The Coronavirus pandemic has affected people and businesses across the world. The overnight shutdown of businesses is unprecedented and has impacted incomes and the economy. With companies small and large looking to reopen as soon as possible it is time for business owners to plan for the future. Getting expert advice and support from a professional employer organization (PEO) is vital at this time to ensure you can hit the ground running. Here are 7 reasons why you should engage a PEO as part of your strategy.
1. Managing Payroll Issues
One of the most important roles of a PEO is to reduce the legal liability of a company. They do this by moving payroll services from that business to their third party payroll within the PEO. This streamlines businesses and reduces a significant amount of stress for a company trying to restart quickly. Companies using a PEO as part of their recovery structure post Covid 19 are more likely to survive.
2. Managing Human Resources
Things have moved on since your business was last open. Emergency legislation, furlough issues, and remote working are just a few of the changes introduced as a consequence of Covid 19. There’s a lot to do to ensure the correct structure is in place for your employees and ensure you make the correct decisions. A PEO can take care of all this and can keep you advised on legal and workforce changes while you focus on getting the business running.
3. Support with Decision Making
With the economy in a vulnerable position, many businesses will be in a dilemma over what to do with their staff. Should you layoff or furlough? What about sick pay and those people who need to go into self isolation or quarantine? You need assurance at this time that you are making the correct decision for the company but also your employees. By employing a PEO, the decisions and managing the staffing will be done by them, leaving you to refocus on building your business.
4. Identifying Benefits and Grants
Covid 19 has resulted in all kinds of grants and benefits being made available to help businesses survive the economic downturn. There is also support for employees who may need some assistance and adaptation to the workplace after surviving Covid 19. It takes time to track these down to benefit and meet deadlines. A PEO can check out grants and benefits, supporting you to get financial assistance where needed.
5. Advising on Safety
One of the most important things a PEO can do is advise on safety in the workplace. Covid 19 is a new disease and information is changing all the time. A PEO can keep you briefed on updates and ensure your workplace has the correct safety equipment in place to reduce the risk of infection and other hazards. This includes desk spacing to achieve social distancing. It also includes processes to ensure you meet legal requirements, can sell to the public and keep your team safe.
6. Providing Emotional Support and Employee Assistance
Covid 19 has changed lives forever. Staff may be experiencing bereavement or the stress of recovering from a serious illness. Quarantine is likely to impact mental health in some people. In some sectors such as healthcare there will be incidences of post traumatic stress disorder. In households there are likely to be job losses and reduced incomes, impacting stress. A PEO can set up confidential employee assistance services and provide emotional support to staff members right at the time they need it. This will help them and support you in getting your business running once more.
7. Succession Planning
If there’s one thing that Covid 19 has taught the world, it’s that nothing is guaranteed and anything can change. Having a resilient business is critical to be able to survive a pandemic and other crises. A PEO not only supports you by taking the liability of payroll from you but can advise on staff development. This means your business becomes more resilient as staff develop new skills and are able to step up when required.
There has never been a more critical time to use a PEO in your business. It is that vital support you need to get through the pandemic and enable your focus on your company. To learn more about how America’s Back Office can assist your organization, contact us today or call (586) 997-3377.
For more details on how to build a turnkey worker compensation program, see our article on “The Definitive Guide to Workers Compensation”.