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1、EGUIDEHow Technology SMBs Compete for Talent:The Changing,Challenging World of Employee Benefits1.Layoffs.fyi-Tech Layoff Tracker and Startup Layoff Lists,Accessed November 18,20222.Despite Big Layoffs,Tech Workers Are Still in Demand|WIRED,Accessed November 18,2022 3.Ibid.4.Companies Hiring Novembe
2、r 2022|The Muse,Accessed November 18,2022Attracting and retaining talent is a consistent challenge for technology companies.Despite 118,000 people having lost their jobs in tech in 20221,these skills are still in strong demand at other smaller tech firms and adjacent industries2.These layoffs,largel
3、y in Big Tech,are also opening new opportunities for startups and investors aiming to create the next big thing.Case in point:Day One Ventures,a venture capital firm,launched an initiative aimed at laid-off workers offering to invest$100,000 in 20 different ideas for new companies3.And in The Muses
4、list of“22 Top Companies Hiring in November(2022)”at least half were tech companies and many of the remaining openings were for technical skills4.2|HOW TECHNOLOGY SMBS COMPETE FOR TALENT:THE CHANGING,CHALLENGING WORLD OF EMPLOYEE BENEFITSAccording to LinkedIns 2022 data insights,the technology indus
5、try holds the second highest industry turnover rate at 12.9%5.The LinkedIn data suggests the challenge of retaining technology talent results from high demand for workers and increasingly competitive compensation packages within the industry6.Your success depends in large part on keeping a team of t
6、he best and brightest.If you have such people on your team already,make sure they will stay with you8,but salary alone isnt enough anymoreyour employees may also expect robust benefits.Benefits of all types play a crucial role.High-quality traditional benefits such as health insurance and retirement
7、 plans remain top of mind,but its important for small and medium-sized businesses(SMBs)to recognize that employees are looking for more.“The technology industry holds the second highest industry turnover rate at12.9%75.https:/ industry,highest%20turnover%20rate%20at%2012.9%25,Accessed October 26,202
8、26.ibid7.ibid8.https:/ on November 09,2022.3|HOW TECHNOLOGY SMBS COMPETE FOR TALENT:THE CHANGING,CHALLENGING WORLD OF EMPLOYEE BENEFITS”4|HOW TECHNOLOGY SMBS COMPETE FOR TALENT:THE CHANGING,CHALLENGING WORLD OF EMPLOYEE BENEFITS 9.https:/www.shrm.org/about-shrm/press-room/press-releases/pages/shrm-r
9、eleases-2022-employee-benefits-survey-healthcare-retirement-savings-and-leave-benefits-emerge-as-the-top-ranked-be.aspx10.https:/www.napeo.org/what-is-a-peo/about-the-peo-industry/industry-statistics,Accessed December 7,2022.In todays competitive job market,you cannot ignore employee benefits if you
10、 hope to successfully compete for talent with other technology firms and larger businesses.But,like many SMBs,you may lack the experience,expertise or resources to build benefits packages that will make a difference for your employees.Heres the good news:A professional employer organization(PEO)can
11、help.WHAT IS A PEO?A professional employment organization(PEO)works with small and medium-sized businesses to provide human resources support,payroll,and access to benefits and other HR administrative services.The PEO,in effect,becomes a co-employer with the SMB.Resulting in reduced paperwork,increa
12、sed efficiency,and often more comprehensive retirement,healthcare and workers compensation packages for their employees.The National Association of Professional Employer Organizations(NAPEO)has conducted studies that show companies grow faster and more efficiently when working with PEOs,particularly
13、 during uncertain times10.So,How Does it Work?A PEO supports you with a full range of HR functions that would typically include:Payroll processing Employee benefits access and management Workers compensation filings A technology platform HR consulting Payroll tax filings Risk mitigation2022201970%49
14、%Percentage of Employees Who Feel Flexible Benefits are Important95|HOW TECHNOLOGY SMBS COMPETE FOR TALENT:THE CHANGING,CHALLENGING WORLD OF EMPLOYEE BENEFITSHOW TRINET HELPS Administering benefits is a critical business function,but it can also feel like an expensive,time-consuming and often frustr
15、ating distraction.A PEO like TriNet can help alleviate that problem.HR expertise and resources:TriNets benefits consultants focus exclusively on benefits administration.They can help your team choose the right mix of traditional benefits and nontraditional benefits for your companys budget and your
