A PEO Can Give Your Agency the Competitive Edge
Updated: May 17, 2022
Professional Employer Organizations (PEOs) are organizations that enable customers to unload the management of human resources, administration, payroll, benefits, taxes, risk management, and workers' compensation. As per the National Association of Professional Employer Organizations (NAPEO), an industry association, PEOs establish and maintain an employment relationship with employees at the client’s worksite and contractually assume certain employer responsibilities and risk
As indicated by NAPEO, organizations can profit by utilizing PEOs, in light of the fact that they can provide:
• Relief from burdensome employee administration
• A wide scope of employee management solutions through a group of industry experts
• Improved work practices, regulatory compliance, and risk management solutions, which help decrease liabilities
• Access to far better employee benefits, enabling customers to attract and retain top talent
• Help improve profitability, cash flow, and operational efficiency
A key component of Mission's success is due to the strategic relationships we've created with our broker partners. We have confidence that for the right clients, the PEO model can be the perfect fit, and our best partners see us as another tool in their proverbial sales bags. To achieve this we have developed the most cohesive and customizable solution for both our partners and their clients.
Unlike many other PEOs that partner with brokers, we believe it is also important that our brokers remain in consistent contact with their PEO customers. This approach helps ensure that the program—specifically, the workers' comp, payroll, HR, and benefits solutions — is addressing the clients' ongoing and changing needs.
Lucrative Partnership Opportunities
Opportunities exist for agencies and brokerages to think about how PEOs may fit into their future. Various agencies have really started to collaborate with PEOs as their primary channel for the acquisition of new business and with substantial success.
In recent history, agencies or brokerages have started to stake ownership claims in PEOs Either by purchasing existing groups or by starting their own. When they're prospecting and selling new business, the PEO is an alluring option in contrast to just selling insurance and it depends on the agency, its way of thinking, its structure, and its expertise. Plenty of independent brokers have taken the lead and are currently engaging PEOs as a way to compete on the same level as larger agencies as well as PEOs that sell directly.
If brokers don't completely understand the market, various assets exist. "NAPEO is, obviously, can provide a great deal of valuable information. Their website, www.napeo.org, can provide some clarity on the industry and key values for prospective companies. The association itself offers a host of events and educational opportunities for anyone who is interested in finding out more.
Our team here also encourages agents to investigate the full potential of adding the PEO solution to their conversations as it will dynamically change the outcomes of many of their prospect conversations. We don't believe PEO is always the solution for every company, however, when it is the right solution, it can be the game-changer that every producer is looking for.
For a first-class HR experience that will help you find the best solution for your needs, let's schedule some time to talk today.
About The Mission
The Mission is a leading partner in the PEO, HR, payroll, and benefits outsourcing marketplace. We provide a valuable service for small and medium-sized organizations and government contractors, serving as a trusted partner in integrated human resource (HR) compliance, risk management, employee benefits, employment practices liability insurance (EPLI), and payroll processing.