Small Business HR + Benefits Guide.
The Most Up-To-Date Guide**
5 Cost-Effective Strategies for Providing Employees MEDICAL INSURANCE
Strategies Health Reimbursement ICHRAs & / Arrangements + QSEHRAs Professional (HRAs) Employer Ideal For Small Ideal For Small Businesses: Organizations Businesses: (PEOs) not ready to pay the that are looking : premiums required for the lowest cost Fixed Dollar Ideal For Small for traditional health Self Insured method for providing Businesses: Employer insurance or low-deductible options Plans believe a large to employees at low Contributions that are growing, Ideal For Small percentage of premiums with employees in Businesses: Ideal For Small employees qualify for to expand the number multiple states. Businesses: subsidies of plan options with healthy available seeking to offer both employees willing to to ensure that both sick high and low complete short and healthy employees deductible choices questionnaires. have low-premium without incurring high options available costs for low deductible plan premiums.
PEOs Traditional HR + Benefits What's the Difference? PEO Deductible Continuation: Eliminating the Need to Time a Switch Based on Deductible Renewals
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Why HR and Benefits Table of Contents Matter 1. Employee-Employer Satisfaction Perception Gap 2. Importance of HR & Benefits 3.Employees’ Values : Salary Vs Benefits 4. Employee Benefits : Attraction & Retention 5. Employee Retention : Mental Health 6. Employees’ Top “Must-Have” Benefits 7.Top Traditional Benefits VS Top Non- Traditional Benefits
Almost 90% of VPs and Executives think their employees are happy with their perks and benefits.
Importance of HR and Benefits
Employee benefits provide an added sense of safety, security, and satisfaction, contributing to job satisfaction and loyalty.
Employees’ Values : Salary Vs Benefits 80% of the workforce will choose a job that offers benefits over a job that offers 30% more salary but no benefits. 61% of employees say that benefits boost their job satisfaction. 60% of job seekers strongly consider the perks of the job before joining
Employee Benefits Attraction & Retention Over 60% of employees consider benefits extremely important for employer loyalty. Access to more benefits encourages 73% of employees to stay longer with their current employer. 49% of employees are willing to bear more costs for benefits that meet their needs. Retirement savings is viewed as the most important benefit by 77% of working Americans.
Employee Benefits Mental Health 66% of employees believe employers have a responsibility for their mental well-being. 52% of employees feel comfortable discussing mental health at work.
Top Top Traditional Benefits Nontraditional Benefits
6 Factors for Benefits, Payroll, Workers Comp 1.Cost 2.Time Savings 3.Employee Benefits 4.Customer Service 5.Fee, Penalty, & Fine Protection 6.Improved Employee Attraction, Retention & Productivity
Lack of Employee Training Complex Payroll Management N E O I Legal Risks Payroll Tax Compliance T V U Compliance Issues Inconsistent HR Policies L L O O High Risk Management S Inaccurate & Timely Payrolls S W Time-Consuming HR Tasks Healthcare Benefits Administration E I S V Limited Access to Benefits Expensive Employee Benefits O O Limited Scalability Expensive HR Costs T E M Limited Time for Core Activities Expensive Healthcare Benefits P E L B Limited HR Strategies Unpredictable Costs S O R Limited Access to Expertise Cost Mismanagement M P E Limited HR Resources H Undeveloped Employees C L A Limited Access to Technology High Employee Turnover E B Inefficient HR Technology R Employee Disputes O E V Administrative Overhead Timely Employee Recruitment R O P HR Training and Development R Employee Engagement E V HR Management Burdens 4 Lack of Employee Benefits O 3 H Difficulties Scaling Inadequate Employee Handbooks
Table of Contents Why 98% of PEO Clients 1. Top 3 Benefits of PEOs Recommend PEOs to 2. Small Businesses with PEOs vs Without PEOs Other Small Businesses 3.TechValidate PEO Statistics 4.PEO Testimonials & Supporting Research Methodology Quick Facts Survey and Research Data
Faster Growth Happier Cut Costs Higher Revenue Employees Save Money 27.2% average cost 40% lower employee 70% of SMB's report savings ROI turnover increase in profitability 50% LESS likely to go out PEO employers are 48% less PEO clients enjoy 59% of business likely to be concerned about higher revenue Employee replacement hiring, retaining, and 4X higher annual employee costs from $14k to motivating employees growth 200% of salary
Overall Solution 100% see value in PEO solution, overall. Risk Mitigation & Compliance 100% see value in PEO's ability to help with risk mitigation and compliance. Payroll Processing 100% see value in the PEO's payroll processing. Accessing Benefits 99% see access to benefits as valuable to their organization. Time Savings 96% experienced time savings. Company Growth 92% feel supports growth of their company.
