Preferred Vendor RevHR Guest Blog: Co-Employment is the Solution for Growing Companies

Oct 19, 2023

Guest Blog by The RevHR Team

RevHR: Enhanced Benefits for Life Sciences, a MassBioEdge Preferred Vendor powered by industry leaders Marsh McLennan Agency and AlphaStaff, is an HR administration outsourcing program created specifically for Massachusetts life sciences companies. RevHR fills a gap in the New England market for life sciences companies by delivering access to best-in-class employee benefits (most often with richer features at a lower cost) while streamlining a catalog of administrative HR functions. RevHR’s services include fully integrated payroll & 401K management, affordable and comprehensive medical, dental and vision plans, multi-state compliance support, single sign-on HR platform, and competitive workers compensation & liability options.

Let’s set the scene: your company is now 50 employees strong and growing. While you are proud of your growth, you still struggle to procure competitive employee benefits offerings to attract the right talent. You are also looking into onboarding a team out of state and seeking new ways to increase efficiency, reduce costs, and improve workforce management.

In comes co-employment. Also known as a Professional Employer Organization (PEO), a co-employer offers a unique approach to managing your business’ HR functions.

Power in Aggregation

One of the primary benefits of co-employment is the ability to pool employee counts to extend the large-group buying power to the individual companies. Aggregation can help insulate employers from small-group market rates and risk, especially for companies in states with strict small-group regulations like Massachusetts. The aggregate buying power can allow your company to access Fortune 500 style employee benefits at a competitive price with health, dental, and vision insurance, retirement plans, and wellness programs. An improved employee benefits package can be a game-changer from a recruiting and retention perspective.

Enhanced Services & Risk Mitigation

Co-employment can do much more than just improve your employee benefits – it also helps simplify the payroll and tax process for your business. Partnering with a PEO means having experts handle all payroll-related tasks, including distributing paychecks and staying on top of payroll taxes. This reduces your risk of costly errors and ensures employees are paid accurately and on time.  A PEO can also help manage HR-related risks, like unemployment and workers’ compensation claims. A co-employer can become a true partner, helping you navigate the complexities of HR to keep you in compliance with constantly changing labor laws – especially now that you are considering staff in other states.

Expert HR Support & Reduced Workload

A co-employer comes with a full team of HR experts. PEOs specialize in HR management, compliance, payroll administration, and many other areas to help provide your business with guidance and support. The right HR provider can become a true extension of your team to tackle to handle your HR, financial, and risk matters while you focus on strategy and growth.

A Program Exclusively for Life Sciences

Not all co-employment offerings are created equal. RevHR is specially designed for life sciences companies, offering best-in-class HR administration, employee benefits, multiple plan options, and a competitive cost structure. RevHR is the only program of its kind that aggregates only life science companies into one favorable risk pool.

Ready to learn more about how we can help your business? Click here to get started.

This blog is cross-posted to the RevHR blog.

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