The PEO SolutionApril 2, 2015 - By: WorkSmart
Many business owners and CEOs are curious if outsourcing assignments will benefit their company and keep them on track for success. The PEO solution allows businesses to focus on what they do best – running the business and taking care of clients and customers while generating income. The Professional Employer Organization (PEO) will then take care of the company’s most important asset – the employees. