The global business landscape has never been more competitive than it is today. For most companies, becoming successful requires taking advantage of every edge they can find in order to tip the odds in favor of earning the customer’s dollar. While having great managerial leadership is arguably one of the best tells of achieving future success, it’s important to follow this up with the recognition of what actually drives business productivity on a day-to-day basis: its employees. With unemployment at record lows, the process of finding, hiring, and retaining the best talent can be a genuinely challenging pursuit—and is certainly one of the most expensive aspects of running a business. Thankfully, Professional Employer Organizations (PEOs) excel at helping small businesses like yours to attract and retain the best employees.
A PEO is more than capable of efficiently handling all the human resources-related needs of your business, starting with the hiring process itself. By leveraging online recruitment solutions with their in-house expertise, a PEO can help your employment listings reach new heights. Without a doubt, digital applications are already better organized, cheaper than paper, and much easier to update with any necessary changes. Furthermore, the increased flexibility in presentation allows for the integration of improved screening features such as personality tests or questions specific to your industry. This methodology grants your business access to much larger pools of applicants and a superior screening process, both of which will greatly amplify your chances of finding the ideal new hire.
Excellent: now you have a queue of interested applicants. But, what does your company offer to a potential new employee that makes working for you a better proposition than the competition? Gone are the days of simply offering a traditional compensation package. Instead, research indicates that employees are looking for well-rounded benefits packages, which provide a substantial incentive to commit to a new job. A variety of rewards options, improved work-life balance, and the sense of long-term security offered by insurance and retirement plans are powerful attractors to employees and their families.
As a small business owner, however, providing full-featured benefits to your workforce can be exceedingly costly as well as time-consuming. Fortunately, a PEO can remove the stress and paperwork while simultaneously reducing your costs by granting you access to their bulk-buying capabilities. This allows your business to offer more options within its benefits plans and, at the same time, raise the quality and desirability of those rewards packages, effectively making your company much more attractive to work for.
Now that top-tier talent is arriving at your company, it’s important to retain that talent in order to benefit from its productivity over the longer term. As was the case with attracting new hires, here again we can see the relationship between benefits programs and employee retention. According to business surveys, the vast majority of employees indicate that benefits are a key component in explaining why they would choose to stay at their current workplace rather than move on to the greener pastures of one of your competitors. Perhaps unsurprisingly, there’s also a strong correlation between employees feeling satisfied by their employer’s rewards packages and those same employees feeling satisfied working for that employer. Therefore, leveraging the power of a PEO essentially creates a positive feedback loop within your company: offering quality benefits attracts more talent which fuels an increase in productivity and contributes greatly towards maintaining your workforce’s satisfaction and commitment over the long haul.