Though it is the 47th smallest-sized state in the nation, New Jersey ranks near the top of the list in the number of small businesses that call the Garden State home. The United States Office of Small Business Advocacy reports 937,436 (and counting) small businesses in the state.
Running a small to mid-sized business requires massive amounts of time and energy, and business owners often work around the clock to get everything done. If you are a business owner facing never-ending work days and responsibilities, partnering with a professional New Jersey PEO company to handle your human resources (HR) needs is the solution you need.
What does a New Jersey PEO Company Do?
PEO companies can take on all or some of your human resources needs. You decide whether you want a “complete package” or a more “a la carte” selection of services. For example, you can enlist the PEO to manage payroll, provide employee benefits packages, handle risk management, or oversee workers’ compensation claims, among other tasks.
With these responsibilities off your to-do list, you can devote more time to running and growing your business, but that is not the only benefit of this partnership.
Benefits of Partnering with a New Jersey PEO
When you establish a business relationship with a PEO, you work under a co-employment arrangement. You maintain control of your business and are still your workers’ employer.
However, the PEO becomes an employer of record to your employees. This legal classification allows the PEO to administer various human resources services. This co-employment model benefits you, your business, and your employees.
Hiring qualified people to handle human resources issues, payroll, benefits, and general administrative tasks of your business is expensive and can be an ongoing process if employees move on from your company. Typically, working with a PEO company is less expensive and far more efficient than hiring a full staff to handle these roles.
Attract and Keep Valuable Employees
New Jersey PEOs provide a range of services and often offer better benefits packages and other services. When you use a PEO company rather than going it alone, you are more likely to attract high-quality employees.
Workers who are happier with their employment conditions tend to stay in their situations longer. This means you not only keep valuable employees but save money on expensive turnovers.
Operate at Optimum Efficiency
Small and mid-sized businesses generally run with no excess. The most necessary roles are filled, but the focus is on generating the best product or service possible. This strategy is great until the unexpected happens, and facing the unexpected is a guaranteed element of small business ownership.
For example, an employee may become ill or have to leave their position without much notice. You may face a complicated HR situation or find errors in payroll. If you are “the one” who has to handle these issues, you have no choice but to divert your attention away from your product or service to clean up administrative problems.
When you have a PEO in place to handle these problems, your attention can stay where it needs to be so your business will not miss a step.
Stay in Compliance
As in any state, New Jersey has a complicated set of regulations for small and mid-sized businesses. Even if your intentions are pure, you can miss something and find yourself out of compliance and in trouble.
A PEO will help you navigate industry regulations and prioritize compliance with an approach best suited to your needs.
Understanding the Co-Employment Arrangement
Sometimes, the idea of “co-employment” makes business owners anxious about losing control of the business they founded and have worked so hard to expand. Rest assured, you are not giving up your business or control of it.
In a co-employment arrangement, the business owner is usually referred to as the executive or “worksite employer.” You hold your status as the chief employer of your workers. You have the last word on hirings or firings and still determine the direction of the company.
The Employer of Record
The PEO’s role in the co-employment model is “employer of record,” a status necessary for the PEO to legally carry out its roles. These roles are established in the agreement you make with the PEO. The PEO is subordinate to you, the business owner, and works to support the ideals and vision you have for your business.
Will Your Employees Receive Comprehensive Benefits with a PEO?
Many of today’s small businesses see the value in providing their employees with comprehensive benefits packages. Yet, doing that can be challenging both from the cost standpoint and from the overall management of the process. Working with New Jersey PEO employee benefits services is one of the best ways for you to get the support you need.
For a company that wants to attract and maintain employees, it is critical to ensure that you can offer services like this. With the help of our HR outsourcing solutions, you can do a better job of meeting your employees’ needs. Every PEO is a bit different when it comes to the services offered.
However, our team can work closely with you to find the combination of services you need. Workers can receive a wide range of benefits through a PEO. Depending on the services you decide to obtain, this may include:
- Dependent care options
- 401(k) options
- Adoption assistance
- Education reimbursement
- Wellness incentive programs
- Job counseling
Many small businesses find that their would-be new hires or their current talent need and want to have access to these benefits programs, but the costs and the overall management of the process can be very challenging. Yet, with a PEO, your company can provide more of what your employees want and need.
Create Better Health Insurance Options for Your Employees
When you work with a PEO for employee benefits, you are able to get more of the support and guidance you need in offering health insurance and other policies that better meet the needs of your employees. This includes:
- More options in hospital and doctor coverage
- Extended health insurance coverage
- Dental and vision insurance packages
- Family plans
With the help of a PEO service, you may be able to qualify for a lower cost for all of these policies, too. That is because you can tap into discounted rates with the co-employment arrangement that you have in place with the PEO.
Ability to Offer Better Coverage
You can offer better coverage and the employee benefits your employees want at a fraction of the cost with a PEO. That is critical for today’s New Jersey small businesses (or even larger organizations) that want and need to support employee needs.
Why is this possible? In general, when you enter into a PEO arrangement for employee benefits, you connect with a larger network of providers. From the insurance company’s standpoint, there is less risk because more workers are covered across the PEO.
More workers under coverage helps spread the risk across the entire insurance company, reducing its risk and, as a direct result, lowering your costs. Everyone pays less at that point.
Find Out What a PEO Could Mean to Your Company
If you are unsure if New Jersey PEO employee benefits services fit into how you run your business, now is the best time to find out. Seek out our team for a quote and consultation. Learn how this type of service can change what you offer to your employees.
NetPEO Can Connect You with the Right PEO
You might be wondering how to connect with a PEO. This is where our company, NetPEO, can help. We are a network of PEOs, which means the services we offer are more varied and more specific than those you might find with small organizations.
NetPEO can help solve almost any human resource or other outsourcing need you have. Rather than spending time researching and contacting individual PEOs and weighing their pros and cons, you can work with NetPEO, who will do the legwork and connect you with the PEO best equipped to fill your needs.
The NetPEO Process
With an emphasis on customer care and service, NetPEO is a brokerage firm working to connect you, our client, and the business owner with a compatible PEO. This is how we do it:
- We meet with you for a consultation to help us understand your business and its needs.
- Based on the results of this comprehensive discussion, we determine which PEOs would best meet those needs and align with your business goals.
- We furnish you with a list of qualified, suitable PEOs so you have the final say in which organization to partner with and what services you want them to provide.
Start Saving Time and Money Today
We look forward to helping you find the New Jersey PEO that will save you time and money and keep your business running at maximum efficiency.
Contact NetPEO today for a free business assessment and take your business one step closer to maximum efficiency. Complete our contact form or call our office, and a representative will respond within 24-48 hours.