With the help of a PEO, even small establishments can offer Fortune 500 level perks to their employees.
One of the biggest hurdles facing small businesses in today’s skill-driven economy is recruiting. Finding, wooing, then retaining the right talented individuals that make or break a company is tough.
That’s not to say that the talent isn’t out there, or that small businesses are looking in the wrong places. Rather, the problem is that for many talented prospects, the typical small enterprise just isn’t on their radar. With big name corporations offering big-time benefits, it can feel like a bit of a lopsided playing field for the multitude of smaller outfits competing for top-tier talent.
But fret not small businesses! Being small has it’s perks too.
The modern worker isn’t necessarily always looking for a cushy desk job and corporate credentials. In fact, most young job seekers abhor the rigid hierarchy, perpetual ladder-climbing, and nine-to-five cubicle farms associated with the corporate world. Smaller enterprises are uniquely positioned to offer these workers the kind of mobility, agility, work-life balance, and social cache that they crave. But matching multinational competitors when it comes to financial incentives can be tough, if not outright impossible.
Here’s how PEO’s can help.
A PEO, or Professional Employer Organization, is effectively a corporation that itself provides the kind of human resources services that many small and medium-sized businesses lack. More importantly, they have the know-how, resources, and expertise, to find and retain the best and brightest. PEOs field their expert recruiters, screen job candidates, onboard and orient new hires, set up payroll, insurance, and benefits, and even handle the termination. In other words, they provide an end-to-end talent solution for small businesses who cannot afford to staff their in-house HR department. Furthermore, PEOs are often able to negotiate favorable terms on healthcare and insurance premiums and better comprehensive benefits packages.
Here’s the key: PEOs help smaller outfits compete for talent by acquiring corporate-level benefits at an affordable price. As a bonus, their expert recruiters will search for, and screen, promising job prospects for you so that you, the owner, can focus on more important tasks. Ultimately, final hiring decisions remain in the owner’s hands, but a PEO can take care of all the rest.
A small business can indeed win the talent war by leveraging the inherent strengths of being small, in conjunction with the services of a great PEO.