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How a PEO can provide more financial stability for your business

How a PEO can provide more financial stability for your business

After an unpredictable year like 2020, making sure your business has a stable foundation is critical to adjusting to unforeseen circumstances and keeping a solid footing through hard times. 

PEO AND FINANCIAL STABILITY

Take a look at these stats from the National Association of Professional Employer Organizations (NAPEO). Businesses that work with a PEO: 

  • Are 50% less likely to go out of business 
  • Have 10% to 14% less turnover 
  • Grow 7% to 9% faster  
  • Were 119% more likely to receive COVID-related PPP loans
  • Were 60% less likely to permanently close during the COVID-19 pandemic

Partnering with a PEO like Nextep can help businesses gain access to Fortune-500-style benefits, dedicated HR experts, and a robust suite of technology, all in a one-stop-shop, adding to major cost savings for your business. According to NAPEO, average PEO clients can expect a return on their investment of partnering with a PEO based on cost savings alone — the cost savings from using a PEO is an average of $1,775 per year per employee! 

Rather than paying the big bucks to set up your own company medical plans, Nextep’s large group master medical plan helps provide top-tier benefits to help your company attract and retain talented employees. Instead of accessing multiple websites and vendor accounts to manage administrative tasks, Nextep’s tech experts have developed a powerful, all-in-one technology platform along with a one-of-a-kind mobile app to help you manage administrative needs and the entire employee lifecycle from anywhere, at any time, and on any device. 

Creating and implementing workplace policies from scratch is no small task; Nextep’s experienced HR pros have workplace policy handbooks ready to go that can be customized to fit your business’ needs! 

GUIDANCE THRU HARD TIMES

There are few better examples than the COVID-19 pandemic of how working with a PEO like Nextep can provide guidance when you need it most. As a flurry of legislative initiatives were passed, our experts were hard at work creating a COVID-19 resources page, hosting live webinars, and sending out legislative updates that would impact our clients. Besides keeping our clients up-to-date on new workplace requirements and guidelines, we also compiled reports and info needed to apply for Paycheck Protection Program (PPP) loans. 

TIME SAVED = MONEY SAVED

Often, entrepreneurs wear multiple hats, from owner and human resources to payroll expert and more — Nextep takes care of the administrative HR tasks so you can focus more time on moving your business forward. As your company grows, so do the demands on your time. Nextep can take the administrative burden off your shoulders such as running your payroll flawlessly, managing your benefit plans, bulking up your recruiting efforts, researching new HR legislation, and compiling W-2 info for you and your people. Nextep is your one-stop-shop for time savings! 

FINANCIAL TRANSPARENCY

Employers also have easy access to in-depth analytics in their Nextep account where they can see their company's employment info at a glance. Quickly see the cost to run your payroll this pay period, or look at how many employees are enrolled in a specific benefit plan with your admin dashboard! 

And you can always count on Nextep's no fee functionality promise and transparent billing — meaning we won't sneakily charge you for services. Don’t just take our word for it, we’ve also racked up some industry certifications to top it all off! We’re an IRS Certified PEO* with a SOC 1, Type 2 designation, and an ESAC accreditation. From transparent billing and easy access to data, Nextep is here to help you navigate the challenges of running a business and provide a stable foundation for you to grow your business. 

At the end of the day, we've built our reputation on elevating the employment experience and enriching the lives of those we serve. To see how our powerful technology and friendly experts can help build a stable future for your business, take a look at this Nextep technology demo video!

*The IRS does not endorse any particular certified professional employer organization. For more information on certified professional employer organizations, please visit www.IRS.gov.

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