OFFICIAL PUBLICATION OF THE COLORADO BANKERS ASSOCIATION

Pub. 10 2020-2021 Issue 6

PEOs and Financial Wellness

PEOs and Financial Wellness

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Ensuring your business has a stable foundation is critical to successfully navigating unforeseen circumstances and keeping a solid footing through hard times.

The evolution from entrepreneur to employer is never an easy one, and it’s very rarely the reason anyone sets out to start a business. Managing daily HR tasks can cost business owners a tremendous amount of time and money if not done properly.

Partnering with a Professional Employer Organization (PEO) can help businesses gain access to Fortune-500-style benefits, dedicated HR experts, and a robust suite of technology. PEOs are a one-stop shop and can lead to major cost savings for your business. According to the National Association of Professional Employer Organizations (NAPEO), average PEO clients can expect a return on their investment of partnering with a PEO based on cost savings alone — the cost savings from using a PEO is an average of $1,775 per year per employee!

PEO and Financial Stability

Take a look at these stats from NAPEO. Businesses that work with a PEO:

  • Are 50% less likely to go out
    of business
  • Have 10-14% less turnover
  • Grow 7-9% faster
  • Were 119% more likely to receive COVID-19-related PPP loans
  • Were 60% less likely to permanently close during the COVID-19 pandemic

Source: napeo.org

Rather than paying the big bucks to set up your own company medical plans, most PEOs have a large group master medical plan that provides top-tier benefits to help your company attract and retain talented employees. Instead of managing administrative tasks across multiple websites and vendor accounts, PEOs offer technology solutions to streamline your HR experience.

Guidance Through Hard Times

There are few better examples of how working with a trusted PEO can provide guidance when you need it most, than the COVID-19 pandemic. As a flurry of legislative initiatives passed, PEO HR and legal experts were hard at work providing resources and sending out information on legislative updates that impacted clients. Most PEOs have a team of Society for Human Resource Management (SHRM)-certified HR professionals to keep you informed and help make the best decisions for your business across constantly evolving HR topics.

TIME SAVED = MONEY SAVED

Often, entrepreneurs wear multiple hats, from the owner and human resources to payroll experts and more — PEOs help take care of the administrative HR tasks so you can focus more time on moving your business forward. As your company grows, so do the demands on your time. A trusted PEO partner can take the administrative burden off your shoulders, like running your payroll, managing your benefit plans, bulking up your recruiting efforts, researching new HR legislation, and compiling W-2 info for you and your people. Partnering with a PEO is a great way to empower your business with a team of HR experts, technology and long-term financial stability.

Financial Transparency

Transparency is one of our guiding principles at Nextep. We hang our hat on our promise of no-fee functionality and transparent billing — meaning our clients won’t be sneakily charged for services. We take this so seriously, we’ve even racked up some industry certifications! Nextep is an IRS Certified PEO* with a SOC 1 Type 2 designation and an ESAC accreditation, backing up our commitment to conduct business safely and honestly.

As an ideal PEO for the banking industry, Nextep works specifically with Colorado Bankers Association to empower its members with our robust suite of technology, friendly HR experts, and next-level customer service. Nextep is here to help you navigate the challenges of running a business. From easily accessing in-depth company analytics, accessible HR business partners, and risk and compliance services, we give you the tools you need to make quick and informed decisions as a trusted partner by your side.

We’ve built our reputation on elevating the employment experience and enriching the lives of those we serve. We couldn’t be more excited for the opportunity to serve the esteemed members of the Colorado Bankers Association. In short, Nextep is ready to help you get back to doing what you do best: running your business.

*The IRS does not endorse any particular certified professional employer organization. For more information on certified professional employer organizations, please visit www.IRS.gov.

 

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