IVCA Feature: New Member Profile of Insperity Human Resources (HR)

IVCA Feature: New Member Profile of Insperity Human Resources (HR)

November 11, 2020


The new member participants in the Illinois Venture Capital Association (IVCA) keeps expanding, giving the current membership new opportunities in networking and offering support/partnerships, as well as exchanging guidance and new ideas for Venture Capital, Private Equity and support industries. The latest new member is Insperity HR, offering powerful HR solutions with their exceptional follow through.
 
The following is a Q&A profile with Insperity, which explores the firm’s background and their expectations for interacting with the IVCA.
 
New Member: Insperity Human Resources (HR)
Representative: Chris Zdunich, Business Performance Advisor
 
IVCA: What is a brief history and background of Insperity HR?
 
Insperity HR: Insperity began 35 years ago in the position that many startups are in right now – with a big idea and vision. Not only did we build a business, we helped pioneer the HR outsourcing industry. Today, with a strong commitment to service and a proven track record for working alongside investment firms and emerging companies, we’re ready to roll up our sleeves and help these fast growing companies overcome their HR challenges. Insperity serves more than 100,000 businesses with more than two million employees.  
IVCA: Why did Insperity decide to join the Illinois Venture Capital Association?
 
Insperity HR: We understand the pressures that VC firms face when investing in startups that compete in high-growth industries like technology, software, and biotech. Venture Capital financing can provide capital, board governance, hiring assistance, consultation, and introductions to strategic partners, and Insperity can handle many of the daily HR tasks related to payroll, benefits plan sponsorship and government compliance.
 
But we don’t stop there. Insperity will work with your portfolio companies to determine their unique needs, develop a road map based on growth projections and help implement efficiencies throughout every stage of growth.
 
IVCA: What type of challenges has the pandemic given HR services, and what do you offer to help businesses navigate these times?
 
Insperity HR: The pandemic creates many challenges for millions of businesses in America. Some of the most recent challenges have been workers’ compensation for remote employees, employees working remotely in different states, return-to-work process after an extended absence, COVID-related EEOC complaints, and how to measure productivity with remote employees.
 
Working with Insperity, founders and the leadership team will break free from many of the responsibilities a startup must stay on top of as an employer. Insperity can step in and move HR obligations off their mental load once-and-for-all, knowing Insperity will bring as much care, expertise and dependability into the relationship with a startups employees as the founder.
 
IVCA: There are six services on the front page of the website highlights ... Employee Benefits, HR Admin/Payroll, Risk Management, HR-related Compliance, Talent Management and HR Support/Technology ... which of these services have become the most crucial for your clients during the pandemic and what are you solution offerings in that service or services?
 
Insperity HR: The pandemic created HR situations that have never been encountered before. The time and depth of client discussions increased significantly, creating overload on our service teams. In the Insperity spirit, we excelled … our client service ratings actually have gone up during this time. For our clients seeking PPP loans, our proactive service and reporting capabilities enabled 59% of our clients to receive funding in the first round.
 
IVCA: Coordination of healthcare benefits are front and center at this time with many businesses and their employees. What trends are you predicting in those areas that are providing peace of mind for both the business who provides these benefits and their employees?
 
Insperity HR: Volatility in renewal increases is the reality of providing world class benefits to attract, hire and keep the high performers that are needed to achieve the level of success desired. This causes financial stress and does not allow an employer to forecast, budget or predict what the financial future may look like.
 
Insperity strictly assesses the risk associated with acquiring a new client and the impact they will have on us and our current clients. This process creates a level of stability that is unmatched and can create significant financial savings, year over year. For our entire client base in the last decade, our year over year benefits renewal increase averages 3.25%. 
 
On the flip side, start-up, small and mid-market companies do not have the employee count to negotiate better rates, plans or networks. Insperity leverages the buying power and huge economies of scale of 300,000 people on our master medical policy to reduce rates. Since Insperity is not a broker and does not sell insurance, commission is not built into premiums, further reducing cost. Our benefit offerings are world class, providing Fortune 500 level benefits that help attract, hire and retain top talent that provides the  discretionary effort needed to increase productivity and profitability.
 
IVCA: What does Insperity HR hope to achieve in their interaction with the VC/PE community within the IVCA?
 
Insperity HR: Our hope is that we help the investor community increase the value of their investments by taking on the many HR administration burdens. And because of this, Insperity enables portfolio companies to focus on building their business and maintaining operational growth.
 
For the website of Insperity HR, click here.