16、workforce.Access to big-company benefits:SMBs typically do not have access to the same level of benefits as large companies.Thats a problemespecially in a field where the most talented individuals have options.TriNet enables you to access group plans often only available to large companies,so your e
17、mployees get access to the benefits they want and deserve.Employee choice:Your benefits should benefit your employees.TriNet enables you to provide offerings and funding strategies that align with what your employees want and need.Ease of benefits administration:TriNets compliance experts help you a
18、void pitfalls by keeping you up to date on ever-changing local,state and federal rules,regulations and reporting requirements for your business.This will not only help lift an administrative burden off your hands,but will also help you stay in compliance.Ease of use:TriNet onboarding experts conduct
19、 new hire orientations that walk your employees through the benefits enrollment process.In addition,TriNets mobile app makes it easy for employees to view pay details,check TriNet-sponsored flexible spending account(FSA)activity and manage time off requests.Communication:Communicating with prospecti
20、ve and existing employees about benefit is sensitive and time-consuming.TriNets communication team develops and sends benefit communications for you.To have the authority to help manage these functions for you,we work with your business as co-employers.As the business owner,you maintain your role as
21、 the worksite employer.You make all the decisions at your workplace,including hiring and firing,compensation and more.You give us authority to help manage the HR administration.As partners,we also help you mitigate risk with risk reduction programs and a team of consultants ready to help you profess
22、ionally handle even the trickiest of HR situations.“You want to be able to get the best employees and when you do get them,you want to be able to provide them access to large company benefits.Thats something that TriNet was able to provide.”David Harutian,Director of Finance and Operations,Q 11.http
23、s:/ October 11,2022.TRADITIONAL BENEFITSTraditional benefits include health coverage(medical,mental health,dental and vision benefits),life insurance,disability coverage and retirement plans.These benefits remain among the most important considerations for individuals joining an organization.Health
24、benefits:As a PEO,TriNet can help you offer attractive and robust benefit offerings.TriNet offers access to health plans from multiple carriers,each with a wide range of deductible and copay choices.Health savings accounts(HSAs)and flexible spending accounts(FSAs):Give employees the opportunity to c
25、ontribute to an account on a pre-tax basis to pay for eligible health care expenses and dependent care costs.Retirement benefits:Offering retirement plans to help employees reach their retirement savings goals can be a significant factor in attracting and retaining talent.TriNet sponsors 401(k)plans
26、 with competitive administrative fees and works with an independent investment advisor.You can customize the plans by selecting company contribution options,such as profit sharing,matching and safe harbor contributions.Disability benefits:Short-term disability insurance provides employees with a lev
27、el of wage replacement if they suffer an accident,unexpected surgery or illness with a long recovery time that prevents them from working.Employers can fund these plans or offer them as optional,employee-funded plans.Life insurance:Buying a life insurance policy through an employer typically allows
28、employees to obtain coverage at more affordable rates than policies purchased on an individual basis.It is a benefit that can give your employees peace of mind.“With an average total retirement savings rate of 10.5%for workers ages 25 to 34 and 8%for workers under 25,these employees likely arent sav
29、ing enough to meet their retirement goals.11”6|HOW TECHNOLOGY SMBS COMPETE FOR TALENT:THE CHANGING,CHALLENGING WORLD OF EMPLOYEE BENEFITSNONTRADITIONAL BENEFITSNontraditional benefits are among the fastest growing component of benefit packages.These options include employee-covered benefits and volu
30、ntary benefits that give employees access to a discounted rate only available through the employer.Flexible work arrangements which include unlimited paid time off,flexible hours,compressed workweeks and remote work options.Phased retirement programs that allow employees approaching retirement age t
