In the beginning stages of a new company’s growth, teams are small and intimate. As an employee who comes in on the ground floor, there’s a great deal of loyalty and personal investment in the company’s success. From the owner all the way to the newest hire, they know that they’re involved in the creation of something new, and they want to see this new idea reach its full potential.
As you grow, however, the stars in their eyes will quickly fade. Instead of the promise of being part of something special, new hires and veterans alike will want to have a sense of security, to know that they’ll be rewarded for their hard work. If not, they’re likely to be lured away by another company offering a juicier slice of the pie.
Using The Medical Link to help you select the best PEO online provider, can prevent you from losing star talent.
Don’t begin the revolving door cycle of people who get hired, see that you have less to offer than your competitors, and immediately defect.
In a recent white paper promoted by the National Association of Professional Employer Organizations (NAPEO), researchers take a look at the difference in turnover between small businesses who go it alone, and those who rely on a PEO for online HR services. The difference is astounding.
According to authors Laurie Bassi and Dan McMurrer of McBassi & Company:
- The employee turnover rate for PEO clients is 10 to 14 percentage points lower per year than that of comparable companies.
- Businesses that use PEOs are approximately 50 percent less likely to fail (permanently go “out of business”) from one year to the next, when compared to similar companies in the population as a whole.
- Across all industries, the results reflect clear advantages for PEO clients, on two of the most fundamental issues faced by any business: retention of employees and continued survival.
Contact The Medical Link to learn more about how our vetting `services can help your NYC business survive and thrive!