How a PEO Can Benefit Your CompanyDecember 2, 2014 - By: Matt Thomas
Businesses today are facing increasingly complex employee-related matters, such as payroll, benefits, workers compensation and regulatory compliance. The recent changes and implementation of the Affordable Care Act have complicated matters even further. This is where a professional employer organization (PEO) can help. PEOs provide a complete suite of human resource services for businesses, including the management of payroll, employee benefit programs and human resource functions. Through a co-employment relationship, the PEO provides its clients access to a fully staffed, expert HR department and superior employee benefit programs on a large company platform. Here is how a PEO can benefit your company:
Working with a PEO allows a company to focus solely on their business without having to worry about administration issues. Many small business owners don’t have the expertise or time to handle human resources, payroll, benefits and regulatory compliance. Additionally, hiring a full-time staff member to take on these responsibilities is costly. PEOs streamline these employee management areas so that companies can stop worrying about busy work and get back to creating revenue for their business.
Human resource solutions
PEOs become a streamlined human resource solution for their client, offering a wide range of services for businesses. For example, WorkSmart handles employee and wage and hour compliance, workers compensation, employee benefits and payroll among other services, all of which run through a secure, web-based Human Resource Information System. Trusting one vendor to handle all of these functions allows you to develop a strong relationship with a PEO and gives you the peace of mind knowing everything is taken care of.
Compliance services – reduce liabilities
When it comes to employment law, the industry and regulations are ever changing. Staying up to date, making time to attend seminars and seeking legal guidance can be challenging for business owners. PEOs have the knowledge, experience and manpower to monitor the latest compliance changes, leaving clients worry free and allowing them to focus on business-related issues instead.
Benefits packages – complete & affordable
All PEOs are able to help their clients navigate employee health benefits, but it takes a specialized PEO to offer something that not all companies have access to. WorkSmart Systems provides a comprehensive benefit package at an affordable price by using a large platform, self –funded, pooling concept. Not only does this pooling concept help with long term cost stability, it also allows companies the ability to become somewhat removed from the community rated market where volatility is always a concern. WorkSmart goes even further for its clients, providing every benefit-eligible employee with education and personal assistance from a team of qualified Benefit Specialists.
Human Resource Information Systems (HRIS)
In addition, PEOs may also offer a Human Resource Information System (HRIS), which is software or online solutions for managing employee data and services. A well run HR technology platform allows employers to access important data to handle HR tasks, and allows employees to update personal information, access benefits and view paychecks. Each HRIS platform is unique, offering various, often customizable, capabilities and interfaces so it is important to consider your technology options when choosing which PEO is right for your company.
Productivity & profitability
In the end, the biggest benefit that a PEO provides is the ability to be more productive and more profitable. By taking on HR responsibilities, PEOs give their clients the ability to become more efficient in their business. PEOs allow companies to be more productive and improve their systems for both management and employees. Streamlining and leveraging the buying power of a PEO allows companies to be more profitable in the long run.
Does a PEO sound like the right solution for your business? Visit www.worksmartpeo.com to see what WorkSmart has to offer and request a consultation. We know you have options, so put your trust in us, and we will “earn” your business.