In business, time and money are essential to being successful. That is why you need to hire a PEO Service. For small or medium-sized companies that don’t have the overhead for there own HR or administration can struggle with these tasks that take up a lot of their time. In fact, the U.S. Small Business Administration has stated that 25 percent of small business owners will spend the majority of their time dealing with HR-related issues.
HR-related issues can be a waste of time for managers, especially when their time could be better spent on focusing on the operations of the business and growing the business. A service like a PEO company can help small or medium-sized companies oversee human resource and administrative tasks.
What is a PEO?
A PEO company will oversee the majority of human resource responsibilities, which will help you streamline HR tasks in your business. A PEO company will enter into a contract with your business, and oversee the responsibilities of HR, including payroll and benefits. When your business becomes a client of a PEO service, you enter in the co-employment agreement, which gives the PEO company access to sharing responsibilities of your employees. The contract agreement gives your business access to several benefits for your employees. A PEO company will also take over handling payroll administration, tax filing, and HR support so that you can focus on growing your business. Find the best small business PEO companies on Retireat21.com.
Here are seven reasons why you need to hire a PEO service to help you with your business:
1. Payroll
A PEO company will help decrease costs for payroll-processing. A PEO company will automate the payroll process for your business and can provide fluent payroll services with simple and straightforward fees.
2. Benefits
A PEO company will provide employees access to comprehensive and cost-effective benefits. A PEO service has access to a wide variety of benefits through benefit plans sponsored by a PEO, such as medical, dental, and vision coverage. The PEO will negotiate insurance plans, enroll employees, produce legal notices, and handle benefits administration.
3. HR Compliance
PEO services employ HR specialists who are always up to date with employment laws, rules, and regulations to help avoid costly mistakes to your businesses.
4. Retirement Plans
A PEO service can access retirement savings programs, which is a benefit that can help with employee retention. The PEO will handle the administration for the savings program, and provide educational materials to help employees receive better retirement outcomes.
5. Recruiting
A PEO company will give your business access to valuable tools to recruit top talent. A PEO company will have additional services, such as assisting in recruitment and professional recruiters.
6. Lawsuits
Through the co-employment agreement, the PEO company shares liability related to employment claims, including wrongful termination. A PEO company has experts who you can get guidance from and can help with alleviating costly settlements.
7. Workers Compensation
As a co-employer, a PEO company can provide workers compensation insurance at a better price. The PEO service will also help with handling compliance issues, audits, paperwork, and other tasks associated with the insurance program. A PEO service moderates risks for your business.
Final Thoughts
A PEO service can help relieve your business of employment-related risks and responsibilities that come with running a successful business and recruiting employees. Your employees will get the same opportunities as an extensive business. When it comes to being able to access online benefit information, workers compensation insurance, comprehensive benefit packages, enrollment tools, and helping attract high-quality job seekers to your job.
Pinstripe Magazine Staff
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