When a new business is starting out, particularly when it’s only one or two people, HR functions may not be a priority. However, once a company begins to grow, HR functions are a vital part of the recipe for continued success. After all, any matter that involves your employees will have some level of HR involvement.
If you’re concerned about having high-quality HR functions for your small or medium-sized business but you’re worried about the costs, consider HR outsourcing through a professional employer organization (PEOs). When you find the right PEO for your company, you will be getting the expertise of HR professionals at a fraction of the cost of an in-house HR department.
To simplify the search for the right PEO, call us at (678) 376-1212. The PEO brokers at NetPEO are here to understand your HR needs and help you select a PEO that offers all the services you need to continue your company’s growth.
As much as your employees may enjoy being around you, everyone needs a paycheck. Handling payroll is perhaps the most visible HR function for your employees. Payroll includes logging hours worked, calculating state and federal taxes, and cutting paychecks.
This can be a time-consuming enterprise as your business grows, which is why so many businesses turn to PEOs to outsource their payroll. PEOs offer many different payroll solutions for small and medium-sized businesses, ranging from access to high-quality payroll software to complete responsibility for all payroll functions.
The more your company grows, the greater your need to have employees with the right set of skills to help keep things moving. Recruiting employees is a time-consuming but vital HR function for growing companies. Finding the right employees, scheduling and conducting interviews, and onboarding are all typical responsibilities for your HR department.
PEOs can help you manage your employee recruitment as well. The HR professionals at your PEO partner can devise recruitment strategies, conduct initial interviews, and conduct the onboarding process once you’ve decided about which candidate to hire.
Much like paying employees well, benefits are one of the key ways in which employers are able to retain employees. An HR department will typically manage the health insurance, employee leave, retirement savings, and any other fringe benefits offered by your company. As your company grows, your benefits package will be a key part of your employee retention strategy. If you don’t have an in-house HR department to handle benefits administration, a PEO certainly can help.
One additional benefit of working with a PEO is that your employees can get access to higher quality, more affordable health insurance. Access to this health insurance is possible because your employees can access the health insurance plan available to all of the companies that have signed a co-employment agreement with your PEO partner. The larger the group of employees on an insurance plan, the lower the costs for both the insurance company and your employees. This can mean your small business can offer health insurance that is comparable to those of substantially larger companies.
Handling Legal Matters
There are a lot of major laws companies must follow or face the possibility of steep fines. Your HR department is responsible for making sure that these labor laws are followed. This extends to workers’ compensation claims, which can come with its own time-consuming and potentially expensive legal consequences.
For companies that choose to outsource their HR functions to a PEO, the HR professionals will be responsible for maintaining compliance with labor laws. This means that you’ll have a team that will keep your company in line with any updated federal or state regulations that would impact your business. They can represent you for workers’ compensation claims, as well as any issues that may come up regarding employee termination.
Get Help with Your HR Functions Today
Rather than handling HR functions yourself or hiring an in-house HR staff, outsourcing your HR needs to a PEO is an excellent way to save money and stress. Different PEOs offer differing services, so it’s important that you know what you need and what is available.
If you think your business could benefit from partnering with a PEO, call (678) 376-1212 today to speak with one of NetPEO’s brokers. We can help you understand what services are available and which ones would best help your business.