Cost Vs. Benefits: Where Do PEOs Fall?May 25 2016, by Sales in
Business owners and employers everywhere are searching for the best way to provide employee benefits that will retain and attract the best employees, all while staying within their sometimes very limited budgets. In comes the PEO. PEOs are great for employers and business owners who are busy and know they need help managing various employee-related administrative tasks and HR functions. Agents know all too well that their potential clients will first and foremost want to know about the cost versus the benefits of a PEO. Will the services they get through the PEO really outweigh the costs? Here’s what agents can share about the costs and the benefits of a PEO to show their clients why PEOs are worth their time and money.
Business owners and employers may not realize this, but some of the biggest advantages of PEOs actually aren’t financial, or they are in a roundabout kind of way. Agents know that clients love hearing about the employee benefits savings that PEOs bring, but it may not be enough for them to tip the scale from the “cost” to the “benefit” column. But your clients probably didn’t know that because of the co-employment factor, the PEO is responsible for keeping the business compliant with laws and regulations, from the ACA to the EEOC. Keeping up with the changing laws can be difficult for your clients, so definitely share this benefit of PEOs with them. They’ll realize that having this important knowledge on their side is a huge advantage. PEOs tackle employment issues for business owners and employers, allowing them to get back to other important tasks. Not to mention, the knowledge within a PEO can keep them out of costly legal battles. That’s still a financial plus.
Agents should also be aware that their clients are always concerned about customer service, even if they don’t necessarily bring it up. How often has an experience completely changed for you based on the service you received? To help your potential client make the jump into the benefits of PEOs, assure them that you can give them excellent service, and be committed to keeping that promise. PEOs and PEO agents are there to ease the burden on employers and business owners, not cause them more stress. Your clients want to know that you’ll be by their side to help them if and when issues do arise. Make sure your clients know that you can advise them on different services or levels of service as their business grows and answer any and all questions they may have throughout your partnership. The promise of your service can show potential clients that they are truly getting the best bang for their buck. Everyone knows that great customer service is worth the money, and your clients will certainly understand this.
As agents, we know that the benefits of PEOs are absolutely worth the cost in most cases. It’s just a matter of showing clients how truly multi-talented PEOs are. PEOs are so much more than what they seem at first glance.