subject: Administration of Employee Benefit Programs [print this page] PEOs or professional employer organizations take care of the administration of employee benefits programs one of the most important human resource management tasks to client organizations. These services help companies cut down costs and ensure sustainability, while still offering an attractive benefits package for staff and prospective employees.
Advantages of Offering Comprehensive Benefits
Employee benefits offered by multinational companies are comprehensive and attractive, covering almost all aspects that lead to the comfortable and even luxurious living of employees, giving them the extra motivation to put more effort into the organization. It also instills in them the sense of being appreciated for their input.
However, small and medium-sized organizations can't necessarily afford offering extensive benefits. A PEO can make that happen though. Through its connections with major providers and PPO carriers, the PEO can offer competitive and stable rates for some great coverage plans. These are provided with regard to the individual needs of client companies, enabling even small and medium-sized firms to be able to offer, and thereby attract, well-qualified and experienced professionals.
General List of Benefits
The administration of employee benefit programs is one of the major responsibilities of a PEO. It helps in offering a benefit portfolio that generally includes:
Employee health benefits & insurance plans
IRA solutions
Retirement planning
Dental and vision care
Long term and short term disability insurance
Cancer, accident, hospital and other supplemental plans
Education saving plans
Adoption assistance
Cafeteria plan
Flexible spending accounts
Individual coverage
Employee voluntary benefits programs
Prescription drug plans
With the administration of employee benefit programs taken care of by a PEO, companies have an ace up their sleeve when it comes to attracting the right people to work for them. It doesn't cause a severe dent on the resources as well, while companies can also focus their efforts on their core responsibilities, as PEOs provide comprehensive HR management solutions that cover areas other than benefits administration.
