Hiring new talent is one of the most significant costs for a business. The hiring process is expensive with training and all the things that come with it, and you also must account for any mistakes the new hire makes, which can cause a temporary reduction in profits.
Of course, you shouldn’t forgo the idea of ever hiring new employees, but a PEO can also help you retain employees you already have. When you can hold on to those already with your company, you don’t need to take time away from growing your business to train new hires.
In addition to the hiring process, a PEO can help its clients control costs associated with not complying with state and federal labor laws. When times are busy, it may be difficult to keep up with paying taxes and filing the right documents on time. As such, you may incur a fee as a penalty for being late or filing something incorrectly.
A PEO can help you get back on track by taking care of these things for you so you can get back to what really matters: growing your business. NetPEO can help you find a PEO that understands the needs of your business and does what it can to help you grow.
Call our team at NetPEO today at (678) 376-1212 for a free analysis to help determine which PEO is right for you.
Why a PEO is Great for Business
PEOs assist companies with everything from their taxes and payroll to their benefit plans. By helping them remain compliant with the law, PEOs allow businesses to increase productivity, which ultimately improves their bottom line. Companies can focus instead on the needs of the business, rather than hemorrhaging time because they’re buried in paperwork.
Studies show that businesses who use PEOs, particularly small businesses:
- See a lower turnover rate
- Grow nearly 10 percent faster than other small businesses
- Are half as likely to go out of business compared to companies who don’t have PEOs to help them
Those are no small numbers.
Benefits and Cost Savings
A PEO can also help a company save money on benefits plans. This is especially true for smaller businesses, but larger businesses may also see some relief here. PEOs can get smaller businesses access to plans that only corporations and larger companies can typically enjoy. This results in lower plan rates, which means less cost to the company — and less cost out-of-pocket for your employees.
You may also be able to increase the discount you receive on your benefits package by opting for more services in that package. For instance, a PEO may be able to get you a less expensive benefits package that also includes educational incentives or a 401K plan — things you may not have been able to offer your employees in the past.
If an employee slips and falls on-site, he may blame you for the accident. He may accuse you of negligence. He may believe you allowed the accident to happen by not taking the appropriate precautions to prevent it. Not only will this employee file a worker’s compensation claim, but he may also sue you.
A PEO can help you save time and lost profits by processing your worker’s compensation claims for you. A PEO can also handle your employee lawsuits, which saves you both money and time.
Going a step further, a PEO can act as a third-party HR department, protecting you from claims like these ever happening in the first place. When your paperwork is timely, you work with a staff you can trust with little to no turnover, and you keep your employees happy, the odds of one of them becoming disgruntled with you and suing you decrease significantly.
Finding the Right PEO for Your Business
There are many PEOs out there. How can you know which ones can give you the specific benefits your business needs in order to thrive? You need to do your research before you sign up with just any PEO. But how can you possibly make time for that? Can’t you just proceed as normal and hope nothing bad happens? As you can see above, this is not the best option.
What you need is a PEO who can act as your right-hand man, so to speak. You can trust your PEO to handle your HR claims, your new hires, your benefits, and your payroll. This frees up a lot of time you would have spent on these things previously. Conversely, a PEO can help you handle the things you might otherwise have felt forced to ignore in favor of growing your bottom line.
NetPEO can help you find the right PEO for your business. Call us today for a free analysis at (678) 376-1212. If you prefer, you can also send us your contact information via our website. One call to NetPEO can change your life, so don’t wait — call us today!