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For more information on PEOs or a custiomized quote please submit your contact. We will be in touch ASAP.
For more information on PEOs or a custiomized quote please submit your contact. We will be in touch ASAP.
The number of small and medium-sized employers using professional employer organizations (PEO) continues to increase each year. Often, it is thought that the growth of the PEO industry is due mainly to the benefits business owners see from this partnership. However, owners aren’t the only ones who gain from working with a PEO.
Small business employees, too, stand to benefit from the services and solutions offered by PEOs today. Let’s take a look at a few examples of the positive outcomes that small business workers see when their employer works with a PEO.
One of the most well-known advantages to using a PEO is gaining improved, modern benefits and perks. And while better benefits help employers retain and recruit talent, these enhanced perks often provide even greater for employees.
When working with a PEO, employees are given access to a wide-variety of personalized benefits, including:
By having solid HR policies, a comprehensive benefit package, and employee perks, you are able to create a safe and happy workplace that helps you attract quality employees and retain them to reduce the cost of turnover.
Over the last few years, the workers’ compensation market has gotten a lot tougher for business owners. PEOs help businesses secure competitive rates for workers’ compensation insurance. That can sometimes be challenging for start-up companies, companies with past losses or those with high-risk jobs. PEOs have flexible workers’ compensation programs with more affordable rates than stand-alone policies and staff who help manage the cost of claims, coordinate return-to-work programs and recommend safety training
In most cases, it will be a more cost effective option than the traditional market can offer. We can also include Employment Practices Liability insurance which covers lawsuits arising from wrongful termination, discrimination, and sexual harassment. Issues that are becoming more common in today’s workplace.
Federal, state and local regulations related to HR are more voluminous and complex than ever. Most businesses don’t have the staff for the in-depth subject matter expertise needed to adequately navigate wage and hour regulations and ensure compliance with the full range of employment and tax laws. When small and mid-sized businesses work with a PEO, they get a team of compliance experts who stay current with all the rules and regulations that apply to employers.
A PEO also helps manage HR risk by helping clients:
PEOs are responsible for staying up-to-date on the latest federal and state labor laws and regulations. This not only saves you time, but also the frustration that comes with trying to make sense of and implement many of these changes.
By staying up-to-date on these changes, you can avoid hefty fines and disgruntled employees.
This desire for modern technology has also become an expectation for HR tasks that employees are asked to perform, such as requesting PTO, going through benefit enrollment, and submitted their hours.
The majority of PEOs offer their clients the kind of HR tech that employees want and need. Some even have mobile apps that make tasks as simple as possible for employees!
And most PEOs, through their HR technology, can offer small business employees learning and development programs and software that much larger organizations use.
A great HRIS System is fundamental today. By meeting employee expectations, employers help boost the happiness and ultimately retention of their workforce.
Enhanced benefits, robust learning and development programs, and easy-to-use, modern technology all help to boost the employee experience.
For employees, increased happiness makes their connection to their work and employer greater. And for employers, happy employees mean improved productivity and lesser chance of turnover – studies from the National Association of Professional Employer Organizations (NAPEO) have shown that PEOs help their clients reduce turnover by 10% to 14%.
A happier workplace and workforce are good outcomes for everyone and working with a PEO can help achieve these goals!
360PEO can also provide competitive quotes on all of your personal insurance needs. We work with several industry partners to help clients find coverage for many commercial lines of insurance, such as Group Long Term Care Insurance, Executive Benefits, General Liability, Property, and Commercial Auto.
We also offer personal lines insurance such as renter’s policies, home insurance, and life insurance.
For more information on PEOs or a customized quote please submit your contact. We will be in touch ASAP.
Almost every HR administrator I’ve talked to says that managing benefits and HR can be time-consuming and error-prone. We believe this can be solved with the combined power of the broker and technology. Together, they provide a flexible, customizable HR and benefits technology solution that helps employers save time, reduce errors, and increase employee engagement.
Take on-boarding as an example. Employee Onboarding is an important HR function that directly impacts the engagement levels of new employees in the first few days. That’s why it is no longer treated as just another administration input. At the employer end, it makes sense to invest in an extended and intensive employee onboarding program. This is because, hiring a person involves a lot of contingent costs, and it is best that an employee once hired is retained for the long term. Research shows that employees have a higher chance of leaving the organization within the first 18 months. An effective new employee onboarding program can prevent just that, saving your company time, cost, and other expensive resources. An onboarding program can thus go a long way in improving the efficiency of hiring.
Our clients are benefiting of going paperless with SF-based tech partner, Easecentral. As a leading provider of HR and beneﬁts software, EaseCentral understands that the thought of changing your beneﬁts enrollment process can be overwhelming. But if working with more than 1,000 insurance agencies and 40,000 businesses has taught us anything, it’s that switching to online enrollment is worth it.
