Small and mid-sized businesses have the same personnel requirements as larger corporations, but not the same budget for attracting and retaining top talent.

Enter professional employer organizations (PEOs). PEOs provide organizations HR services like payroll, benefits administration and compliance support. PEOs are also able to pool employees from multiple clients to offer employee benefits and resources that might otherwise be out of reach for smaller employers.

PEOs are more than companies that provide outsourced HR services, but rather strategic partners in employee wellbeing. In addition to traditional benefits, PEOs can offer solutions that help employees navigate their financial challenges, including access to financial planners, credit assistance and insurance coverage.

The cost of financial stress in the workplace

Financial stress doesn’t just affect individuals – it impacts workplace productivity, retention and overall business performance. About 60% of employees feel financial strain, increasing their likelihood of job-hopping.1 Meanwhile, 35% of small businesses struggle to fill vacancies.2

Employer or PEO financial wellness solutions, often called financial wellbeing solutions, help strengthen employee loyalty and satisfaction while reducing stress. When employees feel financially secure, they are more engaged and focused, improving productivity and retention.

Securing adequate protection helps drive PEO financial wellbeing plans

In light of rising auto and home insurance rates — auto insurance premiums surged 22% in 2024,3 and home insurance rates climbed as much as 23%4 — providing a way to secure coverage has become an important element in employee financial wellbeing.

As extreme weather events become more frequent and insurance costs continue to rise, securing adequate protection is more important than ever. But employees may lack the time or expertise to navigate the insurance process easily and may procure coverage that doesn’t fit their needs or that breaks their budget.

Making the leap to a digital marketplace

Historically, PEOs financial wellbeing programs have offered personal insurance and discounts through carrier partnerships. But today, PEOs can provide digital insurance platforms like VIU by HUB that gives employees access to multiple carriers, competitive rates and expert guidance.

Through a combination of technology and human expertise, digital insurance platforms can help employees obtain affordable, personalized coverage, rather than a one-size-fits-all policy.

And digital platforms integrated with benefits portals streamline the experience further, giving a single source of truth for employee benefits.

What to consider in evaluating PEO financial wellbeing solutions

Organizations considering leveraging their PEO to offer financial wellbeing programs like insurance platforms should evaluate PEOs carefully.

PEOs must meet regulatory compliance across multiple jurisdictions, implement high levels of data security and be able to integrate with existing HR platforms. PEO benefits platforms must also ensure that employees have access to education and the necessary resources to make informed decisions.

Vetting individual PEOs for benefits offerings can overwhelm HR managers and executives at smaller organizations. Instead, they can partner with an experienced benefits broker and consultant to determine the right PEO to maximize financial wellbeing for their employees.

Contact HUB International’s employee benefits specialists to learn how PEOs can improve your employees’ financial wellbeing. Partnering with VIU by HUB can give your employees access to a customized experience for their insurance needs.

1 PwC, “PwC's 2023 Employee Financial Wellness Survey,” accessed February 13, 2025.
2 NFIB, “Ready To Hire, Qualified Applicants Needed on Main Street,” accessed February 13, 2025.
3 Yahoo! Finance, “Why auto insurance costs are rising at the fastest rate in 47 years,” April 10, 2024.
4 WSJ.com, “Buying Home and Auto Insurance Is Becoming Impossible,” January 8, 2024.