From car washes to law offices, construction sites to corporate boardrooms, it’s an end-of-year rite of passage: workers across the country choosing their employee health insurance benefits during open enrollment. Ahead of this annual tradition, employers must make tough decisions to line up group health insurance and retirement plans for their employees – and there’s also commercial insurance to consider, which can protect the business from liability and loss. It’s open enrollment: business owner and entrepreneur edition.
Employee health insurance, of course, isn’t cheap. For small- and medium-sized businesses shopping the private marketplace for group health insurance that is both affordable (for employer and employee) and comprehensive, sticker shock is likely.
That’s why more and more small business owners are turning to a Professional Employer Organization (PEO) like Integrity Employee Leasing, which can provide small businesses with the purchasing power to provide Fortune 500-level employee benefits, including employee health insurance, 401K retirement plans and more.
Through a PEO partnership, a small-business employer can help their employees access plans that offer big-business employment benefits, including health, dental, vision and life insurance; retirement plans; short- and long-term disability options; dependent care benefits; and more. For example, Integrity’s clients appreciate that our MetLife dental and vision plans are offered at no additional employer cost!
According to the Bureau of Labor Statistics, 4 in 5 employees also participate in their employer’s 401K plans. Integrity helps clients navigate federal rules governing retirement plans, ensuring compliance as well as expanded coverage for your employees. This includes provisions such as automatic enrollment, Roth designation options, employee incentives and more.
Insured and Covered for the Future – the PEO advantage
At Integrity Employee Leasing, one of the country’s fastest-growing PEOs, we also come alongside employers with the resources and expertise to handle payroll processing, benefits eligibility determination and other fundamental and time-consuming HR functions – allowing business owners to focus on core operations.
The benefits of using a PEO for comparing employee health benefits and other business insurance needs are myriad. According to the National Association of Professional Employer Organizations (NAPEO):
- Businesses that use PEOs grow 7 percent to 9 percent faster, have 10 percent to 14 percent lower employee turnover, and are 50 percent less likely to go out of business than companies that don’t use PEOs
- In cost savings alone, the Return on Investment (ROI) is more than 27 percent
- More than 500 PEOs in this country provide services to more than 200,000 small- and medium-sized businesses, employing 4.5 million people. That exceeds the total work force in Michigan, the state with the 10th highest number of workers in this country
- PEO industry clients represent 17 percent of all employers with 10 to 99 employees
- Improved job security as PEO efficiencies result in reduced employer costs
- Increased job satisfaction and productivity can be achieved with professional HR services, which can result in enhanced benefits and training, higher safety commitment, improved internal communications
Need an expert in employee health benefits? Integrity Employee Leasing can help
At Integrity Employee Leasing, our team of professionals brings objectivity, consistency and peace of mind to your HR team. As a PEO, we are here to do the heavy lifting when it comes to keeping tabs on the myriad changes to government rules and regulations and staying up-to-date on market trends and services in the tightly regulated insurance industry. Our responsive, nationally credentialed team is committed to ensuring compliance and seeking ways to maximize cost savings for your business. Just ask our happy clients!
Find out how Integrity Employee Leasing can help protect and grow your business, including through top-notch employee health benefits. Call us at (941) 625-0623.