HR tasks and managing payroll can be an exhausting task for any business and owner. On other occasions you might find yourself wishing for expert help navigating complex regulations. If you find yourself in need of this kind of help often, then a PEO like Insperity might be the solution for your business. We looked into the service provider to find its strengths and faults, so you can focus on more important matters. Read our review below:
Established in 1986 and serving over 100,000 businesses with a combined total of over two million employees, Insperity is one of the most popular PEO companies in operation today, with at least 2700 corporate employees ready to serve your business. A public company headquartered in Houston, Texas, it trades under the symbol NSP and interested parties can review the public face of the company to glean more information on their operations.
They are currently focusing on the concept and their drive for “workplace optimization” which is their way of stating their commitment using every tool at their disposal to make sure your business is running as efficiently as possible. Insperity is selling people on its full suite of services, which is of a greater range than what is normally offered by PEO services due to Insperity’s large size.
Service and Experience
- Payroll management. Insperity offers the standard array of payroll management services with payroll processing software. Most scenarios and considerations are addressed, including W-2 preparation, wage garnishments, employment verification, and payroll record maintenance and management.
- A customizable service lineup. Insperity doesn’t necessarily require your business to get a full suite of services like some other PEO providers. Depending on your business, you will only need to sign up for the service package your business needs.
- An online employee self-service platform. Insperity uses an online employee portal so that your employees will be able to access any information they might need and better communicate with management. Clients and employees alike have reported that the platform is intuitive and easy-to-use, a rare feat for services that regularly deal with complex HR topics and legal matters.
- Dedicated HR teams and customer service. Lesser PEOs could and have brushed off special requests and complex questions on the part of clients, letting an untrained customer service agent handle the matter. Insperity employs experienced professionals to handle any potential issues for you, making sure that your business and service is running smoothly.
Benefits and Perks
- Health insurance management. Insperity is partnered with UnitedHealthcare to ensure that your employees get affordable health care options (this includes vision and dental). That being noted, Insperity only works with one provider, meaning employees will need to work with them to receive benefits or find an alternative health care option. ACA compliance assistance is provided.
- A fully managed 401(k) plan. Insperity offers to manage everything regarding your employees’ 401(k) and retirement benefits, leaving you and your business more open to focus on the work at hand. Employees will also have access to tools and information to help them make the best decisions regarding their plan. Insperity also integrates data in its management to create one of the top programs in the industry.
- Offerings and discounts. Insperity advertises that they have discounts and offerings from 30,000 retailers, allowing clients and their employees to save on common brands.
Compliance and Risk-Management
- Safety training and program assistance. To reduce long-term risk and make sure that there are few onsite accidents, Insperity offers safety training options and safety review services for your business.
- Workers compensation plan coverage and resolution management. Should workers compensation ever become an issue, Insperity will work with your company to handle the matter in an efficient matter and protect your company.
Information and Management Tools
- Learning, training, and development options. Insperity has a vast library of training resources available to clients and employees, with over 100,000 online learning assets, development programs, and live virtual training options if necessary. It should be noted that this towers over other PEOs in the other options available.
- Time management and tracking system. Insperity uses a time-tracking system called TimeStar® that is available to your business. It will allow employees to clock in and out using most commonly available types of devices, and can also use biometric or badge-based time clocks, preventing time theft and keeping you precisely informed as to what your employees are up to.
- Active, systemic opportunity identification. While many PEOs might leave you not knowing what to ask for, Insperity will actively look for opportunities to improve your company and employees.
- Excellent time-tracking and online management options. One of the main areas where Insperity stands out is its use of excellent time-tracking and online management platforms they use. You as a business owner will have access to unparalleled levels of information and, if you would like, will have access to a greater amount of information on employee productivity.
- Intuitive online tools. The online platforms for both clients and employees are commonly referred to as intuitive and easy-to-use, which in itself is important for both productivity and making sure that your business is making the most of its PEO benefits. This is rare for many systems, as they can be outdated or otherwise technologically challenged. Insperity has taken the effort to keep up with current trends.
- Experienced team members. To properly make strides in the HR department and managing personnel, you will need to make sure that you are getting the best advice possible. Insperity provides that by pairing your business with fantastic, experienced consultants that will know how to handle the problems your business might face.
