The current average retention rate in the United States is around 4.1 years. The Bureau of Labor Statistics notes that this is a slight change from previous years, where the employee retention rate was around 4.2 years per employee. Managing the various dynamics related to HR management can be a daunting process.
Apart from employee retention, organizations need to handle other factors such as payroll management, staffing, and contract termination. Most companies considers-employment as a solution to the HR dilemma.
Have you been wondering what co-employment is and how it can help you bridge the gap in managing your employees? Here, we review what co-employment is and its benefits to your organization.
What Is Co-Employment?
Co-employment refers to an arrangement where two or more parties share the legal responsibilities of when managing employees. When you delegate specific obligations to a co-employer, they take over your administrative and employment tasks. In essence, co-employment allows you to pass your legal responsibility over your employees to a co-employer.
The co-employment arrangement has numerous advantages to your business. Here we discuss a few benefits.
Streamlined Employee Management Systems
One of the common problems organizations without co-employment plans grapple with is the lack of a streamlined employee management system. Such contexts can be chaotic, especially when your organization has many employees. However, when you source for our POE services, it becomes easy to streamline all your HR operations.
A typical organization deals with medical and dental health insurance for employees. Further, you also need to handle other issues such as retirement benefits, disability benefits, and other allowances. Addressing all these issues at the same time can be overburdening. As such, you need a POE partner who can help you manage and streamline the processes.
With our team of experts, you no longer have to worry about dealing with a chaotic employee management system. You only need to contact us for the best co-employment services.
Efficient Payroll Management
The payroll process is important because it helps an organization prepare detailed salary records, generate payslips with ease, and submit accurate tax returns. Managing the payroll can be a tall order, even for the smallest of organizations. However, with the help of a co-employer, you no longer need to grapple with last-minute payroll preparation.
A POE takes over the process of managing all your payroll planning needs. You don’t need to worry about employee compensation and paychecks preparation once you delegate the role of co-employment to a PEO. The co-employer can also help you manage the payroll for all your independent contractors, enabling you to avoid the legal backlash related to independent contracting.
Co-Employment Helps You Focus on Your Core Functions
Very few companies can handle all their core functions and still ensure a seamless human resource management process. If your organization has been struggling with the same concern, then you aren’t alone. You might end up wasting time and resources trying to manage your employees and end up failing on your core mandate.
The best way to deal with HR management’s complex process is by hiring contractors to handle employee issues. This way, you can focus on the more important core function in your business. If your business doesn’t have a dedicated internal HR department, it will help to consider our help.
We can assist you in handling all other HR processes so that your attention remains on achieving the set organizational goals and targets.
Saves You Money
Have you been wondering what benefits you can derive from co-employment plans? One of the main advantages of this arrangement is the cost-cutting aspect. Managing your human resource is costly. It’s worse when you have a huge team of employees.
It can be financially straining to try to handle all the employee’s needs. However, with our team of experts, you no longer have to worry about spending so much on staffing and other HR processes. You can now save money when you outsource to a POE.
No Need to Worry About Workers’ Comp
Nothing stresses employers more than cases of workers’ compensation claims. Whenever an employee suffers an injury at work, negotiating for compensation takes time and money. However, you don’t need to deal with any claims related to workers’ compensation when you hire a POE.
The shift of responsibility, in this case, means that you can now relax. Co-employment allows you to focus on other things as the professional employer organization handles all the claims and compensations involved. This also means that the co-employer addresses all the legal suits that might emerge on your behalf.
Co-Employment Enhances Retention
60% of employed millennials are open and ready to change jobs. The statistic shows how susceptible employees are to job changes in case of unfavorable conditions. An organization that doesn’t have partnerships with POEs have a problem keeping their employees intact.
With a co-employment plan, you can now begin to overserve greater extents of employee retention. This is in part because these co-employers understand the dynamics around employment and the employee’s needs. Once you collaborate with a POE, your employees will be content with all the employee-centric measures put in place.
Streamlines the Process of Hiring
The process of hiring employees can be hectic. You need to undertake background checks, consider the experience, and verify education levels. Such procedures can take time and even resources.
You might need to consider co-employment if you’re grappling with your hiring processes. With co-employer, you don’t need to worry about hiring the right employees for your business. These companies have experience in hiring and staffing.
Consider Our Co-Employment Services Today
Dealing with employees is never easy. The process of hiring, staffing, firing, and compensating employees can be frustrating. If your organization has been struggling to sustain sanity in the management of HR, it could be time to consider our services.
With our wealth of experience, we can help you with all your HR needs through a co-employment arrangement.
Have you been struggling to manage all the worker’s comp concerns while trying to balance payroll management and staffing? Don’t stress anymore. Contact us today for unmatched solutions.