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Master employee benefits with ease.
As a business owner, attracting top-quality, reliable employees is high on your priority list. We get it. No one has the time and energy to invest in training new hires only to have them leave after a short time at your company. A competitive benefits package is one of the most attractive parts of any job.
The world of employee benefits can be complex and time-consuming to navigate for business owners like you focusing on their core business. You need expert assistance in choosing benefit options that fit your employees and business needs. Between choosing an insurance broker or carrier to assist with setting up health and retirement plans and understanding the specifics of the policies, there is a lot of behind-the-scenes work that requires time away from running the business.
If gathering all the pertinent information for enticing top-tier candidates feels like it would take too much of your valuable time, partnering with Syndeo can make your life easier.
In this third article in our PEO 101: The Busy Business Owner’s Guide to HR series, we will take a look at Syndeo’s benefits services and how you can outsource this administrative work to free you up to do the tasks that build your business. If you missed the first two articles, take a minute to read about HR outsourcing and getting help with payroll services.
Let’s start with exploring the core services of Syndeo’s Benefits Department. Between handling the tedious research and administration and maintaining compliance to overseeing health plans and COBRA for terminated employees, Syndeo can make being a business owner easier for you.
Handling cumbersome benefits administration
Syndeo’s benefits experts will assist you in finding the right benefit options for your employees. We do the legwork for you: researching and gathering information on health insurance plans, retirement plans, and other employee benefits.
We consult with industry-leading brokers for help with benefit plan research and evaluating plan benchmarks. We can also educate your employees about your plan’s offerings and assist them with the enrollment process.
If employees have an insurance claim that they cannot resolve, our Syndeo team can advocate for a speedy resolution with the carrier.
Meeting compliance regulations
Syndeo’s benefits team ensures that your company remains compliant with state and federal regulations that govern employee benefits, including the Affordable Care Act (ACA) and other reporting requirements. We conduct periodic audits of your benefit plans for accuracy and compliance. These audits help safeguard your organization from penalties and expensive fines.
Overseeing FSAs and HSAs
Syndeo can help you oversee flexible spending accounts (FSAs) and health savings accounts (HSAs), including processing employee contributions and providing guidance on eligible expenses. Typically, lower deductible plans are coupled with FSAs, whereas high deductible plans are associated with HSAs.
Whether your company opts for coverage through Syndeo's plans or your company selects its own plans, as your PEO partner, we can handle this task, relieving busy business owners of one more responsibility to track.
Timely COBRA communication
When an employee leaves your company and enrolls in COBRA benefits, our services encompass handling every aspect of the process. We streamline the transition through HRIS-generated processes that send out timely communication to the enrolling employee notifying them of their COBRA rights and options. It is yet another way that we can eliminate one more thing for you to worry about when it comes to your employees.
Upon choosing Syndeo as your PEO service provider, our onboarding team will configure your employees' details in our Human Resources Information System (HRIS). Alongside inputting essential employee information, payroll data, and HR procedures, they will compile and share details about your benefit options, including carriers, plans, and expected cost.
The advantage of using the PRISM platform lies in its centralized data accessibility for all our departments, minimizing errors in data transfer across different modules within Syndeo. If your company meets the criteria, your employees can enroll in Syndeo's comprehensive medical coverage plan or join our Pooled Employer Plan (PEP) for retirement options.
Comprehensive Medical Coverage
As your PEO, qualifying clients have access to medical, dental, and vision coverage, as well as FSA and HSA plan options. One of the newest features of the Syndeo healthcare plan is the access granted to our new employee assistance program (EAP) partner, Espyr.
Through Espyr, your employees can benefit from counseling services, financial planning services, and other support programs. The ease of use gives employees facing personal or professional challenges the support they need to work through them, increasing their confidence and productivity.
Retirement Options for Small to Medium-Sized Companies
Through our PEP retirement plan, all Syndeo clients can offer high-quality retirement plans at affordable rates by leveraging collective purchasing power. This option minimizes administrative tasks, fiduciary risks, and year-end tax audits for employers, while allowing customization of plan parameters. Our comprehensive selection does not restrict options to the top-performing investments and funds, and your employees have the flexibility to personalize their investment portfolio, receiving guidance from our financial advising firm to complement their choices.
Educating employees
During your initial onboarding experience with Syndeo or as your plan renewal draws near each year, Syndeo’s benefits team provides education about changes to your medical benefits, if there are any. We customize this education to mediums that best fit with your employees and schedules. Some companies prefer to hold company-wide benefits meetings, either in-person or online, to encourage participation. Other companies find it beneficial to host meetings with the few employees affected by the changes to a certain plan. Our administrators are also available to answer individual questions by phone or email.
If you are a business owner looking to steal a few more hours from your day, outsourcing your employee benefits to Syndeo will free up your time. We can provide you with the information you need to make informed decisions about the benefit options for your company, so you can attract and retain top industry talent.
By partnering with Syndeo, you can not only offer competitive benefits packages, but also benefit from streamlined administrative processes, expert guidance, and the assurance of compliance with regulatory requirements. Our user-friendly platform, coupled with personalized support for both employers and employees, makes Syndeo a reliable and invaluable partner in mastering employee benefits with ease.
Don’t forget to like, share, and subscribe to our newsletter for more thought-provoking HR content from Syndeo. To learn more about how outsourced HR services can get you back to business, contact Syndeo today!
Let us take on your HR functions so you can strive for greatness.
Contact us.