"We wouldn’t have been able to attract such high-quality talent without access to the benefits PEOs offer." Patricia Niedergeses, COO, GOTCHOSEN INC "PEOs lets us focus on our production — not HR and Payroll demands." Kenneth Scrase, Operations, Loading Dock 2 LLC "PEOs help keep me compliant and abreast of the changing regulatory environment. They do all the payroll processing and track out benefits contributions. They make it easy so I can focus on growing the company." Daniel Stewart, CEO/Owner, Revere Asset Management Inc "Webhelp saves 15+ hours per week in HR-related tasks since using a PEO." Laura Reno, Sr Director Business Operations, Webhelp "PEOs have allowed for considerable cost savings… As a small organization, we can manage payroll and HR compliance with a single onsite employee. PEOs help keep us compliant and allows us to expand our workforce outside our state, since they stay current on changing regulations and payroll tax filings. This would not be possible without a PEO partner." HR, Small Business Computer Software Company
Steve Jobs, Productivity, & Decision Fatigue Table of Contents 1. Decision Fatigue a.Definition b.Steve Jobs Case Study 2. Decision Fatigue Vs Productivity a.Effects of Decision Fatigue b.Multi-tasking
Decision Fatigue The average American adult makes 35,000 decisions a day. Steve jobs wore the same outfit every day because he believed that eliminating unimportant decisions would help him conserve mental energy, thus giving him more energy to make better decisions that would earn Apple more money.
Decision Fatigue Psychological evidence indicates that decision quality declines after an extensive session of decision-making. Multitasking
Compliance, EPLI, & Industry- Specific Case Studies for PEOs Table of Contents 1.Employement Lawsuit Protection 2.EPLI Case Study : A Wrongful Termination 3.Lawsuit or Fines & Penalties 4. Industries with the Most Regulations for Compliance 5.The Solution
Employment Lawsuit Protection
Even Well-Meaning Organizations Can Run Into a Lawsuit or Fines & Penalties Other organizations involved For Employment in fees and penalties for Practices Alone noncompliant businesses: 73,485 EEOC discrimination charges in 2022 Tax authorities (IRS) $160,000 is the average Environmental agencies (EPA) cost of legal fees and Health and safety regulators (OSHA) settlement Securities and Exchanges (SEC) Around 10% of businesses Interstate and international communications receive EEOC claims every (FCC) year
Carvana & $60,000 to Go Away
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Industries with the Most Regulations for Compliance: Financial Technology/ Life Healthcare Construction Services data security Sciences
Experts in HR that you can trust to follow the rules, plus insurance (EPLI) to cover costly The policies will lawsuits. reimburse your company against the costs of defending a lawsuit If not a PEO, EPLI in court and for would have to be EPLI provides judgments & purchased as an protection settlements. The extra rider with a HR teams & EPLI against many policy covers legal BOP with automatically kinds of costs, whether your industry-specific included in all employee company wins or HR experts hired PEOs lawsuits loses the suit
Pet Insurance: A Surprising & Easy Benefit for Improving Employee Attraction, Engagement, and Retention at No Cost to the Employer
Offering Pet Insurance Significantly Increases Attraction, Engagement, and Retention Help with expenses is at the top of employees’ wish lists: *69% of people enrolled in pet insurance ranked it as more important than dental insurance
Nurturing employees’ relationships with pets brings rewards for all Pet owners are more likely to be very healthy, in terms of both physical and mental wellbeing. Pet owners exercise more often than non-pet owners, averaging 4 days of exercise per week to non-pet owners’ 3.5 days of exercise. 63% say that owning a pet helps them get outside more. As a result, they are more likely to have a positive view of their own health, with 31% categorizing themselves as “very healthy,” compared to just 16% of non-pet owners.