In the words of our cleinst “We believe that an electronic trail is better than a paper trail”. For most clinets under 50 employees a full HRIS system can get punishingly expensive.A leading payroll company charges all incluisve package for $45/month. This pricey journey of HR and benefits technolog can be a turn-off. When we asked our clients if they were interested in an affordable online enrollment that that works with underlying insurance managed by us and payroll the answer is invariably “thats a no brainer”.
After we introduced EaseCentral, it did not take very long to acclimate to using the system. Our Agency help clients with the initial setup. With inutitive system clients hit the ground running. Employees do not need a lot of help either. In 2016, the first year we used EaseCentral had been successful. We walked employees through how to use EaseCentral. Soon after, they experienced their first open enrollment with technology and without paper.
Joe, our long time client and partner of a successful NYC Law Firm told me that he benefited the most from EaseCentral during open enrollment. “I have saved a significant amount of time managing documents, filing forms and no longer have to worry about where it all is”.
Before online enrollment, Joe used a manual checklist to keep track of all of the documentation and paperwork. “With EaseCentral’s HR and benefits technology, I save about 20 hours of work during open enrollment due to online submission of insurance forms. Additionally, each employee at Cyber Advisor saves at least one hour,” said Joe.
Joe also touched on the value of using EaseCentral for new hires’ benefits enrollment. “Not only does the system save me two hours of work per new employee, but my employees appreciate the flexibility the system gives them when choosing their benefits,” he said. This flexibility includes being able to determine what the plan is and what it will cost and viewing and enrolling in benefits at home with dependents.
1.First, employees are presented with only the beneﬁt plans they are eligible for.
2.Employees can enroll in all beneﬁt types, including short-term and long-termdisability, HSAs, and telemedicine.
3.Each beneﬁt plan includes in-depth summaries that provide deductible amounts and co-pays. If carriers have educational content like videos, employees can view those inside EaseCentral too.
4.Employees can view side-by-side plan comparisons with the cost per pay period to help them determine which plan brings them and their family the most value.
5.EaseCentral also provides the accurate cost to the employee of each beneﬁt plan they’re eligible for, and takes into account factors like dependents. Because this process is completed entirely online, employees can share these details with their dependents at home if they choose to.
The beneﬁts of online enrollment continue to make waves for businesses across the nation. Research shows that nearly 8 million businesses will be moving their beneﬁts and HR processes online by 2024.Businesses across the country are increasingly adopting online enrollment software. These are some of the ways, using both technology and a personal touch, you can create a whole world of difference for the new employee. It is about engaging them during their initial time in order to create a sense of belonging and loyalty to the organization so that they remain in the company for a long time to come.
Are you interested in more information on expereincing 21st century HR, Payroll and Benefits Tech integrations? Please join us for Weekly Demo on Thursdays 4PM EST.
The IRS Notice released today December 28, 2015 extends the due dates for the 2015 information reporting requirements (both furnishing to individuals and filing with the Internal Revenue Service) for insurers, self-insuring employers, and certain other providers of minimum essential coverage, that is, all Forms 1094 & 1095.
There is no extension for individual tax filings and individual taxpayers/employees may not receive their Forms 1095-B or 1095-C before they file their income tax returns for 2015.
Because of the delay, some employees will not receive their forms until after the April 15 tax filing deadline. The IRS indicates that these employees do not have to file an amended tax return. They should simply keep their forms in a file should they need them later.
Our payroll partners offer the ability to fill out your Forms 1094 & 1095 as well as providing copies to your employees and filing them with the IRS. For additional general Payroll Support and ACA Tax filings 1094 & 1095 please contact us at 855-667-4621.
A fun visual transit infographic highlighting the benefits of public transportation by Credit Donkey. With NYC Transit Benefit Mandate for 2016 Employers with 20 or more full-time employees in New
York City must sponsor for full-time employees a pre-tax qualified transportation benefit program (excluding parking subsidies). It would mean that an estimated 450,000 more New York City-based employees will have access to the commuter tax break. That’s in addition to the 700,000 who already get the break.
Despite the requirement this visual highlights the inherent win-win of riding public transit. Furthermore, Employers exempt form the mandate such as smaller Employer or outside NYC ought to consider this as a benefit per at work. IMPORTANT: The popularity of the benefit for Employers have been a budget neutral perk that is offset by payroll tax savings. After all, the Employer is not required to fund the Transit/Parking only sponsor the plan.
The way the pretax commuter tax break works is employees exclude their transit commuting costs from their taxable wages up to the $130 monthly limit (there’s a separate $250 monthly limit for parking). If you’re in the 40% combined federal and state bracket and you put away $130 a month pretax salary to use for transit, you save $624 a year. This also saves the employer money because the employer doesn’t pay payroll taxes of 7.65% on every dollar set aside by employees pre-tax.
If you want your employer to add commuter benefits—so you’re eligible for the tax break–petition your HR department, and specifically ask for the pretax commuter benefits program (why wait until 2016?). To learn more about the NYC Transit Mandate, please visit the official website of the City of New York.