Tough times are inevitable when running a business. The bad thing is that these turbulent times come knocking with little or no warning. Moreover, a crisis threatens the very business existence. This is the time that you need all the support that you can get. And, having tools in place to help you navigate the complexities that come with such uncertain and challenging times can be priceless. A PEO is one such tool that is valuable during a crisis. It provides the flexibility and peace of mind needed by taking care of some of the most essential processes in a business. Not sure whether it is your fit, read on to discover 5 benefits that you can get from partnering with a PEO during a crisis.
1. Ensuring business continuity
Business continuity is usually a major concern for business owners during a crisis. At the very least, you want the business to continue with minimal disruption. However, it might prove difficult to ensure that everything runs well while still trying to figure out what is happening. A PEO can come in handy to ensure that business is as usual when it comes to employees’ needs. You can trust a reliable PEO to process the payroll on time and ensure that employees’ benefits and leaves are properly administered. PEOs have the expertise and experience in managing international payrolls. Leaving the payroll management to them can ensure that your local and international employees are getting their salaries and benefits as expected.
2. Fostering compliance
Crises are notorious for influencing changes in employee programs, regulations, and legislation. If the recent pandemic is anything to go by, we saw new legislation and changes in employees’ taxes coming up. Organizations that weren’t prepared had a hard time keeping up with the changes that were evolving rapidly in some countries. With a PEO in place, you don’t have to worry about staying compliant during a crisis. PEOs are equipped to keep tabs on any changes in labor laws, regulations, and taxation. They have a task to analyze these changes, understand what they mean for your organization and guide you on how to implement them to achieve compliance.
3. Offering help in adjusting HR policies and procedures
When changes discussed above occur during a crisis, you might be needed to create a new or adjust your organization’s HR policy. Writing an HR policy is hectic enough during normal times because you have to do thorough research, write, edit and recheck to see what you have missed. It can be hard to find the time needed to draft one during a crisis. A PEO can come through for you in this regard. The PEO HR experts can determine the changes that affect your business whether temporarily or permanently, find the right wording and create the HR policy for you. In addition, you can get help in communicating the changes to your employees.
4. Handling staffing needs
A crisis can present different staffing needs that might be difficult to handle on your own given that your mind and time are preoccupied with the crisis. For instance, you might be required to lay off workers permanently or temporarily or get additional staff to fill in important staffing gaps. A PEO can step in to ensure that you have the employees that you need at that time. They will deal with the hiring and onboarding of new employees as well as ensuring that workers are laid off compliantly, avoiding mistakes that might come back to bite you later. In addition, an international PEO can be of great assistance when you need to rehire employees after a crisis. They can handle the process as well as the retraining if need be. You can also let them handle tasks such as hiring foreign employees or hiring freelancers.
5. Providing support and guidance
Decision-making and implementation can be tough during a crisis especially because you are overwhelmed and time is limited. Working with a PEO can ensure that you get the support and guidance that you need in making decisions, implementing, and announcing the same to your workforce. Some areas that a PEO that can provide support and guidance include:
- Communicating with employees
- Managing remote employees
- Keeping your workforce safe
Conclusion
Many people weigh their options about hiring a PEO. But, it is during a crisis that the value of partnering with a PEO is witnessed. You can enjoy business continuity in uncertain times and rest easy about staying compliant with labor laws. In addition, a PEO can provide help with any staffing needs and adjust your HR policy. Even better, you can get support in making and implementing changes as they arise during a crisis.