Impact & benefits of pet health insurance Positive perceptions of the employer 85% of respondents whose employers offered pet health insurance saw their company as having “great benefits” opposed to 75% of respondents whose employers did not offer pet health insurance. 84% described their employer’s benefits as “competitive,” and 81% Nurturing said the employer offered good work-life balance, compared to 73% and 68% of other respondents. employees’ relationships with More positive work experience pets brings rewards for all. In Nationwide’s survey: 76% of employees at companies offering pet health insurance characterized themselves as “fully engaged” with their work 71% said they would recommend their employer to others 81% said they planned to stay for at least the next 12 months
Our Recommendation in Light of the Evidence for Greater Employee Attraction and Retention Provide a link to employees to enroll in pet insurance If you want to reimburse employees for premiums, reimburse through a Lifestyle HRA account Some PEOs have pet insurance available
a proven platform for parental well-being and retention of mothers
Phoebe delivers ROI for employers LARGE CORPORATE PROFESSIONAL SERVICES 750% 200% Lower price per employee Higher price per employee Lower cost to recruit/retain Higher cost to recruit/retain employee employee More employees in program 25% Fewer employees in program 25% retention retention
Phoebe solves for employee retention EXITS AFTER MATERNITY LEAVE 95% of Phoebe members are at their current jobs within two years of Exit careers (US) maternity/parental leave
Phoebe is the only integrated offering built to target working parents holistically PHOEBE IS BUILDING A NEW CATEGORY POINT SOLUTIONS EXIST BUT… MENTAL REPRODUCTIVE TRANSITION HEALTH HEALTH TO, AND GROW WHILE, WORKING AS A PARENT PROFESSIONAL DEVELOPMENT
Phoebe offers two comprehensive support programs Expecting & New Life + Work Parent Support Integration Coaching 8 week program 32 week program designed to empower caring for expecting members as a and new parents professional and as a parent
Peer groups are the core of Phoebe Program roadmap & Content Member Group of Peers Expert-led education & referrals 1:1 Support Phoebe Alumni Community
Expecting & New Parent Support 32 weeks Custom Group- Kick- Onboarding & Check-ins Private weekly & based off call assessment and follow- consults daily plans support ups <
Life + Work Integration Coaching 8 weeks Personalized Personalized Kick-off Weekly & Group Private action plan assessment call daily plans coaching coaching
Supported by coaches, expert/science backed content
Programs designed with experts from Harvard & Mass General LUCY HUTNER, MD NIELS ROSENQUIST, MD, PhD SIOBAHN HOTALING Psychiatrist, Economist, Psychology Researcher Reproductive Psychiatrist Psychiatry Faculty at (Masters) and Mass Gen and Harvard Organizational Coach, Medical School Harvard University
Specializing in consulting, finance, & the professional services industries 1,100+ Families supported to date
Next-level benefit that builds trust and loyalty A POWERFUL GROUP A BENEFIT THAT BUILDS MET OUR NEEDS TO BE A PART OF TRUST WITH THE ALONG THE WAY EMPLOYER “We naively thought delivery “Such a powerful group of would be the hardest part. “I feel lucky to work with an people to be a part Phoebe met many of our organization that provides this of...Phoebe’s investment in needs along the way with type of care and would this program (and these virtual support, in-person proudly advocate for the birthing people) is next support, and helpful partner benefit to be available more level”-Tara sessions. ” - Greg broadly.” - Clare and Jennifer
