You probably know that a professional employer organization (PEO) can help you with benefits and payroll. But that’s not all it has to offer. Many PEOs offer several services that can be just as, if not more, beneficial to your employees and organization.
Here are five little-known services to consider before you choose a PEO.
1. Compensation services
You may not realize that a PEO may offer compensation services, beyond salary surveys. With some PEOs, you have the ability to get advice directly from compensation experts.
These experts can help you with things like:
- Compensation planning – Aligning your company’s mission, culture, business and human resource strategies with your compensation philosophy/strategy.
- Compensation philosophy/strategy – Developing a compensation structure that brings together the various elements of compensation, such as base salary, short and long term incentives, compliance, market competitiveness, internal alignment and affordability.
- Pay-for-strategic value – Helping align your employees’ pay with their projected contributions toward achieving your company’s strategic priorities.
It’s important to note that these experts often have knowledge and experience from multiple industries. This enables you to create a meaningful compensation program that meets the expectations of talent in your industry and today’s market.
2. Strategic planning
Without a strategic plan, an organization has no focus. Some PEOs have HR specialists who can help create your organization’s mission, vision and value statements.
These specialists will work to gain an understanding of your products and services, fundamental business objectives, as well as the value you place on your human capital. Moreover, they will collaborate with various groups within your organization to deliver advice that’s reflective of your brand and culture.
By asking the right questions and discovering what your organization truly values, the specialists help focus on your organization’s vision for the next one, three and five years. Based on this information, a PEO can then help you develop procedures and processes, such as a human capital management plan, which will support your strategic objectives.
3. Succession planning
Change is constant for all organizations. Whether an employee is promoted, retiring or your company is going into a growth mode, succession planningis vital to ensuring your business can keep moving forward despite changes. This can help you understand what knowledge, skills and abilities currently exist within your organization and where there’s opportunity for development.
This analysis can help you start to bridge the talent gap.
Often a PEO can help you develop the people on your staff or, at least, determine whether current employees could be the next leaders in your organization. When done correctly, this process can increase loyalty and employee engagement, while reducing downtime and recruitment costs when people leave your company.
4. Corporate coaching
Coaching helps people tap into their inner purpose and passion, then connect it with outer goals and tasks to bring about extraordinary and sustainable results.
Employees who have participated in on-going coaching have cited many benefits. These include improved work performance, communication skills, time management and team effectiveness. Such benefits often lead to increased productivity across your entire organization – a significant return on investment (ROI).
Professional coaching is a growing industry that can cost a substantial amount of money should you try to obtain these services on your own.
But, as a PEO client, coaching services may be included in your service package. Many PEOs provide certified training and development specialists who can help you identify your company’s training needs as well as facilitate various types of training within your organization.
5. Employee surveys
Administering employee surveys is a great way to keep your finger on the pulse of your workforce.
Employee surveys measure your staff’s perception of their work environment, leadership team and company culture. Some of the areas measured may include communication, commitment, trust, engagement and benefits.
There are different types of surveys available, such as employee opinion, on-boarding, compensation perception and exit surveys.
The value of these surveys lies in the results and the discussions that occur between your company and your PEO about the results. A good PEO will deliver an in-depth presentation that explains the statistical data, what it means to your organization and recommends focused action plans.
Organizations that repeat this process regularly have the benefit of tapping into historical data to determine trends and relate back to other HR measurements. The collaborative process that follows enables your organization to develop a strategy that can be effectively communicated and implemented across your entire workforce.
Keep in mind
Specific services are going to vary from PEO-to-PEO. It’s always best to do your research and look at what each PEO has to offer before deciding which one offers the most value and ROI to your organization.
Learn more about how a PEO can offer you access to better employee benefits, reduced liabilities and dedicated HR support. Download our free e-book, HR Outsourcing: A Step-by-Step Guide to Professional Employer Organizations (PEOs).