It’s not at all uncommon for small business owners to feel like they are drowning in the every day nitty-gritty work of paying bills, hiring employees, training staff, etc. When is there extra time to focus on the main objective -- trying to grow the business and succeed? Fortunately for multitasking small business owners there is a way to snap the fingers and make it all disappear… or at least seem that way. If you are a business owner and have never heard of, or considered, a Professional Employer Organization (PEO) let us enlighten you with a few facts that just might grab your attention.
According to Jeff Rosset, director of marketing and strategic partnerships for MidwestHR, in the Business News Daily article, "Human Resource Help: The Advantages of Employee Leasing," a PEO is this simple… “PEOs and businesses partner in a co-employment agreement, in which they share the duties and liabilities of the human resources and administrative tasks.” The PEOs take over the responsibilities of payroll, benefits, legal, tax obligations and risk management, leaving the employer with the task of meeting clients and excelling in this competitive business world. Employers will still have control over new hires and terminations, as well as creating and mandating company policies.
Entrepreneur.com compiled a list of advantages you can expect from a PEO in their article,"What's a PEO and How Can It Help My Business?” PEOs can…
- Increase savings on health insurance or provide higher quality of health benefits
- Offer experienced HR partners
- Provide HR handbooks with updated regulations and company policies
- Help with ADAs, payroll, OSHA, EEOC and more
- Manage personal employee records (payroll, benefits, vacation, etc)
- Handle claims and all the legal aspects that follow
Partnering with a PEO is not free of charge, but the time and money saved on outsourcing all of the duties and responsibilities listed above will definitely allow for you and your employees to focus on what they are hired to do.
Entrepreneur.com provides a key piece of advice …“Do your due diligence. You want your PEO to be financially responsible and stable. The best are accredited by the Employer Services Assurance Corporation. Make sure they have a deep presence in your industry, and get references.” If hiring a PEO is something that interests you, or if you just want to learn more and speak to someone who has more knowledge about the industry, contact BenefitMall.