March 20, 2018

Top 3 Reasons That Win Brokers and PEOs New Business

For most benefits brokers, their two most important goals are protecting their book of business and adding new clients.

In a competitive employee benefits market, both objectives are easier said than done. However, partnering with a PEO that works exclusively through brokers, like Extensis, can help make these key goals easier to achieve.

Recently, PrismHR’s 2018 Human Resource Outsourcing (HRO) Trends Report took a closer look at PEOs, ASOs, and other HR service providers.

Let’s Take a look at the Findings

The report found the top 3 challenges for small and medium-sized businesses (SMBs) are:
 
  1. Staying compliant with local, state, and federal employment regulations
  2. Managing the cost of employee benefits
  3. Managing payroll

Additionally, the survey also explored the top reasons why SMBs decide to choose a PEO or HR service provider:
 
  1. Cost Saving
  2. Elimination of HR tasks
  3. Better benefits

For brokers looking to add new clients, working with a PEO can help their SMB clients overcome the top 3 challenges identified in the survey, while also providing the 3 reasons that ultimately win business.

Another finding from the report shows that brokers will need to educate their clients on the value of PEOs and how they can help. The survey sought to find just how familiar prospects are with the PEO model:
 
  • Never heard of it – 16%
  • Have heard the name but don’t know what it is – 33%
  • Have a vague understanding of what it is and how it works – 43%
  • Are familiar with the PEO model – 8%

Extensis will help its broker partners and their clients by providing personalized HR services that are tailored to each client, their location, and their industry.

We can also provide brokers with the resources and information necessary to fully educate small employers about how a PEO solution can help achieve business growth and success.

Win New Business by Offering a PEO Solution

Human resources is more complicated and complex than ever before, especially for small employers.

Benefits brokers looking to provide their clients with Fortune-500 quality benefits, help them eliminate HR tasks that consume large amounts of time and resources, and save costs associated with HR should explore a PEO solution.

To learn more about how Extensis partners only with brokers, or request to speak with a member of the Extensis team, click here.

What’s the difference between co-employment and employee leasing? Check out our eBook, Co-Employment vs. Employee Leasing: The Differences Brokers (and Clients) Should Know, to learn more about how different they really are!

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