Though it is the 47th smallest-sized state in the nation, New Jersey ranks at the top of the list, number 11, for small businesses. The United States Office of Small Business Advocacy reports 937,436 (and counting) small businesses in the state.
Running a small or small and 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 employer organization (PEO) 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 of your to-do list, you can devote more time to running and growing your business, but that is not the only benefit that comes with 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
Since New Jersey PEOs provide a range of services and often offer better benefits packages and other services than small businesses can provide 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.
An employee may unexpectedly become ill or have to leave their position. 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 keep compliance a priority 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.
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. NetPEO is a network of PEOs, which means the services we offer are more varied and more specified than those you might find with small organizations. NetPEO can help solve almost any human resource or other outsourcing need you have.
There are 487 PEOs in the United States, according to the National Association of Professional Employer Organizations (NAPEO). 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 need.
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
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. 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.