Recent news from the federal reserve has indicated that the United States is headed for another recession. Employers and workers are bracing themselves for the impact. Whether it’s due to a recession, inflation, the pandemic, or another disaster, these events can send a thriving business into chaos. When you own or operate a small or mid-sized organization, the effect of these events can magnify, risking further uncertainty for your employees. When you partner with a PEO, however, you can offer a sense of protection during a time of uneasiness, allowing you to spend more time with your employees and lower your business costs.
How a PEO can keep you on track during a potential recession
With the services and support of a PEO, you can focus on sales, sharpen your profitability, and retain your current employees, ensuring your company is equipped to meet the market’s demand. These goals are critical at any time, but they are especially significant when facing a potential economic downturn. This is why an employer turns to a PEO. When you partner with PrestigePEO, you receive highly competitive and comprehensive employee benefits coupled with a dedicated team of HR experts— employee benefits, compliance, payroll, and more. Your managers and employees receive support when and where you need it. You’ll no longer have to juggle HR tasks while simultaneously trying to focus on the bigger picture. With the help of a PEO, you can spend more time focusing on the big picture, knowing that your employees’ HR needs are taken care of.
What is a PEO?
Not familiar with the PEO model? PEO is an acronym for Professional Employer Organization, which allows companies to outsource vital administrative tasks such as HR management, employee benefits, compliance, payroll, retirement plans, and more. PEOs provide specialized support for HR management and enable business owners to focus on their core competencies, including developing, improving, or marketing their company.
Access the best health insurance for small businesses
Employee benefits can be costly and complex to manage. PEOs allow small businesses to access top-quality employee benefits plans that they may not be able to afford on the open market. With these high-quality employee benefits packages, companies can lower their own contribution while offering valuable plans. By reducing these crucial costs, business owners can, in turn, increase their overall profitability.
PEOs will also manage the administrative tasks that come along with these offerings. This management replaces an additional person you do not have to hire. When the economy is unstable, your organization needs access to employee benefits from leading providers while remaining in control of your budget. Offering these valuable plans reassures your team that you can provide what they need for themselves and their families to live healthy lives outside of work. Access to high-quality medical plans is a key reason many small businesses partner with a PEO. Offering thorough and varied health insurance benefits to your employees is essential to retaining your best talent.
You may ask yourself, how can a PEO offer excellent medical, dental, and vision plans at more affordable rates than you can access on your own? It’s simple. Your company will pool resources with other small businesses that partner with the PEO. This allows everyone to access competitive benefits at a low cost. You no longer need to navigate the HR world alone. When you work with PrestigePEO, we will connect you with those same rates and exclusive benefits that large-scale companies can get. Your employees will no longer have to choose between the attractive benefits of a larger company and the personal touch that your small business offers. Level the playing field with your competition by offering the same fortune 500-quality health benefits.
Help reduce your liability as an employer
There are many legal liabilities you must be aware of as an employer. You may take on these responsibilities yourself when you are a small or mid-sized business owner without the resources to hire an in-house compliance team. While trying to grow your business sales, support your employees, and keep apprised of any recent law updates, something may fall through the cracks. And when you are a business owner, that mistake could be expensive. By working with a PEO, you can lower your liabilities and improve your reputation as a business by mitigating risk. A PEO like PrestigePEO can also give business owners a sense of stability when the economy feels out of control due to the recession. PrestigePEO utilizes expert compliance and risk management services to help companies avoid legal penalties and fines on a state and federal level. Our compliance professionals will guide you through the state and federal employment laws you must follow. This will relieve you of a significant burden, allowing you to move forward with confidence and a PEO on your side.
Provide employees with comfort throughout the recession and more with PEO services
With everything a PEO has to offer, the partnership makes for a tight-knit community during periods of instability, at a time when your employees may feel at risk or have anxiety about their employment future. As a business owner, it is crucial for you to help enforce employee satisfaction, loyalty, and general happiness in doing their jobs. A happy workforce will also be more inclined to be productive at work and generate higher-quality results in the future. Lower your health insurance costs, increase your profitability with productive employees, and avoid costly fines from handling compliance on your own, all with the help of a PEO.
There are many considerations to remember when grappling with an oncoming recession, keeping up with an ever-changing economy, and sustaining a productive business. PrestigePEO can offer a sense of security and comfort to your team members and provide you with the resources your business needs to thrive during a period of turbulence.
Contact us today to learn more about our HR services, employee benefits, and strategic HR support.
