Three ways professional employer organisations help maintain business momentum during change

Here are three ways a PEO can support your business in navigating change.

 

1. Help keep you in legal compliance

 

Especially during times of change, businesses must navigate complex legal and regulatory landscapes. For example, the change of adapting to a flexible workplace where hybrid and remote work are the new normal means businesses are expanding into new municipalities or states. And companies are hiring more employees who reside and work in other markets subject to specific laws.

 

The already complicated world of government regulations and employment law is only getting more confusing and tedious.

 

It’s now more important than ever for businesses to understand:

 

• Which laws apply at the federal, state and local levels
• How these laws impact your business and what you, as an employer, are responsible for
• What changes to these laws are coming and how you can prepare

 

Lack of compliance – however unintentional – can embroil your business in lengthy investigations and costly litigation and fines, not to mention the loss of time and production.

 

A PEO gives your company access to a team of specialists who are well versed in the latest employment laws and practices and have a finger on the pulse of new developments and changes. These experts can deliver guidance on best practices and can help you build a culture that supports HR compliance.

 

Most importantly, through the co-employment relationship, a PEO shares your company’s risks as an employer and helps you manage them. Your PEO assumes much of the liability of having employees by overseeing or supporting many of your most important HR responsibilities, such as recruiting and hiring, payroll administration and reporting of taxes, workers’ compensation administration and so many other needs that come up during whirlwind times of change.  

 

2. Develop a successful people strategy

 

One of the most critical aspects to maintain business momentum during transitional periods is the development and execution of a successful people strategy.

 

By cultivating a people strategy that supports the retention and engagement of a strong workforce – one that’s in alignment with business goals – your business can experience more growth and success.

 

A PEO can help your business in this area by providing valuable insights and guidance on employee engagement and by helping create a plan that aligns with evolving employee expectations of today, such as:

 

• Establishing your mission, vision and values, and finding ways to put these into practice daily
• Recruiting people who are a good fit for your company culture and values
• Setting employee goals that are tied to business objectives
• Building motivation and reward programs
• Training and developing people so they continue to grow, add value and find fulfillment
• Developing empathetic and communicative leaders
• Creating succession plans and change-management practices to enhance resiliency

 

3. Scale up or down

 

Change often involves periods of growth or contraction for businesses. Knowing when and how to scale up or down can be challenging, and this is where a PEO can help you adapt with greater efficiency. By working with a PEO, you have access to an instant, scalable HR infrastructure and capabilities.

 

When scaling up, a PEO can help you hire faster or make strategic decisions about your current workforce and organisational structure. It’s also a great resource to help optimise your HR processes related to payroll, benefits, talent management and HR compliance. This becomes increasingly important for a growing workforce.