PEO Survey Top 3 SMB Challenges
For most SMB the two most important goals are revenue growth and cost controls.
In a competitive employee benefits market, both objectives are easier said than done. However, partnering with a PEO can help make these key goals easier to achieve.
Recently, PrismHR’s 2018 Human Resource Outsourcing (HRO) Trends Report took a closer look at PEOs, ASOs, and other HR service providers.
LET’S TAKE A LOOK AT THE FINDINGS
The report found the top 3 challenges for small and medium-sized businesses (SMBs) are:
- Staying compliant with local, state, and federal employment regulations
- Managing the cost of employee benefits
- Managing payroll
Additionally, the survey also explored the top reasons why SMBs decide to choose a PEO or HR service provider:
- Cost Saving
- Elimination of HR tasks
- Better benefits
Another finding from the report shows that SMB are not educated on the value of PEOs and how they can help. The survey sought to find just how familiar SMB are with the PEO model
- Never heard of it – 16%
- Have heard the name but don’t know what it is – 33%
- Have a vague understanding of what it is and how it works – 43%
- Are familiar with the PEO model – 8%
Millennium Medical Solutions Corp will help their clients by providing personalized HR services that are tailored to each client, their location, and their industry. Human resources is more complicated and complex than ever before, especially for small employers. SMB gain a Fortune-500 quality benefits, help them eliminate HR tasks that consume large amounts of time and resources, and save costs associated with HR should explore a PEO solution.
What’s the difference between co-employment and employee leasing? Check out our blog, PEO and Employee Leasing. Whats’ the Difference? to learn more about how different they really are! Who knows, perhaps a PEO solution can be a competitive advantage for your business. Click here to get started on a PEO quote.
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Want to learn more about PEOs? Check out PEO White Papers. This provides an overview of the PEO industry as well as helpful information employers!