February 10, 2020
Blog Your business is growing and you’re excited but there is also the fear of the impending stack of paperwork coming your way.
As your business grows that means more employees and in turn, that means mountains of unfamiliar paperwork.
If you’ve been biting your fingernails and losing sleep over human resources, PEOs could be just the thing that you need. A professional employer organization can mean the difference in having the time to do other business activities that need your attention and getting stuck at your desk.
Continue reading this article to learn the benefits of using a PEO for your company’s HR needs.
Must-Know Benefits of Using PEOs
When you’re making these types of business decisions, you might need a little extra push. Handing over or cooperating on your HR might seem like a scary prospect but when you read these benefits, you’re likely to see it’s worth finding a reputable company.
1. Payroll
Looking for where the savings are going to come in with a PEO? Payroll is one of the places to look for savings since it won’t cost you as much for payroll processing and related accounting costs.
If your employees have any garnishments — they will take care of it. They also handle and process withholdings and W-2s.
When you look at how a PEO charges you for these services, make sure they charge you a flat fee instead of charging you for various little fees. If the charges are fluctuating, it makes it very difficult for you to plan for the future.
2. Benefits
As a small to medium size business, it may be costing you an arm and a leg to get the benefits you need for your employees. The changing insurance requirements can be constant stress.
When you work with PEOs, you don’t have to worry about it anymore. PEOs can help you provide your employees with comprehensive and cost-effective benefits.
Work with the PEO of your choice to provide vision, dental and healthcare coverage to your employees.
3. Retirement Plans
People are worried about their golden years. If you give them the option of having retirement plans like that of a 401(k) your employees will be grateful and more likely to stay. No one wants to go through the annoyance of transferring their retirement accounts.
4. Human Resources Compliance
Have you ever been worried that you aren’t in compliance? With the ever-changing employment law, you could very well be unknowingly be violating laws you didn’t know about.
Failing to stay within compliance can cost your company big. The law doesn’t care if you didn’t know about those laws and will still slap you with major fines.
When you work with a PEO, you can rest assured that you are in compliance. Employees of the PEO attend regular training and pay close attention to legislation that passes in your area.
5. Worker’s Compensation
Understanding worker’s compensation can be challenging when you’re getting started. You have to learn the ins and out to make sure you protect your company.
If you’re doing your own paperwork for worker’s compensation, it can be very time-consuming. Since a PEO is a co-employer of your employees, they are able to offer compensation through its own worker’s compensation. Make sure the insurance they offer is going to give you the benefits and features that you need.
6. Recruiting
Ah! That shiny new recruit just got snapped up by the other company. How annoying!
What do you do?
You’re on the search for qualified candidates with a great attitude — how can you get them? You have to be quick on your feet, the phone, to the meeting, etc.
If you don’t have time to do necessary recruiting, PEOs can take this off your plate and they are good at what they do.
There is a lot of that goes into recruiting your next great hire from placing ads, interviewing, doing background checks and more. If you get sloppy and don’t make the right hire, it can be a costly mistake.
The PEO you’re working with can take the time necessary to vet potential new employees. They can provide you to access to experienced recruiters that will bring people that you otherwise might not have had access to.
The added benefits you can tack onto what you offer also makes your company much more enticing to the top talent you might not have otherwise been able to attract.
7. Lawsuits
No one wants to get sued. Lawsuits are the bane of any company but as your business grows, you may have to deal with these.
When you’re working with a PEO, they share part of the liability of employment-related claims. The thought of having an extra back to put the burden on can take some weight off your shoulders.
If you’re worried about overstepping and doing something to get into a mess over wrongful termination, the PEO that you’re working with likely has professionals that can help you understand what is legal and what is considered discrimination.
8. Experts on Call
Having a group of professionals that are on call to help your company with any pressing questions will allow you to make the right decisions quickly while remaining compliant.
9. Provides Professional Materials
You might not have time to make HR documents for your company but when you partner with a PEO, these necessary documents at your fingertips. Creating your own forms and disclosures could take you weeks or even months but when you have a PEO on your side, you don’t have to worry about it.
10. Cost Control Improvement
The PEO will provide cost control through vendor management. This takes a task off your plate and saves your company money for double benefits.
Ease Your Mind and Win in Your Business
PEOs are a game changer for small to medium size businesses. You won’t have to deal with worker’s compensation claims and other HR issues on your own.
Having great workman’s compensation insurance is important and having someone to help you through the process is even better.
If you’ve been looking for the best workman’s compensation insurance, we can help you. Contact us today to get the coverage that you need.
