Quick Look: Payroll, benefits administration, and HR support have long been core pillars of a successful professional employer organization (PEO) – but that’s not all it has to offer. Here, we’ll break down four lesser-known PEO services your clients may not know about.
Professional employer organizations (PEOs) have been around for decades and are known for providing a variety of outsourced HR services like payroll, benefits administration, and HR support. However, they also offer several other solutions that may be flying under your clients’ radar. Let’s explore four PEO services that could prove to be untapped treasure to both you and your clients.
1. Comprehensive recruiting services
While your clients are likely aware that candidate sourcing, screening, and interviewing are common recruiting services available through a PEO, there are many other recruiting services that PEOs can help with. Better yet, some PEOs provide these all-encompassing recruiting services for no additional cost, enabling brokers to provide even more value to clients.
In an increasingly competitive job landscape, clients can put their best foot forward by leveraging a PEO to perform:
- Salary benchmarking and compensation analysis: PEO recruiting experts can review third-party salary data to ensure that each of your client’s roles offers fair pay ranges. Salary benchmarking and compensation analysis can be used for internal and external job postings, as well as confirmation that current employees are being paid fairly, to assist clients with attracting top talent and retaining current staff.
- Skills assessments and talent pool assessments: The sheer volume of job applicants for a particular role can be overwhelming and make it difficult to decide on a winning candidate. For example, if there are five well-qualified applicants, how do clients determine who should get the job?
That’s where skills assessments and talent pool assessments come in – administering sample work assignments, job simulations, cognitive ability tests, and more can provide much-needed clarity. To make the process even easier, a PEO’s recruiting experts can perform these assessments and provide results to your clients so all they need to do is review the data and decide who to bring on board.
2. Corporate training
In addition to helping your clients recruit the best talent, PEOs can also help develop their existing staff through a variety of corporate training programs including:
- Employee training and development: Helping employees learn new, or improve existing, skills is a win-win situation – education empowers (and helps retain) talent, and your client benefits from additional knowledge under their roof. A PEO partner can provide clients with fully baked employee training and development programs, both for general learning and role-specific needs.
- Leadership coaching: Businesses cannot succeed without the right leadership. Help clients strengthen theirs by partnering with a PEO that provides leadership coaching that touches on topics like communication, emotional intelligence, time management, and more. Some PEOs offer access to a learning management system including integrated learning schedules and on-demand immersive content, which can further drive value.
- Compliance training: A major benefit of a PEO partnership is that they keep a close eye on employer regulations so that your clients don’t have to. From trainings on cybersecurity to harassment to Form I-9, PEOs have your clients covered so they can focus on more lucrative business initiatives.
3. Risk management
In addition to compliance training, did you know that some PEOs can develop and implement custom risk management plans and safety maintenance programs for your clients?
These specialists can train your clients on establishing and maintaining a safe work environment and closely examine their claims history to identify accident trends and employees with repeat claims. They may also assist with:
- Personalized claims management and state unemployment claim management
- Safety and loss control and prevention
- Return-to-work programs
- OSHA and LOA management
4. Data analytics
Knowledge is power. Without data, any business initiative is just a stab in the dark and a hope for the best. Luckily for your clients, PEOs can help them make informed decisions by gathering and presenting a wide range of data in an easy-to-read format.
So, what can this data be used for? A lot:
- Recruiting: Data can strengthen every facet of recruiting. By surveying employees, clients can determine where they heard about their job and the company, where they went to school, and their opinions on the interviewing and onboarding process. This data can then be used to improve relevant recruiting operations. For example, if most employees discovered their job on LinkedIn, it would be wise for clients to focus recruiting efforts on that platform. Likewise, if many candidates or employees studied at a particular school, it may be effective for clients to attend that school’s job fairs.
- Measuring performance and retention: Employee surveys and performance management systems – both of which PEOs can administer and manage – can aid clients in identifying top performers as well as employees who may be struggling. Praising those who are doing well and supporting those who need assistance can work wonders in terms of increasing retention rates. This data can also be used to identify departments with higher-than-average turnover and address any underlying issues.
- Diversity, Equity, and Inclusion (DEI) initiatives: Some PEOs offer access to workforce management software, like ExtensisHR’s DEI Dashboard, that provides valuable DEI data, allowing clients to compare real-time information regarding pay equity, salary trends across both gender and race demographics, employee turnover, promotions, and more. DEI efforts have become a priority and offering this data to your clients can be what you need to stand out as a broker.
- Planning for the future: Growth is exciting – and it impacts nearly every aspect of your client’s business. Data provided by a PEO can be used to forecast growth and predict future budgets, required office space, and more. When empowered with data, clients can confidently and sustainably continue to grow.
PEOs can do all the above – and more.
PEO services like payroll and benefits administration will always be fundamental – but there’s a full range of other, lesser-known services ripe with opportunity for brokers and clients alike. The comprehensive recruiting services, corporate training programs, risk management, and data analysis offered by PEOs can help clients reach their business goals and brokers strengthen their book of business.
If your clients are looking for even more assistance, a PEO like ExtensisHR provides it all through its PEO Premier® offering. An industry-first, PEO Premier® is redefining HR by providing:
- A fully managed, concierge approach to HR with your client’s very own PEO Premier® Account Manager, HR Manager and Payroll Associate assigned directly to your client
- Turnkey, all-inclusive, completely outsourced HR solution that entirely eliminates self-service and responsibilities normally residing with customers in a PEO arrangement
- A smart, comprehensive solution that all but eliminates your client’s HR workload
- Premium recruiting services and executive-level talent pool creation
- Access to luxury HR experiences and services like healthcare advocacy, concierge medicine, international employee benefits and payroll management, and more
Ready to take a closer look at the full range of PEO services? Contact the experts at ExtensisHR now.