Running a small or mid-sized business is a tremendous undertaking. Business owners, who are experts on their products or services offered, are not always experts in the aspects of business ownership that fall outside their business offerings, such as securing employee benefits, managing payroll, or staying in compliance with Florida’s laws and regulations.
If you are struggling to keep these responsibilities fulfilled while still trying to expand your business, NetPEO can offer you a solution. We will find a Florida PEO (professional employment organization) company to handle employee benefits and other services so you can focus your time and energy on your business goals.
A Florida PEO Offers Better Benefits Services
Small and mid-sized business owners face significant disadvantages when it comes to providing employees with attractive benefits packages. Group health insurance costs are determined based on the number of employees in the group, meaning members of small groups usually pay higher premiums.
When you enter a co-employment agreement with a PEO, your employees are counted as members of the PEO’s health insurance group, as are the employees of other businesses the PEO has partnered with. With a higher membership, your employees receive better benefits at lower premiums.
Employees are more likely to stay with a company when they are satisfied with their working conditions, specifically their health benefits. When your employees stay, you spend less time and less money on hiring and training. As your business grows and you need new applicants, a substantial benefits package will help attract the most qualified new recruits.
Other Services Florida PEOs Provide
A Florida PEO offers additional benefits to both business owners and employees. As a business owner, you want to give your time to growing your business and reaching your vision by giving clients the best product or service and customer experience.
Achieving that vision will take much longer if you are slowed down by managing payroll tasks, handling Human Resources (HR) concerns, or taking care of other essential administrative tasks. Even if you feel as though you have a handle on these responsibilities, unexpected problems will inevitably arise, and your business may suffer as your time, effort, and energy are stretched thin.
Partnership with a PEO means you have a resource to take care of these responsibilities, leaving you to focus on your vision and keep your business running efficiently.
Keeping up with small business regulations, especially those instituted under the Affordable Care Act, can be challenging. It is easy to miss a detail or make unintentional errors. However, the law does not care about your intent it just cares that you follow the rules.
The Florida Department of Labor (DOL) lists the many ways small business owners must comply with state laws regarding the Family and Medical Leave Act (FMLA), payroll and record keeping, and other administrative issues.
Your PEO partner will take on compliance and other risk management duties, keeping you on the right side of the law and out of court.
How a Florida PEO Partnership Works
When you enlist a PEO to take on your employee benefits and other services, you enter a co-employment arrangement. This does not mean the PEO has equal ownership or oversight of your business.
You retain control of the direction of your business and have the final say in decisions pertaining to your business, such as hirings and firings and what employee benefits packages to offer. Typically, you hold the title of “Executive” or “Worksite Employer.”
The Florida PEO holds the title of “Employer of Record,” giving them legal permission to fulfill the responsibilities you have designated to them. While some business owners prefer the PEO to handle the full range of HR duties, others assign more select tasks. Whatever you decide will be established in your agreement with the Florida PEO.
NetPEO Will Find You the Right Partner
Working with a PEO will save you time, but finding the right PEO can take a lot of your time if you look on your own. Fortunately, you do not have to. As a brokerage firm connecting small businesses with PEO companies, NetPEO will do the searching for you.
First, we will meet with you for an extensive consultation where our trained brokers will learn about your business goals and challenges. From that consultation, we will diagnose your business’s administrative needs.
NetPEO comprises a very large network of PEOs. Guided by our consultation, we will review our network of Florida PEOs and select a list of potential companies that suit your company’s needs.
You ultimately decide which Florida PEO to partner with. Even after your selection, you still have our support. We want to be sure you are totally satisfied with your choice. Should issues surface, we will help you resolve them or help you find a more compatible PEO.
What Types of Companies Are Best Suited to Florida PEO Partnerships?
Co-employment with a PEO benefits companies of various sizes and in just about any industry. NetPEO clients include:
- Small businesses with as few as five employees
- Mid-sized companies with 100-200 employees
- Larger businesses
- Local or regional businesses
- National and multinational companies
The industries we represent include (among others):
- Aerospace and Aviation
Partnering with a PEO Company Makes a Difference
The National Association of Professional Employer Organizations (NAPEO) reports that compared to businesses that do not partner with PEOs, those that do:
- Have 40% higher revenue growth
- Grow 7-9% faster
- Have 10-14% lower employee turnover rates
- Are 50% less likely to go out of business
- See a return on investment (ROI), only based on cost savings, of 27.3%
NetPEO Will Help You Reach Your Business Goals
You can call or submit an electronic message today to request a free business assessment from NetPEO. A representative will respond to your request within 24-48 hours.
A PEO partnership will save you time and money, and help you draw and keep valuable workers. We look forward to helping you reach your business goals.