- Customizable service options. Your business will be able to specifically sign up for only the services it intends to use out of the wide range of products offered, allowing your company to save money and build the best plan available. Other PEO services won’t have as wide a range of options or will force you to take the full service package.
- Well-managed 401(k) plans. Insperity’s retirement options and administration is unmatched by most other PEO services, and your employees will be grateful with the ease-of-use of the platform relating to their benefits.
- Only a 30-day cancellation notice is required. Great for companies that would like little commitment, Insperity only requires a 30-day cancellation notice, a far shorter amount of time than some contracts other PEO companies would lock you into (up to a year).
- A five-employee minimum. While many companies will not consider this an issue, Insperity requires a five-employee minimum for their services. Very small businesses or businesses with seasonal employees that could dip below that number will want to consider another option.
- Limited health care options. One of the main criticisms that your employees will find with Insperity is that while their health care benefits are competitively priced for them, there are relatively few options for them, as UnitedHealthcare is their partner in providing health benefits. Employees may have to hope options exist that allow them to get health care in your region. Your business will likely need to look into the plans offered to make sure that health care benefits from Insperity will be of any use.
- Bundled pricing. While it would be impossible to go over every simple service combination in this review, there are options for every company. While more customizable than some competitors, there are still limiting factors and bundles to consider when signing up for Insperity In some circumstances your business could be stuck with (and paying for) a full service package or a service you know your business can’t use right now.
- Potentially confusing fee structures. Insperity generally charges your business a rate based on the number of employees (as opposed to the total payroll cost, a common method), and this might be ideal for your business, but others online and previous customers have cited confusing and discouraging fee structures in their dealings with Insperity, noting a lack of transparency. Business owners will likely have to read the fine print and ask questions to get the full expense picture.
- A high price for the service. Many reports and reviews detailing individual experiences with Insperity have noted that Insperity’s total costs are generally greater than that of other PEOs, especially when fees and administrative costs are taken into account. Insperity is unlikely to be the cheapest option for your business, no matter you break down the services.
- Unclear communication. Related to but distinct from the aforementioned fee structures and policies, the other main complaint trend from previous customers is a pattern of unclear communication coming from Insperity, including but not limited to pricing, health care options and coverage, and any information that may not put the PEO provider in the best light when compared to competitors.
What Businesses Is Insperity Best For?
Businesses looking to run at maximum efficiency: Insperity’s host of tools and services are all keyed-in on making sure your business and your employees are working at peak performance as often as possible. If you need to keep your business lean and productive, Insperity is a great choice to go by.
Businesses with owners who would like more information: With the time and work tracking options that Insperity provides, you can remain confident that you will know what your employees are up to and will have up-to-date data to make decisions that will only improve your business.
Businesses that are looking for an excellent 401(k) offering: A standout point for Insperity is the depth of their 401(k) programs. They sponsor the plan and more than 3000 businesses happily utilize the plans Insperity services. They integrate the data automatically, leading to an easy setup and management. Businesses looking for an excellent 401(k) option won’t find much better elsewhere.
Businesses looking for a large, experienced PEO: Insperity works with over 100,000 clients and has been in the business for more than 30 years now. If you want to feel secure in your PEO service provider, Insperity knows how to handle matters. If they weren’t doing things right by their clients, they would not be where they are today.
Businesses willing to pay a premium for a wide variety of services: Insperity might be more expensive than the average PEO company, but in the eyes of many they make up for it in the additional services and tools they provide, many of which would be separate services in their own right. If your business can afford them and could use the additional information, Insperity is the right choice.
Businesses looking for excellent training options: Insperity has a vast library of training resources on its platform, and prospective clients can remain confident there will be the perfect program for their employees and managers. Every human resources topic is covered and if needed the Insperity team can devise and conduct additional training programs.
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An industry leader, Insperity has a lot going for it to make it more attractive to small businesses like yours. It has a host of information gathering tools and, while expensive, can also provide your business with the benefits it needs. If after reading our review you think it is the PEO solutions for your business, you owe it to yourself and your employees to contact them and discuss potential options.
Have you and your business used Insperity in the past? Are there any experiences (positive or negative) that you would like to share? We know that your opinion is important, and as such we invite you to comment below and share your thoughts.