As your business grows, so does administrative and HR responsibilities. A professional employer organization (PEO) works with smaller companies to help them manage payroll, human resource functions, access to benefits, and other employer administrative functions that are essential to running a successful business.
Four parts of your business need to be in order to run successfully, and that’s your payroll, HR, benefits, and recruiting. All of these areas can be managed by a PEO company, giving you more time to focus on building your business.
Deciding to work with a PEO company can decrease your payroll-processing and accounting costs. PEO services automate the payroll process. When looking to work with a PEO company, search for a company that provides payroll services with a simple and straightforward fee. PEOs will administer payments to full-time and part-time employees, both salaried and hourly, and vendors and contractors when needed.
2. Human Resource
Your business must be following human resource (HR) compliance, especially with employment laws being very complex and changing monthly. If you aren’t keeping up the HR laws, regulations, and rules, it can cost your business extensively. A PEO company provides guidance from experienced HR professionals to help you always to comply. A PEO companies HR knowledge can help you release agreements that are compliant with federal, state, and local laws. By working with a PEO service, you have access to advisors who will work hand-in-hand with to keep you up to date on regulatory updates and guide you to making the appropriate changes to keep your business compliant with human resources.
One of the more significant advantages of partnering with a PEO company is its ability to
provide your employees access to cost-effective and comprehensive benefits, without your
business needs to take on the administrative and costly burden. Because the PEO company is a co-employer, it can offer a variety of benefits to your employees through the companies sponsored benefit plans, like medical, dental, and vision coverage, and in some cases, a healthcare flexible spending account, and life and disability benefits. As the sponsor of the plan, the PEO company handles administrative tasks related to interests, like negotiating with carriers, enrolling your employees in the program, and providing legal notices. The PEO service also helps your employees understand their benefits policy by providing online content, enrollments tools, and a contact center to answer any benefit questions.
Recruiting moves a lightning speed today, positions open up quickly and are filled in an equally fast turnaround. As a business owner or manager, you might not have the time to dedicate to finding qualified and capable candidates. Hiring the wrong person can be costly when you are thinking about the time and money spent on placing job ads, interviewing candidates, conducting background checks, and time invested in training. A PEO company should offer a recruitment service and help you gain access to experienced recruiters who can determine your business’s employment needs.
Deciding to work with a PEO company can help relieve your business of numerous employment-related responsibilities and risks that come with running a company and hiring employees. Also, by joining a PEO company, you can offer your employees a comprehensive benefits package, which, in the long turn, helps with attracting and retaining quality employees. Find some of the best PEO companies in the nation on sites like retireat21.com