Quick Look: The idea of maintaining the status quo is slipping away as businesses are reevaluating their place among today’s workforce. The tried-and-true ways of doing things are starting to feel restrictive as people seek personalization from their employers. However, it’s not only employees who want change. SMB leaders also want a more hands-on, innovative approach when it comes to staying competitive, and PEO brokers can solidify their client connections by tuning into what leaders really want.
Creating affordable healthcare plan options for small- and medium-sized business (SMB) leaders is still rooted in a broker’s role, though now it often seems like the bare minimum of what is expected. There have been mass disruptions to the workforce, and now as employees and job candidates reset their priorities, they are asking for more from employers.
Competitive salaries and benefits packages remain top priorities. However, fully insured healthcare plans aren’t necessarily the go-to solution anymore as out-of-pocket medical expenses and insurance premiums continue to soar. Employees are seeking more affordable ways to ensure their healthcare needs are met and want benefits to accommodate their current lifestyles.
Therefore, tailoring benefits outside of employee healthcare plans is becoming part of a company’s competitive edge. Meanwhile, engaging customer service, easily accessible educational resources, and streamlined communication are among the top factors everyone seeks more of, all of which brokers can deliver through partnering with a professional employer organization (PEO). The basics of a broker’s capabilities haven’t changed; it’s how these capabilities are delivered which makes the difference.
Affordable healthcare customization
Access to affordable healthcare is always a top priority and getting fair prices is part of the benefits equation. Brokers who partner with a PEO can expand upon options tailored to their clients’ needs. This may include partially self-funded plans, plans with prescription benefits, and other opportunities like HSAs. The goal is to work together within each client’s parameters and speak to what their workforce uniquely needs to help their company grow.
Introducing voluntary benefits
In the past, voluntary benefits have commonly been viewed as an afterthought, which makes it an area where companies can set themselves apart. Selecting the right ones leads to higher employee satisfaction and serves as an effective recruiting tool to bring on new talent. Nearly 75% of workers claim that a wider range of benefits would entice them to remain with their employer for longer. However, SMB leaders should confirm whether these are meaningful benefits for their workforce. A PEO broker can connect clients with experts to tailor options and make adjustments as value perceptions continue to shift.
Access to a trusted advisor
Health insurance policies and laws are constantly changing, which means brokers must proactively discern what’s applicable to their clients. Also, many employees now seek flexible scheduling and remote work opportunities which can affect benefits. Connecting clients with a PEO delivers advisory service through an in-house team of HR experts who are well-versed in the ins and outs of healthcare legalese, in addition to all facets of HR. With accurate information, SMB leaders can maintain compliance and make more informed decisions about their business.
Education beyond healthcare
Employees are often unsure of exactly what their company’s health benefits cover; therefore, limiting their value. Additionally, retirement savings is a key area of interest for people today, but they may not have access to the tools or information they need. A PEO broker can extend educational resources by collaborating with a PEO to host year-round webinars and Q&A sessions. Engaging a workforce in multiple ways helps to provide a satisfactory experience for all and frees up time for their SMB clients to focus on company growth.
Introducing digital solutions to SMB clients offers greater flexibility, increases efficiencies, and allows them to track growth and make better-informed decisions. Additionally, providing a digital enrollment process gives employees access to monitor their benefits and update their information anywhere, anytime. With over 90% of the workforce accessing the internet from their smartphones, having this information available at their fingertips is invaluable.
Full suite of HR services
As a PEO broker, working with a PEO like ExtensisHR offers personalized services through a team truly invested in your clients’ needs. SMB leaders are always searching for the right balance of growth and sustainability so they can continue with any current success while also pursuing new opportunities to expand. Thus, having access to a full suite of HR services through a PEO is an exceptional value-add for SMB clients who want to create the best benefits program without having to spend full-time effort.
The workforce is in a constant state of flux. People are switching work environments, jobs, and even careers on the way to something bigger and better. They want flexibility, digital solutions, and exceptional experiences. Therefore, brokers are going beyond the standard service offerings and ramping up efforts by partnering with a PEO.
Being in a position to offer better choices at better prices gives brokers an advantage when working with and recruiting new clients. Finding the right fit for clients extends your value as a PEO broker. Among the unique offerings ExtensisHR can offer your clients include:
An in-house team of experts dedicated to addressing all of your client’s HR needs instead of impersonal automated responses and cookie-cutter approaches commonly experienced with big-box PEOs.
Industry professionals who maintain IRS Certified PEO (CPEO), ESAC Accreditation, and Certification Institute (CI) for Workers’ Compensation and Risk Management, an achievement held by only 1% of PEOs.
An all-inclusive HR services solution without hidden costs or inclusions plus reporting visibility allowing your clients to make data-driven decisions and forecast future company growth.
Elevate the experience for your SMB clients by delivering beyond the status quo. Extend your offerings to include a PEO solution powered by HR technology and a people-first approach. Contact ExtensisHR today to learn more about how we can support you.