LBMC Employment Partners, LLC, a leading Professional Employer Organization (PEO), HR outsourcing, payroll service bureau and benefits broker, is partnering with an increasing number of business owners, human resources managers and C-level leaders as they turn to the company’s PEO experts to help navigate rising costs, inflation, and talent shortages while enhancing overall performance and providing a better employee experience.
Webinar: 5 Benefits of a Professional Employer Organization
Want to save $1,775 per employee while retaining staff? Learn how a PEO can help your organization navigate rising costs, inflation, and talent shortages while enhancing overall performance and the employee experience. Whether you are a business owner, CFO, or HR professional, this webinar will equip you with valuable insights to set you up for success.
Run Time: 45 minutes
Five ways PEOs can help set up organizations for success.
1. Improve performance.
Businesses utilizing a PEO develop 7-9% faster, are 16% more likely to report an increase in profitability, and are 50% less likely to fail those without a PEO, claims the National Association of Professional Employer Organizations (NAPEO). In addition, a PEO can save $1,775 per year per employee and yields an ROI of 27%. Why? Outsourcing non-core functions – such as human resources – allows the organization to focus on its core business, bringing in more revenue for a growing business. Furthermore, a company who works with a PEO can use its negotiating strength to cut HR service costs per employee significantly and save money.
2. Offer better benefits.
Using a PEO has one of the main benefits since it allows the company to provide team members with better choices and quality of benefits. By including employees in a larger benefit pool when a company joins a PEO, the company can provide top perks usually only accessible to bigger businesses. A PEO relationship helps the company to provide more flexible and competitive health, dental and vision plan options, 401(k)/retirement plan alternatives, and a whole suite of complete benefits including wellness support. Perks such as discounts on car, homeowner’s, and renter’s insurance, travel discounts and fitness plans are often included as well.
3. Streamline processes.
A PEO provides a simple solution for HR teams that may otherwise be disjointed. Using a PEO allows the business to leverage the same provider for all HR needs, rather than using different vendors for each human resources function. Consolidating HR systems under a single provider means there’s one platform and one set of information, resulting in more efficient processes for HR teams and employees alike. Communication is also more streamlined with a PEO; a single point of contact makes problems easier to solve and responding to issues easier to manage.
4. Stay in compliance.
Workplace policy is a constantly changing world of new legislation, governmental compliance, repealed bills, tax credits, and new initiatives. Staying in compliance with FUTA, SUTA, FICA, and myriad state and local requirements takes time, energy, and expertise, and can take attention away from important company-wide goals. By staying abreast of relevant regulations, a PEO will keep the organization on track with deadlines and ensure it stays compliant. When information about healthcare and other employee data is piecemeal, compliance issues may be missed. By combining an HR technology provider and benefits broker in one system, a PEO allows HR professionals to identify and address potential compliance issues that may arise.
5. Attract and retain top talent.
NAPEO studies indicate that a PEO can cut employee turnover by as much as 14%. Regardless of company size, team members who partner with a PEO can leverage first-rate employee benefits packages, simplified HR systems, and modern HR tools. A PEO also helps with employee relations, benefits orientation, and new recruit onboarding—a safe, private space where staff members may ask questions and divulge personal information. A PEO can also contribute to the development of company culture, thereby strengthening the bonds among team members in a hybrid and remote word. A PEO relationship supports retention and talent acquisition by enhancing the experience of present team members and increasing the marketability of the business to future hires.
Get in touch with LBMC Employment Partners if you would want further information on how a PEO could benefit your company. A member of NAPEO since June 1999, LBMC Employment Partners is the only Tennessee headquartered PEO that is IRS certified.
About LBMC
LBMC is a 2024 USA Today Top Recommended Firm, one of the Southeast’s largest accounting and business consulting firms, and an Accounting Today Top Firm in the Nation serving approximately 11,000 clients with diverse needs across a spectrum of industries. Primary client groups include privately-owned middle market companies in the healthcare, manufacturing, technology, and private equity space. LBMC has more than 900 team members, with offices in Nashville, Chattanooga, and Knoxville, Tennessee; Louisville, Kentucky; and Charlotte, North Carolina. A four-time national certified Great Place to Work, LBMC was also named a 2023 Best Workplace in Consulting & Professional Services. Founded in 1984 as a traditional accounting firm, LBMC today is an industry leader in financial, human resources, technology, cybersecurity, and wealth advisory services for businesses and individuals.
About LBMC Employment Partners
LBMC Employment Partners, LLC, a member of the LBMC Family of Companies, is a world-class professional services firm. LBMC Employment Partners provides a comprehensive suite of human resource-related services to businesses, including Professional Employer Organization (PEO) services, HR Outsourcing (HRO), Payroll, Human Resource Consulting, Employee Benefits, and ACA Compliance Consulting. As a proud partner and authorized reseller of UKG Ready, LBMC Employment Partners helps clients be successful by offering a full suite of automated, scalable tools through this unified Human Capital Management system. LBMC Employment Partners is also the only Tennessee-based PEO to receive the Certified Professional Employment Organization (CPEO) designation in the first round of IRS certifications. For more information visit www.lbmcep.com.
