Every day I have the privilege of working with business owners, and I love to learn about the different principles that guide them and their businesses. The passion and work ethic that fuels every growing business is impressive. Regardless of the size of the business, the same set of values are always present. The trait that is consistent across all businesses is the stewardship of employees.
In the workplace, stewardship appears in many forms. Successful companies understand the importance of being good stewards of their customers, their products and services, and especially their employees. As a Professional Employer Organization (PEO), Propel HR works with clients from different industries and of all sizes. Our clients overwhelmingly aim to be good stewards of their employees and work hard to engage, encourage, and support employees. As their PEO partner, we feel that same sense of stewardship toward their employees.
One of the most effective ways a business can be a good steward is to partner with a PEO.
For a business owner, this can seem like a scary step. Established businesses already have their processes figured out. Things are working, and even if the HR administrative work is cumbersome and the fear of compliance issues loom large, the prospect of change can be daunting. For new business owners, a PEO partnership may feel like a luxury in the uncertainty of a start-up.
The statistics show that using a PEO can help your business thrive no matter how long you’ve been in business:
- Annual return on investment (ROI) from using a PEO is 27.2%.
- 98% of companies using a PEO would recommend a PEO to a small-business colleague.
- 70% percent report that their revenues have increased since becoming a PEO client.
- PEOs provide access to more HR services at a cost that is almost $450 lower per employee compared to companies that manage their HR services in-house.
- Businesses that use a PEO have 15% lower employee turnover than the industry average.
Beyond the statistics, the most compelling reason to partner with a PEO is the stewardship of your employees. This means taking care of employees and having the responsibility for managing their success. Businesses using a PEO are better able to attract quality employees, decrease turnover, and alleviate concerns around hiring, retaining, and motivating employees.
Employees are an employer’s most valuable asset. When a business is focused on growing, it must be a good steward of its employees.
For more expert HR insights, visit www.MyPropelPro.com/ubjblog.