4 Benefits of Working with a PEOAugust 16, 2016 - By: Matt Thomas
You might already know that WorkSmart is a PEO, but do you do really know what that means?
A Professional Employer Organization (PEO) is an integrated, total HR solution for the small to medium size business (SMB). A PEO can provide a complete suite of human resource services including the management of payroll, employee benefit programs, and human resource functions. Through a co-employment relationship, a PEO provides clients with a fully staffed, expert HR department and the type of superior employee benefit programs that are typically only available to large companies.
Here are just a few advantages your business could see as a result of partnering with a PEO:
1. Efficient Human Resources
Large companies generally have entire departments dedicated to human resource tasks. SMBs, on the other hand, may not have the time or talent to handle the many and varied duties that fall under the human resources umbrella.
A PEO’s trained HR professionals have the ability to cover every aspect of human resources for your business, which helps you save time and reduce costs.
2. Affordable Payroll Management
No matter the size of your business, payroll is a time-consuming job. Running payroll isn’t the type of task you can just set to an automated rotation, especially if your business offers flexible hours and bonuses.
A PEO is an affordable option for companies looking to outsource the payroll management process. Many would argue that the cost to outsource payroll processes is far more economical than spending hours handling every payroll aspect yourself.
3. Access to Better Benefits
In order for businesses to attract and retain talent, it’s essential to offer some level of benefits to employees. Businesses who offer no benefits, or not enough, risk losing employees to competitors who offer better perks.
How does an SMB afford to offer competitive benefits, though? A PEO is an ideal partner in this respect. Because PEOs represent so many people, they are able to obtain and offer better rates on a variety of benefits, which ultimately means your employees will receive better benefits while your business saves money – a win-win scenario.
4. Compliance Experts on Hand
PEOs have compliance professionals who stay on top of changes in labor laws, regulations and health care, all of which seem to gain in complexity every day. Keeping your business in compliance with labor laws and government policies actually requires a lot of time and energy. What if your business falls behind? Noncompliance can result in costly penalties.
When you partner with a PEO, you can rest assured that the legal end of your business is covered by compliance experts. PEOs can review your current policies, recommend changes, and ensure that every aspect of your business is in line with government compliance laws.
Working with a PEO can improve the overall efficiency and effectiveness of your business operations. Controlling health insurance costs, admin, payroll and HR tasks are critical for your organization. Do you need things like employee skills testing, management training programs, regulatory compliance, and risk management programs? It’s a lot to handle and will require in-depth resources, knowledge, time and expense. Working with a PEO expands your options and can relieve a lot of your stress.
WorkSmart Systems is a turnkey, cost-effective solution that will help keep your business running smoothly. Let us be your PEO.