Have you ever looked into hiring a PEO? Here are the top 5 benefits of a PEO that can make you and your business prosper.
A professional employer organization (PEO) handles all the administrative services that are needed for companies to expand their presence. Most often utilized by startups and small businesses, PEOs specialize in HR, benefits, payroll, compliance, and automated services, allowing companies to recruit and retain the best talent without worrying about the additional costs and legal matters that are often involved.
5 Benefits of a PEO
1. HR Compliance – Are you up to speed on the following laws and regulations? If not, a PEO can provide guidance from seasoned HR professionals and help you avoid compliance mishaps.
2. Payroll – Working with a PEO can decrease your payroll-processing and related accounting costs. PEOs also conveniently automate the payroll process and handle your withholdings, W-2s and garnishments.
3. Benefits – The PEO relationship can provide your employees with access to cost-effective, comprehensive benefits without the administrative and regulatory burdens that can be so overwhelming and costly.
4. Workers Compensation – A good PEO can help you mitigate risk while providing impacted employees the answers they need in a timely manner.
5. Retirement – A PEO can provide access to a retirement savings program that includes 401(k) plans – a benefit offering that may help your employee retention.
(Bonus!) Up to the Minute Technology – Our online employee self-service portal reduces the amount of time your management team spends fielding HR-related questions from employees. This opens up new opportunities to “be on the floor” building relationships with customers or pursuing other revenue-generating activities.
Not only can a PEO assist your company with its day-to-day HR operations – it can also provide the support and guidance to help you make decisions more strategically. Yet another of the benefits of a PEO, you might improve customer service, increase revenue or achieve other goals in line with your vision.
When choosing a PEO, focus on finding a service provider with a proven capability to help you increase your productivity and profitability, not just provide a temporary cost saving. Contact us today!