We may not know exactly what the “new normal” for local businesses will look like here in Iowa. What we do know is, in the wake of the Novel Coronavirus Pandemic, many business owners will most likely continue to be faced with tough decisions. Economists have predicted many businesses that were forced to close during the COVID-19 pandemic, may never fully recover.
On the bright side, there may be a solution for business owners who have found their businesses in this position. One of the main issues responsible for setting thousands of businesses back during the COVID-19 shut down, was a loss of income. Businesses were ordered to close, and our country saw historic levels of unemployment. Not exactly the mix for financial security. Business owners who want to watch their business succeed during these unprecedented times may benefit from the financial savings of working with a Professional Employer Organization (PEO).
PEOs can Save Your Business Thousands each Year.
Amidst the wave of uncertainty following COVID-19, local businesses are turning to Professional Employer Organizations. The expertise and support that comes along with a PEO gives businesses the guidance that is needed to navigate through the post-pandemic workplace.
PEOs Bring Tangible Value to You and Your Business.
Affordable Health Insurance for You and Your Employees. PEOs operate through a relationship called co-employment. This unique relationship allows business owners and their employees to benefit from large company benefits offered through the PEO. Simply put, the co-employment relationship looks like this:
- Business Owner. The business owner maintains the day to day control of decisions and operations. After all, it is still their business.
- Employees. The employees gain access to high-quality benefits often at a more affordable price point. This is an added benefit that is not typically available to employees of small and mid-sized businesses.
- Professional Employer Organization. The PEO becomes the employer of record for tax and benefits purposes. The PEO is trusted with keeping the business compliant with laws and regulations.
PEO’s give employers access to an entire suite of Fortune 500 caliber benefits in addition to high-quality health insurance plans. Additional benefits are also offered at desirable price points thanks to the co-employment relationship. This valuable PEO feature helps employers and their employees gain more financial flexibility by providing benefits at more affordable price points.
Reduced Liability for You and Your Business. Getting caught up in a compliance related issue can be a headache, and a damper on the wallet. Businesses that work with a PEO gain additional peace of mind when it comes to compliance and liability. Working with a PEO means gaining access to a dedicated team of HR professionals, who are available to assist at any time. As business owners navigate through the post-coronavirus workplace, keeping up with compliance and legal updates will become even more muddy. With a PEO in the back office, business owners have guidance to help mitigate the risk of running into expensive legal complications.
Expense Savings for You and Your Financials. A partnership with a PEO means coordinating multiple third-party vendors is a worry of the past. The PEOs ability to bundle multiple services into a single package offering has the potential to drastically decrease expenses for the business owner. Focus OneSource has saved an average of 27% on health insurance alone for our clients last year. Not to mention the savings on additional benefits as well.
PEO’s have a unique ability to harness the buying power of hundreds of businesses. This allows small and mid-sized employers to offer high-quality benefits to their employees at a fraction of the cost.
Every dollar counts as businesses continue to navigate through the post-pandemic workplace. Working with a PEO helps business owners reclaim their time so they can focus on the core of their business. Businesses can also save thousands of dollars every year by outsourcing critical business functions to a trusted PEO.
Iowans Helping Iowans.
At Focus OneSource, helping local businesses succeed is our business. We are Iowa’s premier locally owned and operated Professional Employer Organization. We strive to provide our customers with the best experience and most comprehensive suite of benefits at the most competitive price. Our Fortune 500 caliber benefit offering includes:
- Medical, Dental & Vision Insurance
- Payroll Management
- HSA & FSA
- 401(k) Retirement Plan
- Life Insurance
- STD & LTD
- Wellness Program
- Employee Assistance Program
Working with Focus OneSource could be your business’ most tactical post-coronavirus strategy. Our business has over a decade of experience with helping local businesses increase productivity and profitability – let’s work together and make your business next!
We are all in this together.
Your Business is Unique.
There are various different factors that contribute to the amount of money each business could save by working with a PEO. Try our free savings calculator to give you a better idea of your potential cost-savings with Focus OneSource.