The short answer is YES! It will save you money overall on your HR, payroll, and benefits expenses. In today's market, there are many options for finding a budget-friendly HR provider that can meet your needs. If you feel like the tasks associated with managing these areas of your business have become too complex or costly or both, it may be time to hire an organization specializing in these types of evaluations.
How a PEO Saves Your Company Money
Your employees become co-employers with your partner PEO. You are responsible for day to day management of your business, while they handle everything else like benefits or payroll processing that might come up in the course of business - all under one roof!
A PEO helps simplify all of your HR by acting as an employer of record to make sure employees and their clients know what's expected from day one so there aren't any surprises later down the line when it comes time for onboarding new employees or processing necessary terminations.
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For many businesses, it's not worth the hassle or cost to get their own insurance policy. That’s where PEOs come in - they act as an extension of your company and can offer you rates that are much better than what small group carriers can offer.
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When you secure workers’ compensation coverage through a PEO, it can save your business money that would otherwise go towards paying large retail premiums. This is because their buying power helps lower the cost of of the premiums because they have a lot more purchasing power.
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Your company can be in compliance with state and federal labor laws as well as HR best practices thanks to the PEO and their team of HR experts.
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When you need to maintain full control over your business, but have encountered HR-related issues such as safety or labor law compliance - PEOs is there to keep your business safe, compliant, and hot water. Saving you tons of money on avoidable mistakes.
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With a PEO, you can enjoy significant discounts on the cost of benefits and have someone else take responsibility for constantly changing regulations.
Other PEO Benfits
When you choose a PEO, their extensive knowledge and training will ensure that your HR needs are met. For example:
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With a few simple steps, you can minimize your employment liabilities and related costs. With licensed experts on hand to help with hiring or firing according the needs of any organization - they'll provide insight into wage laws that pertain in each state as well formulate policies for future use by managers within each department.
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With a certified risk manager, you can have peace of mind that all potential workplace hazards are identified and mitigated. In addition to this important role in ensuring your employees' safety, they also provide related training materials for managers who often lack the proper resources.
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If you'd like to learn more about the benefits of PEO. Please contact us today!
Is PEO Right for My Company?
The PEO model is an extremely popular choice for owners of small and medium-sized businesses who want to focus more time on their key business initiatives and less on administrative and compliance-related tasks. If you think a PEO partnership might be right for your business, you can review: