What is a PEO?
A Professional Employer Organization (PEO) enables clients to responsibly and cost-effectively offload the management of human resources and other employment-related tasks including employee administration, workplace safety, compliance, unemployment and workers compensation claims, risk management, benefits, payroll, payroll tax compliance and more.
Through this co-employment arrangement, the client and the Professional Employment Organization contractually share employer responsibilities and liabilities. Clients come in all sizes and industries, and are enabled to focus on their core competencies to maintain and grow their bottom line, while the PEO concentrates on what they do best, all of the back office administration.
What are the Advantages of Partnering with a PEO?
- Clients save money
- No work comp deposit
- Unemployment claim support
- No work comp audit
- Improved productivity and profitability
- Better benefits packages for your employees
- Expert administrative help with risk management and compliance
- Better communication
- Streamlined payroll and claims processing
- Reduced liability
- Access to specialized (and expensive) technology
- Help attract and retain top employees
- Improved job satisfaction for your employees
- More time to focus on growth
- Relief from the burden of HR and much, much more!
How will My Business change with a PEO?
Transitioning to a PEO relationship is very easy. You are connected with an onboarding team that will take of everything for you. Once you are set up, communicating with them is simple. You would keep track of your employees hours for bookkeeping just like normal, just now you would send that information to the PEO and they would take are of the payroll checks, taxes and other administrative tasks. They would then just send you a single easy to pay invoice for everything.
Growth for the Future and Flexibility
As your business changes and grows, the PEO relationship will be right there with you. Being that you are communicating with them regularly, you can keep them up-to-date with all of the changes going on, including hiring new employees and changes in the scope of your business. This is really beneficial to you as you won’t be surprised at the end of the year with a workers compensation audit and additional premium.