Participants are a right fit if: 8 group sessions over 8 weeks They want to be pro-active and empowered in how they integrate your 8-week Life & Work Integration Coaching work life and your personal life. for new parents Deconstructing emotions 1 They are worried about or struggling with being successful at work as a parent. Setting boundaries 2 They want a smoother transition back to Values & priorities 3 work and a better balance between their work life and home life. Standards & guilt 4 Phoebe offers a thoughtfully Plus 2 curated and interactive 8-week It feels like their personal identity has Identity in the workplace 5 private shifted— or even like they've lost a piece long experience designed for of your former self. coaching Parenting & partnership 6 impact. sessions They are doing more than the lion's share Goal setting 7 of the work at home. Motivational state 8 They want to proactively plan and architect your return to work. How it works 1 2 3 4 Participant takes the baseline Participant lets HR Participants receive two, 45- Over 8 weeks, attend 1x weekly, assessment & get matched representative know they minute private coaching sessions one-hour group sessions, with a start date, a coach, and want life & work integration for personalized support scheduled at convenient times a group of 6-8 peers coaching with Phoebe for working parents
Phoebe is an essential program backed by Harvard and MGH researchers and adopted by companies like McKinsey and Morgan Stanley. Phoebe provides a 200-750% ROI for businesses CLICK HERE TO ENROLL YOUR EMPLOYEE IN PHOEBE WITH OUR EXCLUSIVE PRICING Phoebe brings retention of mothers from 60% to 95%
NGI is Independent We are not bound to any insurance companies or PEOs. We are wholly committed to finding the best solutions for your needs. NGI’s Risk Free Process What if there are no Savings? No Savings, No Fee! What if we Negotiate or Design Savings at your Current PEO? We will charge the lesser of a transparent flat fee or percentage of the savings If You Sign Up with One of Our Solutions? You pay us nothing. The PEO or carrier pays us.
We Guarantee Small Businesses the Best Coverage and Rates
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“ Igotabighealthinsurancerateincrease,andIdidn'tlikethe recommendationsfrommylarge,nationallyrecognizedemployee benefitsagency,soIdecidedtospeakwithotheragencies.None ofthemcouldprovidethesamelevelofsolutionsthatNGIwas ableto.Now,wearesaving40%onbothmedicalandoverall costswhilemassivelyupgradingthehealthinsurancebenefits, makingadditional,valuableemployeebenefitsavailable,and eliminatingpotentialriskandcomplianceissues.Overall,NGIwas abletogivemeasolutionthatsavedmemoney,savedemployees money,andmademyemployeeshappier. JamesonReeves Owner,FullGripGames
“ Samworkedwithustodecreaseourhealthcosts bynearly50%withoutraisingthedeductibleon employeesorlimitingthedoctornetwork.These savingsenabledustoaddadditional,valuable benefits.Hewasalwayswillingtotakeacallor zoommeetingtoexplainanythingwehad questionsabout.Theinsurancelandscapecanbe complicatedandhardtonavigate,butNGIhelped usmakegreat,informedchoices. ChrystinComeau Director,ClinicOperationsatCambridgeBiotherapies
“ Initially,IdoubtedNGIcouldhelpmewithmyWorkers' Comprates.Now,Iamsaving50%onmyroofingrates, haveaddedFortune500benefitsforfree,andhavegreater simplicityandcustomerservice.Additionally,Iwon'thaveto wasteanytimeinthefuturewitherroneousIRSpenaltiesand othercompliancefeesandfines.NGImadeiteasy. ArturoNieto Owner,ArtSlateRoofing
