At Concertiv, we help professional services firms procure the best products and services at the best prices. Our clients on average realize a net savings of 20% while improving relationships with their suppliers. As part of our insurance offering, we help our clients navigate their relationships with professional employer organizations, or PEOs.
Defining a PEO
As professional services companies grow, they need to improve their benefits offerings to attract and retain the best talent. However, the task of administering these benefits can quickly become complex and time intensive. PEOs are designed to offload the stress of managing these programs, reducing administrative and human resource costs, while offering a wide variety of benefit programs.
How PEOs Help with Healthcare and Workers' Comp
Some PEOs offer the option to retain existing health insurance or workers' compensation plans while providing access to their services, which can be comforting to business owners who have already invested resources in selecting insurance plans. On the other hand, if a firm is not satisfied with its current insurance plans, Concertiv can help identify a PEO that best fits healthcare and workers' compensation needs. Since many PEOs only work with one insurance carrier, Concertiv will analyze the offerings and company needs to provide the best options.
How PEOs Help with Taxes
PEOs often help firms manage tax payments. If a firm is looking to switch PEOs mid-year, there may be tax implications. Concertiv can help firms manage these tax implications.
Making the Switch
At Concertiv, we have optimized our client workflow to provide a frictionless experience when looking to work with a new PEO. We recommend a four-step process:
1. Evaluate Internally
Identify the specialized services and support needed
2. Gather Information
Evaluate initial scope of PEOs through Concertiv-facilitated meetings
3. Compare Quotes
Engage in negotiations and determine the best fit for the business
4. Implement the Change
Transition and onboard the new PEO, including an implementation timeline and identification of tax responsibilities
Reach out to Concertiv today to see how our procurement-as-a-service model can help your company save time on RFP processes and money on HR expenses.