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Choosing a PEO Broker
Identifying the right Professional Employer Organization (PEO) Broker involves a series of important considerations. A PEO Broker can help you find the right services to outsource tasks like payroll, benefits, workers compensation, and HR compliance management, but you’ll want to ensure that they are a good fit for your business. Here are some factors to consider when choosing a PEO Broker.
Understand Your Needs
- Scale: How big is your business now, and how do you expect it to grow in the next few years?
- Services Needed: What specific HR Advisory, benefits and payroll services do you need help with and what level of ongoing service do you need?
- Industry: Are there any industry-specific regulations or needs that you need to consider?
Research Potential Brokers
- Experience: How long has the broker been in business and do they have experience working in your industry and with your specific experience?
- References: From current or past client to learn what they like and dislike.
- Network: Does the broker dealer have a wide network of PEOs to choose from?
- Certified PEO: What’s the difference between a certified PEO vs noncertified?
- White Glove Service: Do you need or want a high touch level of customer service?
- Technology: Does the broker dealer understand the PEO platform technology and use user-friendly technology that meets your requirements?
Ask the Right Questions
- Fees: How is the broker compensated; is there a fee for the client or do they get a commission from the PEO?
- Contract Terms: What are the terms for both initiating and terminating the relationship?
- Additional Services: Do they provide any additional consultation or services that could benefit your business?
- Conflict of Interest: Make sure that the broker is representing your interests and not just the interests of the PEOs that pay them the highest commissions.
Legal and Compliance
- Certification: Make sure they have all the necessary certifications or licenses required by the jurisdiction in which they operate.
- Transparency: They should be upfront about their business practices and willing to answer any compliance-related questions you have.
Test for Responsiveness
- Communication: Assess how quickly they respond to your inquiries.
- Problem-solving: Ask them how they would handle hypothetical problems that could arise while managing your account.
Make a Decision & Post-Engagement Monitoring
Make an informed decision and keep an eye on the value they’re providing to make sure they’re meeting your evolving needs. Schedule regular check-ins with the broker dealer to discuss your satisfaction with their services and identify any areas where they can improve.
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Choosing a PEO Broker is an important decision, but it doesn’t have to be overwhelming. By carefully considering the factors above, you can find a broker dealer that will help you find the right services and support your business growth.
Talent Partners has helped align clients to custom fits solutions by developing a comprehensive understanding of your company & challenges. We have relationships with premier PEO firms across the nation and will recommend a short list of the organizations that best match your needs. Let us be your critical resource.
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