The National Association of Professional Employer Organizations revealed facts about PEOs, including that 15% of all companies with 10 to 99 employees have a PEO partnership. This isn’t surprising, due to the fact that PEOs help businesses raise their bottom line, retain employees, and experience tremendous growth.
Hiring a PEO is a smart decision for any small or mid-sized company that just can’t seem to stay afloat in today’s aggressively competitive business world. If your organization is struggling, a PEO broker in Virginia through NetPEO can find you a provider that can help your business become more lucrative.
How a PEO Works
A PEO is an organization, separate from your company, that you can use to outsource departments like human resources, payroll, and accounting. When you partner with a PEO you enter a relationship known as “co-employment.”
It’s important to remember that co-employment doesn’t mean you give up any control over your company. You’ll make all the major business decisions and be able to choose “à la carte” style, which services you want your PEO to provide.
How a Virginia PEO Can Help Your Business
A PEO’s ability to take on a number of different tasks and departments is a complete game changer for many businesses. When you outsource to a PEO, you free up a significant amount of time and resources that can then be directed towards more important projects.
A PEO broker in Virginia can help you find a provider that is able to take care of any processes that are slowing your company down. Here are some of the services a PEO can provide:
- Human resources. Keeping an in-house human resources team is unnecessarily expensive. A PEO can take over duties like hiring, onboarding, performance management, and more for cheaper.
- Payroll. Calculating and resolving concerns about employee payroll can take up a lot of time that would be better spent elsewhere. Luckily, a Virginia PEO can ensure your workers get their direct deposits and tax documents on time.
- Employee benefits. Providing your employees with comprehensive benefits can be extremely difficult, especially for small business owners. Fortunately, PEOs can create comprehensive benefits packages for your employees with a quality level you’d expect to see from a large company.
Your Virginia PEO Can Handle Liability and Risk Management
Keeping up on government regulations can be tedious and financially disastrous if not done properly. A PEO broker in Virginia can find you a provider that will make sure your organization is compliant. Your new risk management team will guarantee that you won’t pay a cent in penalties.
A PEO can any handle workers’ compensation claims that are levied against you. They’ll reduce your liability, the amount of claims your employees file, and the cost associated with them. They’ll also do the same for wrongful termination and discrimination claims.
PEOs and Employee Retention
According to a study conducted in 2014, workers are 10% to 14% more likely to stay at a company with a PEO partnership than a company without one. Workers are happier with a PEO because they enjoy better benefits, HR practices, training, and they feel like upper management is looking out for them.
One of our brokers can connect you with a PEO that will significantly reduce your turnover rate. As a result, you’ll also spend less on hiring, and your company’s productivity and profitability will skyrocket.
What to Expect When Working With a Virginia PEO Broker
Finding a PEO that matches your company’s needs is our top priority. If you decide to work with one of our PEO brokers in Virginia, their first order of business will be conducting an in-depth assessment of your organization. Once they know the ins and outs of your company, they’ll be able to find you the ideal PEO.
At NetPEO, we work with a vast network of qualified PEOs, so we’re bound to find a provider that specializes in exactly what you need help with. We only work with the highest quality PEOs, so we can guarantee you’ll be satisfied with your new partnership.
Paying Your PEO
Though we’ll never charge you for our matchmaking services, you’ll eventually have to pay your PEO. When that time comes around, there are two payment options you can choose from. The first option is paying a percentage, usually somewhere between 3% and 10%, of your overall payroll per pay period.
The second payment method is per employee, per year. Many businesses prefer this method because the cost is usually more predictable. On average, it ends up being $900 and $1,500 per employee, per year.
Your Data Will Be Safe With a Virginia PEO
In today’s world, data security is a major concern for businesses of all sizes. That being said, statistics show that 43% of cyberattacks are against small businesses. A major data breach can expose client and employee data as well as sensitive proprietary information.
Since keeping your data safe is in your company’s best interest, you’ll be pleased to know that Virginia PEOs are extremely careful when handling your information.
Contact Our Virginia PEO Broker Today to Schedule a Free Assessment
Our PEO broker in Virginia is committed to finding a PEO that works for your business and employees. Once you’ve been matched with your new provider, it will only be a matter of time until you see higher worker retention, a significant increase in profitability, and the expansion you always knew your business was capable of.
Call NetPEO today or fill out a contact form on our website to schedule your free assessment. Once we’ve conducted a review of your business, we’ll provide you with a list of potential PEOs and cost estimates that you can choose from.