The Value of Comparing
The other day the TV in my basement started giving me problems. I figured out what it would cost to fix - it made sense to buy a new one. Once I decided to buy a new one, I thought about what kind I wanted and what size, hopped on my laptop and within seconds, every option was laid in front of me. From the vast selection, I chose the exact one I wanted. I bought it and in a few days it’ll be here.
I’m sure everyone at some time or another has done just that for something you needed, and if you haven’t, you should - and here’s why. Competition in business is bad for the businesses’ profits. It drives down the price for the solution offered. It does favor the buyer, and that’s what matters to us; everyone wants to get the best price on anything they buy. This is only accomplished by finding providers of what you need and then comparing them to each other.
In the past, comparing providers was a cumbersome, audorous process that no one wanted to be bothered with, made more difficult with the added issues of having no professional help or peer reviews as a guide. Luckily for us, most of the items we buy today are able to be compared through the comfort of our WiFi connection. Most consumer products now are able to be compared and even bought, but providers of solutions for businesses haven’t been so forthcoming in their advances.
Couple those issues with the fact that some of the providers of solutions for businesses aren’t even available to small and medium size businesses (SMB) because of their size, even though they remain the backbone of our economy. We started Dinsmore/Steele because of no outlets to shop and compare providers of payroll, hr and insurances - the very basic functions within and company, specifically for small to medium size businesses.
Consider that most companies use either ADP, PayChex or do payroll in house; use insurance brokers for employee benefits and workers’ compensation; and lastly either hire someone or give HR to someone in the office to handle. People do this not because it’s easy, but because they know no other way or option - leaving them to waste their time and their resources.
Because of the competition we spoke about earlier, every business in existence must find ways to attract, manage and retain their employees. Our experience working with SMB has given us direct insight into how companies overcome these challenges and streamline the entire administration of it all. Here are two ways sophisticated companies are winning the battle of it all:
The first one is HRO Human Resource Outsourcing. HRO combines your payroll, insurances and hr administration into one provider. This eliminates inefficiency in multiple vendors and provides discounted rates by bundling - therefore saving you time, money and adding value. The second one is through a PEO Professional Employer Organization, which involves co-employment of your employees for taxation and medical benefits purposes. PEOs pool employees together from SMBs and uses that buying power to offer their clients’ reduced rates on all insurances, access to Fortune 100 benefit plans and HR infrastructure tied together through payroll.
Both solutions manage and administer your employee benefit plans, workers’ compensation policies and offer you access to a HRMS Human Resource Management System. There are substantial benefits to both solutions, but it’s important you know the difference and fully understand the choices you are making for your company. We suggest using an intermediary like Dinsmore/Steele to shop, to compare and to find the right solution for you.
Regardless of how or what you buy, comparing your options and knowing what’s available is the key to making the right decision.