“ Ididnotsavemoney.Nonetheless,IamveryconfidentImade therightbusinessdecisionofputtingFortune500levelbenefits inplaceinordertoattractandretaintalentedlawyerswhile puttinginthelegalinfrastructurethatprotectsmeagainst compliancefees,fines,andthethreatofexpensiveemployment lawsuits.BychoosingaPEO,Iamabletospendmoreofmytime onhighprioritiessuchaswinningcontractsandgrowingmyfirm insteadofwastingtimeonfilingstate-requiredforms, coordinatingmultiplevendors,andrecruitingandtraining replacementlawyersduetopoorbenefits.Overall,NGIhelped mewithsolutionstofocusongrowingmybusinessratherthan justmaintainingit. Kimberly Wyatt - Managing Member, Operations
“ MCLDhasbeenworkingwithSamandNGI formanyyears.Aswehavegrownand evolvedasacompany,theyhavebeen providingexpertadviceforourchanging needstohelpkeepthingssimpleandefficient forthebusinessandkeepouremployees happy.Ifandwhenanythingcomesup,we canalwaysbeconfidentthattheywillbethere tohelp. ScarlettBartlett OperationsManager,MatthewCunninghamLandscapeDesign
“ SamNewlandisanincredibleassettoour company.Duetohisextensiveknowledgeand guidance,FOURPAWSUSAhasbeenableto makeinformeddecisionstoincreasecoverage andbenefitswhilecuttingcostsforboth employeesandthecompany.Wecontinually appreciatehisefforttoensureouremployees areprovidedwithhigh-quality,robustplansat affordableprices. Weareverygratefulforhisengagement, patience,andreliability,andwelookforward toworkingwithhimfortheforeseeable future. AlexandraEstrada OperationsManageratFOURPAWS
“ NGIdoesafullanalysisofHRandbenefits makingiteasyforouracceleratorcompaniesto comparetheimportantcostsandfeaturesof goingdirectwithcompaniesforbenefitsorwith aPEOsothatourstartupscankeepcostsin controlwhilefocusingongrowingtheirbottom lineandattractingandretainingtalent. ChrisMartinez LeadatBK-XL
“ SamandNGIareanincredibleassettoasmallbusinesslike ours.AlltheoptionsforcreatinganHRbenefitssystem,that scalesforasmallcompanyandthebenefitstoattractand retainhigh-endconsultantswasanoverwhelmingtaskwitha large,unknownpricetag.NGIwasabletobalancesimplicity withinclusivityandcompletenesssothatwewereableto makechoicesthatscale,aremakingouremployeeshappy, andformuchlessthanweexpected.Inadditiontotheirdeep knowledge,theyhaveprovidedexceptionalserviceby respondingquicklyandprovidingthoughtfulbusiness solutions. ChelseaCurtis Founder,ManagingPartneratSeaportConsulting
“ SamisarealexpertintheHR+Benefitsspace.Hewasabletotake thepreferencesandguidelineswesharedwithhimandprovidedesign solutionsforbothsavingsandbusinessgrowthstrategies.Hewasalso abletospendtimewithustoensurewefullyunderstandeachaspect ofthehealthcareplanswewereconsideringand,ultimately,offering- which,canbeadifficultfeatinitself.ByworkingwithSam,wewere abletoprovidefantasticbenefitstoourteamandsavesignificant money.Moreimportantly,wewereabletogrowquicklybymore easilyattractingandretainingtoptalent,savingtimeonnonessential HRandadmintasksinfavorofcorebusinessoperations,andhaving confidencethatwearestayingcompliantinthelifescienceand biotechnologyregulatoryspace. JacquelineBellan Manager,PeopleOperations,BrioSystems
Why Us? The NGI Difference Fiduciary instead of Captivity - Companies and employees have diverse needs that require tailored solutions. NGI upholds its unwavering commitment to independence, guaranteeing the delivery of superior offerings to meet those needs. Relationships instead of Transactions - People are not commodities. Your success ignites our unwavering commitment to deliver the finest solutions and exceptional experiences. Knowledge instead of Ignorance - We are committed to staying at the forefront of industry knowledge, enabling us to provide data-driven recommendations while delivering information and analysis that is both elegant and easily comprehensible.
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