31、o gradually reduce workload as they transition from full-time work to retirement.Paid sabbaticals which employees can use for rest,learning new skills,travel or self-development.Wellness programs to reward healthy behavior.On-site free or subsidized services,such as meals,fitness centers,dry cleanin
32、g,childcare,senior care and grooming services.Training,education and mentoring programs that give employees growth opportunities and more control over their career paths12.Employee assistance programs(EAPs)to connect employees with resources to help them perform their best at work and in life.Paid F
33、MLA leave for family and medical reasons,like parental leave,without requiring employees to use accrued vacation,sick days or paid time off.Pet insurance to help minimize the cost of pet care.Commuter programs offering pre-tax deductions for commuting expenses.A choice of programs that deliver priva
34、te and equitable access to benefits that adapt to changing times and circumstances,such as those that support the need for medical travel,adoption assistance,education or disaster relief.7|HOW TECHNOLOGY SMBS COMPETE FOR TALENT:THE CHANGING,CHALLENGING WORLD OF EMPLOYEE BENEFITS“We switched to TriNe
35、t so that we could actually hire people and build up the brand.”Erik Maltais,Co-Founder and CEO,Immertec12.https:/www.shrm.org/about-shrm/press-room/press-releases/pages/shrm-releases-2022-employee-benefits-survey-healthcare-retirement-savings-and-leave-benefits-emerge-as-the-top-ranked-be.aspx.Acce
36、ssed October 11,2022.VOLUNTARY BENEFITS TriNet makes accessing voluntary benefits easy through our user-friendly Voluntary Benefits Central site.BENEFIT PACKAGES:AN ESSENTIAL TOOL FOR SMB SUCCESS Today,the demand for technology workers is strong.You need to focus on innovation,develop your team and
37、create an environment that makes employees want to stay.By teaming with a PEO like TriNet,your business can get the comprehensive benefit options necessary to compete successfully for top talent.A comprehensive benefits package that brings together attractive traditional benefits with nontraditional
38、 benefits delivers far more than the sum of its parts.Integrating nontraditional benefits into your benefits package improves employee morale,employee retention and company culture.Such benefit packages were once limited to large enterprises,but not anymore.Discover how it feels to have an HR team c
39、ommitted to your growth,knowing your fully covered,while your employees are taken care of with TriNet.ENRICH YOUR COMPANYS BENEFITS TO RESPOND TO CHANGING TIMESRESPOND TO CHANGING TIMES WITH ENRICHED BENEFITSCulture changes and your benefits program has to be able to respond rapidly,equitably and ap
40、propriately to remain relevant to your employees.TriNets Enrich product line is an example of how we help you customize your benefits so they add value for your employees.Currently,Enrich has four products:Enrich Access allows you to provide tax-free travel reimbursements to eligible employees and t
41、heir household dependents who must travel to obtain medical care not available to them locally.The employees identity remains anonymous to their employer.Enrich Adopt gives you a means to provide a tax-favored adoption assistance program to support eligible employees who wish to expand their immedia
42、te families through adoption.Enrich Learn lets you provide tax-optimized reimbursements for education-related expenses incurred by your employees.Enrich Disaster Relief allows you to provide tax-favored reimbursements for expenses incurred by employees impacted by federally declared disasters.Learn
43、how TriNet can help your technology business.WATCH NOW8|HOW TECHNOLOGY SMBS COMPETE FOR TALENT:THE CHANGING,CHALLENGING WORLD OF EMPLOYEE BENEFITS“Its difficult to compete with the big companies and the benefit packages that they offer their employees,and what TriNet allows us to do is level the pla
44、ying field.”Mihir Shah,CEO,DroboLearn all about our tailored solutions at TriN or call 888.874.6388.Copyright 2023 TriNet Group,Inc.All rights reserved.All trademarks,trade names,service marks and logos referenced herein belong to their respective companies.0123-EG-BenefitsAbout TriNetTriNet(NYSE:TN
45、ET)provides small and medium size businesses(SMBs)with full-service HR solutions tailored by industry.To free SMBs from HR complexities,TriNet offers access to human capital expertise,benefits,risk mitigation and compliance,payroll and real-time technology.From Main Street to Wall Street,TriNet empowers SMBs to focus on what matters mostgrowing their business.Go to TriN to get started or speak with a TriNet representative at 888.874.6388.