber of Commerce, a recent survey conducted by the Society for Human Resource Management (SHRM) showed the importance of good health insurance benefits to employees. Survey results show 88% of respondents ranked health benefits as “very important” or “extremely important,” giving it priority even over “retirement savings, leave, family care, education, and transportation benefits.”
Employees are not the only ones helped by good health benefits. Another study referenced by the U.S. Chamber of Commerce shows businesses reap a strong return on investment (ROI) when they offer solid benefits. They see:
- Increased worker productivity as workers have higher morale and better health
- Lower direct medical costs since workers have access to “well” care and treatment for illnesses before they worsen
- Less time and money spent on recruiting and keeping workers as employees are more satisfied with their compensation and remain loyal to the business
This study indicated businesses currently see a 47% ROI on health insurance offerings, and this percentage is expected to increase to 52% within the next few years.
Solving the Health Insurance Problem
Providing employees with health benefits is important–both to the workers and the business. However, finding affordable health insurance is a time-consuming and discouraging process for small business owners whose hours and finances are often already stretched to their limits. If you are a New Jersey small business owner frustrated by the health insurance problem, reach out to NetPEO for a practical, stress-free solution.
How NetPEO Can Help
PEOs are organizations that take on the benefits and administrative responsibilities of small businesses through a co-employment relationship. NetPEO is not a PEO itself, but as a brokerage firm, it has a vast network of vetted, quality PEO partner options.
A NetPEO broker will meet with you to discuss your health insurance and other business needs and search the network for potential New Jersey PEO health insurance services providers who can serve as your co-employer and improve your health insurance offerings. Your broker will do all the research for you and present you with a manageable list of options so you can make a final selection.
Since PEOs are co-employers with other small businesses, all employees of those businesses are employees of the PEO. A New Jersey PEO health insurance service provider can offer better benefits because they have a larger pool of employees than a typical small business and therefore have more bargaining power with insurance companies and can offer packages at a lower per-employee cost.
How the Co-Employment Relationship Works
The idea of having a “co-employer” for your small business may make you uncomfortable. It is important to understand that you do not lose control or ownership of your business through a co-employment relationship. This structure simply makes it legal for your PEO partner to carry out administrative tasks involving sensitive employee information.
When you have a PEO co-employer:
- You remain the CEO of your business
- You make all business decisions
- You manage your employees’ roles and responsibilities
- You focus on growing your business and pursuing your vision
- You decide which duties to delegate to your PEO
New Jersey PEO Health Insurance Services and More
While securing high-quality health insurance packages is one way a PEO can improve your business, it is not the only way. PEOs can fulfill any other human resources (HR) or administrative duties you assign, saving you hours that you can re-invest into the parts of the business you want to focus on–like perfecting your product or service or growing your customer base.
The United States Small Business Administration (SBA) provides data for each state’s small business profile. According to New Jersey’s profile, the state has:
- 937,436 small businesses, representing 99.6% of New Jersey businesses
- 1.9 million small business employees, representing 49.5% of New Jersey employees
- Small businesses in 18 different industries, ranging from “Professional, Scientific, and Technical Services” to “Mining, Quarrying, and Oil and Gas Extraction”
Whatever your industry, NetPEO can find the right PEO partner for you. Along with health insurance packages, a PEO can also carry out:
- Payroll processing management: paying employees, handling payroll taxes, and resolving discrepancies
- Recruitment, hiring, and training
- Employee terminations
- Employee performance reviews
- Compliance and Risk Management: ensuring your business upholds the many and often-changing small-business regulations
- Workers’ compensation claims
Using NetPEO’s brokerage services to find the right PEO partner for your business gives you access to a broad spectrum of services and providers. The partnership will save you time, energy, and money. Your broker will ensure your PEO fees fit your budget, and you will quickly see the ROI as greater worker retention and productivity improves your bottom line.
We Look Forward to Hearing From You
Call or send NetPEO an electronic message today to arrange a free consultation. We look forward to hearing about your business and making it the best it can be. We will work to find the New Jersey PEO health insurance services provider that meets your employees’ needs and can take on any additional administrative responsibilities you wish to outsource.
A better business experience is within your reach.