What is something that every business lacks, regardless of size, industry niche, or annual profit? Time. Time is a finite resource and thus every company and professional stands to gain when they outsource tasks that can free up more time — such as with the employment of services by a Professional Employer Organization or PEO. A PEO is a great boon particularly to small and medium-sized businesses as it takes on many administrative tasks involved with a company’s employees as a co-employer thereby giving the business owner more time to focus on what they do best. Check out the following key ways hiring a PEO to co-employ your business’s employees can save your company time:
3 Areas a PEO Can Save Your Business Time
- HR & Employee Recruitment. For growing businesses, employing a full-time, in-house HR team gets expensive, especially if the company is expecting to hire on new employees at an increasing pace. With a PEO, this process not only gets streamlined, but business owners can also rest assured that they are getting quality HR guidance and trained professionals who will assist with the recruitment of new employees. PEO’s also help save companies time with assistance in drafting HR documents such as handbooks and employment forms.
- Payroll & Benefits. A PEO also offers exceptional time and money-saving opportunities in the area of payroll processing, management and administration. As the co-employer, PEOs take on every aspect of payroll, such as withholdings, timekeeping, and disbursement, so you don’t have to. Additionally, because a PEO often works with many different companies, they have secured advantageous agreements with insurers and offer great bargaining power to assist businesses to get their employees more favorable benefits packages.
- Ensuring Compliance. Keeping compliant with state and federal regulations can be a particularly frustrating experience for new and small or growing businesses not sure where they stand. With a PEO, you don’t have to worry about this aspect of business nor hire expensive counsel to advise you on it. Rather, as part of the PEO contract, businesses will enjoy their company meets state and federal compliance reporting requirements as they relate to employee documentations for OSHA, ADA, payroll, and more.