How will your company attract and retain top talent?
About 60% of people report that Employee Benefits and perks are a major factor in considering whether to accept a job offer. The survey also found that 80% of employees would choose additional benefits over a pay raise.
Offering the most comprehensive Employee Benefits
88% of respondents said better Health, Vision, and Dental Insurance was the most valued benefit they take into consideration when seeking a job (FRACTL 2017 employee benefits study). 54% of the 88% give “heavy consideration” to Health Insurance offerings.
Companies traditionally purchase Employee Benefits in the standard market through an Insurance broker. It’s no secret that large companies, with large employees leverage their size to receive most competitive pricing and plan offerings. Small to mid-size companies who lack the scaled economy of a traditional market; often partner with a PEO to access more competitive rates and plans.
The iPEO Solution
iPEO obtains health plan options and pricing directly from major medical carriers and through PEO plans. This works for small, mid- size, and large employers.
Benefits Administration: The PEO Advantage
Benefits administration includes managing multiple regional and national health, dental, and vision plans. This is usually performed by our clients or their Insurance broker. When you outsource to a PEO, full line administration of employee health, life, disability, flexible spending and retirement plans is efficiently performed. PEOs do open-enrollment and COBRA better and more efficiently than Insurance brokers because PEOs already administer payroll. By administering payroll, PEOs have up-to-date employee census information that brokers lack. The lack of employee census information burdens the employer to constantly update and communicate with brokers and their third-party administrators. Plan leakage occurs when employees leave the company but the company still covers their health Insurance unknowingly for a period of time. The PEO eliminates this since the census information is monitored closely. We ensure the completeness of our Employee Benefits offerings with best-in-class administration services. The PEO handles all employee and client benefit related issues promptly and accurately so employees and clients can maintain their core focus. An Employee Benefits specialist knows the intricacies of your health plan and can handle employee questions or problems.