What a wild ride 2020 has been. The COVID-19 pandemic has taken a huge toll on HR service providers and their SMB clients, and while the nation is clearly still in the midst of the storm, we’re beginning to understand at least the initial impact on businesses across the nation. And, at the same time, we’re all trying to figure out where to go from here.
At PrismHR, we recently completed our fifth annual HR Service Provider Trends Report, where professionals at PEOs, ASOs, and payroll providers were surveyed about key business issues and trends by an independent research firm.
It’s no surprise that the Report shows that HR service providers and their small business clients are united in their concern about the current state of the economy and the toll it’s taken on businesses in the US, but the good news is that the pandemic has enabled service providers to shine while doing what they do best — supporting small businesses with expert advice, product and services for HR, benefits and payroll.
According to the survey, HR service providers delivered invaluable support to their small business clients during the height of the business shutdowns. 69% provided clients with support related to the CARES Act, and 54% provided FFCRA support.
As the economy continues along its bumpy road to the “new normal,” HR service providers can deliver clear value to small businesses by providing guidance to help comply with state, local and federal regulations, delivering cost effective insurance and other benefits, offering programs they need now to support remote workforces, return to work policies, workforce reductions and to navigate government stimulus programs.
Although we’re certainly in unprecedented times, history has shown that HR service providers can be successful — and even thrive — in tough economic environments by helping small businesses navigate the choppy waters of an economic downturn through a combination of superior service and the right mix of products to help them weather the storm.