A professional employer organization (PEO) is a group that serves as a co-employer with a business owner, specifically sharing liability for the employees. While common throughout the United States, PEOs almost always provide employee benefits and act as a human resources (HR) network.
If you are a Miami business owner looking to ditch your HR duties and instead be able to fully concentrate on the nature of your business to succeed in the industry, we can help you find the best PEO to provide the highest quality HR solutions and payroll administration, and the most affordable benefits for your employees.
What Is a Miami PEO?
Essentially, a Miami PEO is an outsourced HR department. Their experienced, dedicated experts can handle managing all HR-related duties, like payroll, taxes, and employee benefits, while the employer continues to oversee the day-to-day activities of the employees in a more operational relationship.
PEOs nationwide will typically charge business owners based on the number of employees and the services they need to use, which is estimated to average between 2% and 12% of wages. The cost savings for you, however, is up to 35% on HR costs and nearly $2,000 per employee, versus you having to manage HR yourself and taking away from making revenue for your business.
The Benefits of a Miami PEO
In addition to saving you money and increasing your return on investment, the benefits of a Miami PEO are the management of your human resources, including employee benefits, workers’ compensation, payroll and tax compliance, and more. This all adds up to giving you back your time to run your business.
Employee-related issues have become increasingly complex, laden with more critical human resource risks on the worksite and within the expanding network of remote employees. PEOs offer top-rated, cost-effective solutions to these matters by contractually assuming certain employer responsibilities.
How PEOs Can Help Businesses with Workers’ Compensation
Providing workers’ compensation insurance is one of the main services offered by a Miami PEO. Our goal is to find the right PEO for you that will give you access to superior coverage at an affordable cost, which is why we will search through a wide range of options to find the right one for you and your employees, including:
- Multiple carriers and packages
- Pay-as-you-go programs
- Claim management services
How PEOs Can Take Care of Payroll Administration
You know that processing payroll can often be time-consuming and, with so many regulations that go with it, you cannot afford to make a mistake. A Miami PEO managing your payroll administration can alleviate this stress, save you time and money, and give you peace of mind by offering these solutions:
- A payroll processor, who is a customer-focused expert on you, your employees, and your specific business
- Direct deposit to make payment easy for you and banking easy for your employees each pay period
- Onsite check printing as another payroll option via a robust software system that will simplify scheduling and timekeeping
PEO Employee Benefits Services
PEOs in Miami offer a wide range of employee benefit packages that will attract and retain top-quality employees. It is expensive for business owners to offer benefits on their own, with costs increasing over the last five years at an average of 5%-7% each year. We will sort out, identify, and connect you with the benefits solutions that are the best for you and your employees which may include:
- Medical, dental, and vision, with access to Miami’s highest quality medical providers at affordable rates for your employees and their families.
- Life insurance to protect employees and the future of their families if the unthinkable happens.
- 401(k) to help your employees plan for the future and bolster their financial situation in retirement, and to help you by removing the possibility of audits.
- Personal home and auto insurance
- MDLIVE, an online healthcare video consultation service that gives employees 24-hour access to a national network of board-certified doctors to diagnose, treat, and prescribe medication.
- Employee Assistance Program (EAP), which can assist you and your employees with issues before they turn into long-term problems with the help of clinical social workers, counselors, licensed psychologists, family and marriage therapists, drug and alcohol counselors, and consultants, like attorneys and financial advisors.
How Can a PEO Help a Business with Safety and Risk Management?
Partnering with a PEO can improve safety and reduce the risks at your business, which is vital to your success. We will help you find the right Miami PEO to control safety and dangers at the workplace by:
- Compliance resources to remind employees of all rules and regulations
- Accident prevention strategies
- OSHA compliance, which can be complicated and constantly updating
- Claims management if an accident does happen on the job
- Online training manuals
- A customized safety plan that is unique to your business and only yours
Regulatory Compliance Support from a PEO
Compliance support calls for access to a variety of solutions that will help you avoid fines and errors, which a Miami PEO can provide through:
- Affordable Care Act compliance
- Government regulatory compliance on the state and federal levels
- I-9 processing
- Benefit plan administration and monitoring group medical policies
Commercial Insurance Solutions a PEO Can Offer
We will connect you with a Miami PEO that offers a wide range of commercial insurance solutions that will cover your business, your employees, your vehicles, and more, including:
- General liability
- Workers’ compensation
- Auto insurance
- Contractors equipment
Is It Possible for a PEO to Have Paperless Technology?
Yes, there are PEOs that offer complete HR paperless technology, payroll, and documentation, made possible through:
- Online reporting options
- A mobile app that can be accessed by employers and employees 24/7
- Paperless onboarding for the hiring process
- Time and attendance clocks in a variety of options
How to Find the Right PEO for Your HR Needs
Let us help you find the best possible PEO partner in Miami for your business to serve as your human resources management system. As an HR outsourcing network, we will provide you with the perfect match for the size of your company, services, and the needs of your employees, so that you can focus on the growth of your business.