In today’s workplace, potential employees are far more focused on benefits than they once were. While a competitive salary is still vital, many workers are focused on the other perks they will receive if they accept a job. Unfortunately, many smaller companies are unable to offer the same type of benefit packages that are available from their larger competition.
That is where a PEO can come in and help you compete for the best talent available. PEO stands for Professional Employer Organization. When you partner with a PEO, your business comes under its umbrella. This partnership allows you to qualify for discounts and special pricing only available to larger corporations.
NetPEO has 30 years of experience in the PEO and Human Resources (HR) industries. Let us give you a quote and discuss your company’s needs. Fill out the form to your right or contact us by phone to get your free quote today.
What Is a PEO?
A PEO is a company separate from your own that performs as a branch of your organization for several purposes. This arrangement is referred to as “co-employment.” With co-employment, a PEO acts as a surrogate employer of your staff. This setup allows you to access benefit packages typically reserved for companies with thousands of employees.
Additionally, this arrangement allows the PEO to act on your behalf legally. Through this partnership, you will retain all rights surrounding the hiring, firing, and management of your staff. However, the PEO will manage all of your human resources work.
What Are the Benefits of Partnering With a PEO?
There are many potential benefits to partnering with a PEO. Some of the ways in which your business can prosper from this relationship include:
- Being able to offer better benefits to help attract the best talent
- Having a more contented workforce, leading to lower staff turnover
- Reducing the cost to you of the benefits you offer your employees
Another benefit of partnering with a PEO is that they can take all your HR work out of house. This move will give you the resources of an experienced HR department without having to hire more staff. This can leave you feeling confident that you are in compliance with all federal and state regulations.
How Does a PEO Differ From an HR Outsourcing Service?
While both a PEO and an HR Outsourcing (HRO) service allow you to move your HR work out of house, the connection your company has with a PEO is far stronger. An HRO service can not extend its benefits package to your staff as they are simply an external contractor rather than a partner for your company.
While outsourcing your HR can save you some money in the long run, your savings from this pale in comparison to the money you can save in price reductions for benefits packages. By giving you access to affordable benefits that potential talent is looking for, a PEO can help you become one of the most desirable companies to work for in your field.
Breaking Down Co-Employment
In a co-employment arrangement with a PEO, there are clearly defined roles for both parties. This definition helps relieve any possible tension brought on by the uncertainty of partnering with someone you have not worked with in the past.
Your role in your business will not change after you partner with a PEO. You will remain the executive of the company, and the primary employer for your staff. The PEO will work with you and your employees. However, they will follow your lead on all matters concerning the operation of your business.
The Role of the PEO
As your HR services provider, the PEO can take over all the HR needs for your company. A few of the services they can provide include:
- Handling payroll
- Administration of benefits
- Dealing with tax withholding
- Performance evaluations
- Handling disputes
- Dealing with unemployment claims
While a PEO can handle all of these things for you, if you desire to keep any of these duties in-house, you are welcome to do so. You are still in charge of your company, while the PEO is simply there to provide the support you need to keep your business running smoothly.
What Can an Idaho PEO Do for My Business?
A PEO company can handle all of your HR needs while also helping you obtain the discounts on benefits packages necessary to make you a highly desirable employer. Some PEO services you can benefit from include:
- Improving your benefits packages
- Ensuring compliance
- Taking over payroll
- Handling claims and disputes
- Recruiting talent
- Improving your performance review system
Improving Your Benefits Packages
Having the ability to offer exceptional health, dental, and vision packages, will help attract top talent and increase employee loyalty and retention. Additionally, you will be able to increase your benefits package with further perks that will help sweeten the deal and improve the lives of your employees.
A PEO can help ensure that you are in compliance with the Affordable Care Act (ACA). The passing of the ACA had a dramatic impact on how companies manage their benefits packages. By partnering with a PEO, you can feel confident that you are meeting all the requirements set forth in this legislation.
Taking Over Payroll
A PEO can help simplify the payroll process, reducing the number of payroll errors committed, and saving your business money. A PEO can help set up direct deposit for your employees, distribute online pay stubs, digitize your employees’ W2s, and generally streamline the process while shifting everything paperless.
Handling Claims and Disputes
Any kind of claim or dispute can be costly to your business. When you partner with a PEO, they can handle all unemployment claims, workers’ comp claims, allegations of discrimination, and any other dispute that may arise.
Additionally, by providing your company with a highly trained and experienced HR team, a PEO can significantly reduce the chances of a claim or dispute arising in the first place.
Beyond helping you obtain the best possible benefits to make working for your company highly appealing to top talent, a PEO company can go a step further in ensuring you get the best employees by offering full recruitment services, including:
- Talent scouting
Improving Your Performance Review System
A PEO can help ensure you have the best performance review system in place for your company. This system will help both your employees and their managers to set and manage goals in a better manner, improve communication regarding expectations, and put forth their best work.
Types of Businesses That Partner With PEOs
While the specific ways that a PEO can help your company may vary slightly depending on your industry and the size of your business, there is a strong chance that a PEO is the right choice for you. In Idaho, PEO companies partner with:
- Small companies with 10 employees or less
- Medium-sized companies with 11-100 employees
- Large companies
- Not-for-profit organizations
How NetPEO Stands Out From Other Idaho PEO Companies
NetPEO was formed by professionals with decades of experience working in the HRO and PEO industries. From this experience, we were able to identify what other companies in the industry were most lacking. While these companies often have the technical knowledge companies need, they tend to lack the customer service skills to ensure the happiness of their clients.
At NetPEO, we combine our vast technical knowledge with customer-focused service. We ensure that we listen to the needs of our partner companies and deliver the product that works best for them.
At NetPEO, our mission is to help make your company stronger. We provide you with the necessary tools to ensure your employees have the top benefits and streamline your HR services to save you money and better the process for your workers. Learn more about how we can help your business grow with a free quote by contacting us today.