Who would benefit most from working with Vensure?
Startup with Founding Team
1-10 Employees
Startup to PEO: Vensure does well in the startup market because they have a flexible model that allows the client to experience the full HRIS on the ASO and PEO models. So for a virgin group, or founder’s looking to upgrade past the “compliance” stage, then it’s worth taking a look.
Reasons to buy: MOST flexible PEO option on the market due to Vensure's latest acquisitions in the HR space.
SMB with an HR professional
10-49 Employees
PEO to PEO or Open Market to PEO or PEO to Open Market: Vensure is a perfect for a company that wants flexibility from their PEO provider. Industries that typically struggle with PEOs are "blue-collar" industries. Our clients using Vensure represent a variety of different industries including manufacturing, logistics, non-profits, financial services, technology and more!
Reasons to buy: Flexible for all industries! Technology Platform streamlines HR, IT, and finance operations. Custom reporting makes it easy to leverage employee data points for workforce planning. Multiple insurance options allow for customized employee experience and creates consistent insurance renewals year over year. HR guidance live or onsite to support shaping company culture, compliance training, and enrolling in employee benefits.
If you have a limited human resource department and feel you need administrative support, then Vensure's model is amazing. Unlike the trendy new PEO models focusing on technology and lower admin fees, Vensure provides phenomenal HR support.
Quickly Scaling company with 2+ in HR Department
50+ Employees
PEO to PEO or Open Market to PEO or PEO to Open Market: At 50 employees, the value of Vensure's PEO does stand; however, it is time to consider a long term insurance strategy. Why? Depending on the company's HQ state, your group may be ready to move to a large group plan on the open market or through level-funded plans. Employee benefits are priced differently for large groups versus PEO or small group ACA plans. How? Carriers for large group plans look at your employee demographics, premiums vs claims, and even what services or prescriptions are being used by your employees on the census provided.
In order to shop level-funded or large group plans against a PEO, you need access to an experienced insurance broker who understands the the PEO model. If you are or plan on being a large group in the next 18 months, benchmarking the PEOs to both large group fully insured and level funded plans directly with the carriers is extremely important.
A perk of being on a large group plan are the insights on claims for your group. A savvy broker will access your group's claims data and create a specific cost sharing strategy that allows the employer to correctly assist the carrier in pricing your group. Helping the three parities: employer, broker, and carrier avoid high renewals and properly manage rising insurance costs!
Reasons to Buy: Technology Platform streamlines HR, IT, and finance operations. Custom reporting makes it easy to leverage employee data points for workforce planning. Multiple insurance options allow for customized employee experience and creates consistent insurance renewals year over year. HR guidance live or onsite to support shaping company culture, compliance training, and enrolling in employee benefits.
How does Vensure deliver their services?
Technology Platform
HRIS Integrations/ APIs: Vensure's HRIS platform is very user friendly with an intuitive employee interface. Vensure has an App Shop with over 500+ integrations already prebuilt. The integrations cover a variety of services from HR, Finance, and IT. This solution is perfect for companies with a remote workforce.
HR Services
Admin Support: If you are an employer or account administrator, you will have access to a dedicated support team for your account. They typically assign you a main point of contact and connect you directly to a specialist if the issue requires special attention like a bonus check allocation or how to report a workers compensation claim. They are available via email, chat, or phone.
Employee Support: As an employee, you can expect assistance with locating your benefits contacts, accessing your 401k, questions on a technical issue with the platform, or even a walk through of how to select your health plans. Most employees call in because they are troubleshooting a simple problem or familiarizing themselves with the platform.
How does Vensure price their solutions?
Admin Pricing
Vensure prices their PEO and HR service platforms on a per employee per month basis. Vensure is customizable and you may not need all of their products, so they have designed the billing in a way that helps you forecast cost by knowing the cost per user. Some PEO models charge a percentage of payroll; however, many customers find this confusing and Vensure prides itself on offering transparent billing.
Benefits
Vensure does offer benefits through their PEO and they also allow you to carve out benefits and keep your current plans with your broker if needed. Vensure partners with third party providers and carriers so you can offer: health insurance, 401(k), commuter, and more.
Workers Compensation
You can get your Workers Compensation through Vensure or simply keep it with your current broker as a Workers Comp carve out. Vensure allows you to have a pay-as-you-go workers compensation payment each pay period versus the traditional quarterly or annual audit most companies use.
How to get a quote for Vensure's services?
Work with Broker
A good broker will manage quoting process, negotiate best terms and pricing, and assist in the collection of RFP documents. A great advisor will know which options to share with you, because they understand your business. Some brokers don’t understand PEO because It’s complicated and includes a ton of knowledge around how payroll and tax payments work so be sure to work with someone knowledgeable.
Direct to Company
Great if you know exactly what you want and understand how to financially engineer a PEO’s total offering from WC, fed + state payroll tax, retirement funds, employee benefits, HRIS software billing, and much more.
Conclusion
Vensure is a great option to consider and you can find out more about Vensure on their website at https://www.vensure.com/
If you would like us to help you compare Vensure to other providers schedule some time on our calendar here.
We typically save our clients between 50 and 70 hours while finding the best companies and services specific to their needs.