The only constant in the business world is change. Never has this been truer than in today’s environment, as organizations navigate labor shortages, economic uncertainties, evolving regulations and a host of other challenges. One way to overcome these obstacles is to partner with a professional employer organization (PEO). The following are just a few examples of how co-employment can help you lead through change:
Navigating compliance regulations
Compliance regulations are the source of stress and headaches for countless small business owners. Many of them don't have a robust HR department, let alone a compliance professional on staff, leaving them vulnerable to regulatory violations and endangering their financial health. In fact, the cost of compliance is 67% higher for small businesses than it is for large businesses.
How a PEO can help support compliance
As a co-employer, a PEO has a vested interest in your company being compliant and will monitor and interpret regulatory changes on your behalf. Having an expert help you manage compliance may save you time and money that can be reinvested in supporting your employees and growing your business.
Embracing the right workplace for your company
In response to the global health crisis, many employers shifted to flexible work models and allowed employees to complete their tasks from home and at hours that best suited their schedules. This flexibility fundamentally changed individuals’ lives and how they approached their jobs. Not surprisingly, many employees don’t want to revert back to the old way of working.
How a PEO can help improve workplace flexibility
A PEO can bridge the gap between remote work and in-office work so you can remain flexible and attract and retain top talent. Providers will help you think through the right approach for your business and your employees and address any resulting changes to policies, benefits and compliance.
Reskilling the workforce to meet changing needs
There's a talent and skills crisis in today's labor market. Employees who have access to growth and development opportunities are more engaged, productive and happier at work. However, tracking and managing professional development requires a great deal of time and attention, which businesses might not be able to devote.
How a PEO can help develop employees
Some PEOs offer industry and skill-specific courses designed to empower talent and close skills gaps. These training programs can often be customized to your organization’s changing needs, saving you precious time and resources on design and deployment.