Are you a business owner or manager who’s getting bogged down by employee paperwork and payroll processing? Are you having trouble providing competitive benefits in order to attract and retain great employees? If so, those HR challenges are probably hindering your business’s growth.
There is a solution, and it’s called a Professional Employer Organization, or “PEO” for short. A PEO serves as a “co-employer” that takes on the burden of managing many of your company’s daily HR challenges so that you can focus your attention on what’s most important – growing your bottom line.
Companies from large to small, and within nearly all industries, routinely realize more efficient operations and higher profits when outsourcing some of their administrative tasks to a PEO.
Professional employer organizations (PEOs) provide comprehensive HR solutions for small businesses. Payroll, benefits, HR, tax administration, and regulatory compliance assistance are some of the many services PEOs provide to small and mid-sized businesses across the country.
Services A PEO Provides
“Time is money”, and a PEO’s main function is to save you valuable time within a “one-stop” outsourcing co-employment partnership that serves to make you more money. It’s really that simple. As a co-employer, a PEO takes on many of the employee-focused employer burdens that you or your HR team has to manage, such as:
A PEO typically offers employee benefit plans that your company cannot obtain on its own. PEO-sponsored plans include medical, dental and vision coverage, health care flexible spending accounts, retirement plans, life and personal accident insurance, worker’s compensation, disability insurance and more. Are those all benefits that you are currently offering to your employees?
Employee payroll processes can be totally managed by a PEO. Those services include overseeing regular employee compensation, payroll maintenance, payroll compliance, online W-2s and paystubs, garnishments, other deductions and PTO accruals.
While working with your HR team, a PEO can help you manage your employer liabilities, develop employee handbooks, get new hires onboard, drug testing services, liability management training, risk and safety management, and more. Service categories that a PEO provides encompass performance management support, employee training and development, recruiting resources, and strategic planning.
Reducing Employer Liability
PEOs also can take on some of your company’s liability risks in areas like tax reporting, collecting and depositing in accordance with federal, state and local requirements. In addition, a PEO will take on the responsibilities for W-2 and I-9 reporting, EEO reporting and claim resolution, and the management of certain employee-related claims and provisions of Employee Practice Liability Insurance (EPLI). Under its co-employment agreement with your company, a PEO uses its own tax ID numbers on all tax-related filings.
As you can see, a PEO assumes the risk and burden of managing some of your business’ daily affairs so that you can focus your attention on more important things, like boosting your bottom line!
What a PEO Doesn’t Do
A PEO is designed to smoothly assimilate into your company’s daily operations in an effort to hone your competitive edge and, most importantly, increase profits. What a PEO won’t do is:
- Control your business
- Replace your internal HR staff
- Disrupt your workplace environment
As the owner or manager of your company, when using a PEO you will still continue to oversee its day-to-day business operations.
Alpha Business Solutions Can Help Find the Best PEO for You
Running a company can be challenging, time-consuming and oftentimes even frustrating. Managing employee-related administrative responsibilities, while trying to attract and retain good employees, costs you money. That’s where an experienced PEO expert like Alpha Business Solutions can step in and help you find the best PEO for your business. With so many to choose from, Alpha Business Solutions can help you navigate your options and make an informed decision.
For more information on how our PEO consulting solutions can be tailored to your company’s needs, or to promptly receive a quote for PEO services, please contact us today.