What are Supplemental Benefits offered by PEOs?
With Hawaii’s unemployment rate at historic lows, the competition for great employees is at an all-time high. One of the most important ways to attract and retain the best workers is to provide competitive pay and benefits.
It’s common for small business owners to feel overwhelmed with how to choose and administer employee benefits and to feel discouraged because they can’t compete with the benefits offered by larger businesses. Professional Employer Organizations (PEOs) support small businesses in many HR functions including access to affordable, high quality benefits and workers’ compensation insurance (WIC), compliance with labor laws, payroll and HR administration. One of the extra ways that small businesses benefit from a partnership with a PEO is the ability to offer a wide range of supplemental benefits to their employees. Supplemental benefits have grown in popularity as employees look for more flexible, personalized benefits and this makes them a great way to attract employees.
What are supplemental benefits?
Supplemental benefits are benefits, other than health benefits, usually offered as an option to employees. Companies may choose to offer supplemental benefits including:
- Life insurance
- Auto and home insurance
- Disability benefits
- Retirement plans
- Pet insurance
- Critical illness/injury insurance
- Flexible spending accounts
- Identity theft protection
- Telehealth programs
- Employee Assistance Programs (EAPs)
A PEO gives employees access to voluntary / supplemental benefits that are specific to individual employee needs. One of the great things about supplemental benefits is that they cost little to nothing to the employer. Employees usually pay the full cost of supplemental benefits but many employees are happy to do this because they view these benefits as necessary and adding to their well-being.
How do PEOs help administer supplemental benefits?
Having access to, administering claims and managing changes to supplemental benefits can be expensive and time consuming. When businesses partner with a PEO, small business owners are able to provide a range of voluntary benefits while the PEO provides options and manages administration including benefits onboarding, claims and benefits-related paperwork. They also handle any changes to the offerings.
Makai HR offers many supplemental benefits:
- Temporary Disability Insurance (TDI)
- 401(k) Plans via Empower
PLUS – give employee access to supplemental benefits at no additional cost to the employer:
- Flexible Spending Accounts
- Employer and Employee-paid Life Insurance plans
- Critical Illness
- Insurance Accident
- Employee Assistance Programs
When choosing a PEO to partner with, there are many things to consider including cost, services and technology solutions. With the cost of doing business in Hawaii at record highs, we know how important it is to keep labor costs in line with revenue. Our plans are priced competitively and include value-added services like time-in/time-out systems. Our three tiers of PEO service plans are tailored to the size of your business and specific needs. We offer a 100% paperless solution which means that your employees can manage their needs through a computer, tablet or phone. We can truly improve your employees work benefits while freeing you up to run your business.
What are you waiting for? Companies who partner with a PEO benefit from 7-9% faster growth, 10-14% lower employee turnover; and they are 50% less likely to go out of business. Contact us today to get started!