Businesses are the bedrock of the economy, and small companies have been crucial with regards to innovation and job creation. Unfortunately, running your business, whether it’s big or small, is complicated. You have to deal with various obstacles, and tasks that can be perplexing and time-consuming. In order for you to focus on important business-related assignments, you’ll need the help of a reliable PEO (Professional Employers Organization).
It’s common for many successful companies to use PEOs to manage key human resources needs, like the administration of the payroll, health benefits, retirement benefits, employee insurance packages and issues involving federal and state compliance. PEOs can even handle worker training.
At NetPEO, we work to match businesses with PEOs that fit well for their particular needs. If you go through us to choose a PEO, we will work to make sure that you will always be happy with the level of service that you receive. Throughout the process, our HR outsourcing experts ensure our customers receive high-quality service thanks to our unique customer satisfaction surveys. Get started by filling out our contact form!
Benefits of Using a PEO
When you choose to work with a PEO for your business, you’ll enjoy numerous benefits. Here’s a breakdown of the top five benefits this service provides.
Studies have shown that small businesses that use PEO grow seven percent faster than other companies. This is because the owner and their management team are given the luxury to focus on the company’s goals and daily operations while the PEO handles the majority of the administrative tasks.
With a PEO helping your company to establish good benefits and solid HR policies, you’ll have a better chance of acquiring the best talent in your niche. The employer’s organization can also assist with the interview process and the hiring, onboarding or termination of an employee. The service also provides additional resources for job postings.
Introduce Big Business Benefits
One significant advantage to working with a PEO is the access it can provide to benefits like dental and eye care, health insurance, life insurance, etc. A PEO can manage several companies and thousands of employees which allows them to purchase benefit and insurance plans at a competitive price.
Easier Access to Retirement Plans
A lot of small businesses don’t offer retirement benefits since they are complex and detail heavy. A PEO expert understands the intricacies of human resources, risk management, employee administration and can help companies in choosing and setting these benefits up for employees.
Helps Staff with Federal and State Regulations
There are numerous federal and state laws revolving around labor and employment. PEOs can help businesses understand these regulations better and how to comply with them. They can also assist employees with any HR claims that they might have and give advice on the correct action to take.
Types of Businesses That Use a PEO
A wide spectrum of businesses can use a PEO. However, the service is best-suited to businesses that put a high premium on time management. If your company falls into this category, the time you spend on a particular task can directly affect how much revenue you earn. For instance, consultants, dentists, and lawyers tend to have a lot of non-revenue generating tasks that include collecting, verifying and storing information on their clients. These tasks are time-consuming and accumulate a lot of paperwork, taking away from the actual time spent resolving their clients’ more immediate issues.
PEO services are often utilized by small companies that have less than 100 employees. The service is particularly useful if you have 5 to 50 staff members. These numbers are usually enough for your company to feel the pressure of doing administrative work but are not big enough to justify the hiring of dedicated HR personnel.
If your company has less than five employees it can still benefit from a PEO, although it will depend on the situation. For instance, if all your employees are working from home and live in different states, a PEO might be a better choice in handling the compliance issuances that are sure to crop up.
What to Look For in a PEO
This is a fast-growing industry rife with many subpar services. That means you should do your due diligence before working with one.
Check that the PEO is accredited by the industry and has IRS certification and ESAC accreditation. These show that it’s in good financial standing and can offer a reliable service. You should also check the PEO’s contract and cancellation policy. Do you need to sign a long-term contract with them? Make sure that the company’s team is well-versed in federal and state laws as well as the local labor laws.
The type of user access, customer service and support the PEO provides is also something that has to be considered. Does the company have a mobile app or an online payroll portal? Will the company provide you with quick access to HR specialists or IT support? Ask if the company has live chat, FAQ pages, phone and email support.
Fortunately, you won’t need to look any further after discovering NetPEO. We meet every criteria that you should expect from a PEO, and more.
PEOs can help businesses succeed by offering critical HR solutions and services. Companies understand that they need expert help at some point in managing responsibilities like employee benefits, payroll, and regulation compliance. If your business needs these services, contact NetPEO. We can fulfill your human resources needs to help you better retain employees and grow your business.