We are now mid-year and year end is still months away. That being said late summer is the ideal time to evaluate your current solution. There are 4 components to PEO. The obvious is payroll (without this there would be no co-employments relationship), risk management ( workers compensation), benefits, and HR. Many organizations use all of these heavily others are partnering with a PEO for exclusively benefits or workers comp. Organizations should step back and analyze, what exactly is our current provider offering and what are we taking advantage of.
Some possible things to consider:
1. Are you satisfied with the service of your current solution?
2. Has the pricing changed for their administration? Are you unhappy with it?
3. Are you satisfied with their benefit plan designs? Are your employees happy?
4. Has your health insurance pricing increased?
5. Are their services and products that you would like that your current solution doesn’t offer?
Most importantly, do you like partnering with your current solution?
To get the most value from your current solution you need to have a partner that saves you time, offers valuable support, helps to eliminate vendors and works well with your staff.
Mid-year is often appropriate to research solutions. Many PEOs renew their health mid-year. An organization can effectively switch health insurance mid-term. There is no short term cancellation penalty and many carriers honor deductibles that have been met.
Mid year is also the ideal time to shop PEOs for savings. Right now we are not in the “selling season”. PEOs and payroll providers are all searching for business. Why, because many companies still change for 1/1. These same providers have a staff waiting to implement new clients. These same support staffs are inundated fourth quarter, which means less focus on your organization and the greater the possibility for mistakes. Lastly, trying to get employees to agree on dates for benefit orientation in November and December is like pinning jello to a wall.
Unlike years gone by, PEOs also now have 30 day agreements and can be termed with the appropriate written notice. The progressive PEOs of today credit clients for taxes that have been accrued and paid.
We triage your current solution and strive in our research to obtain and present to the organization solutions that fit their needs and to also provide savings.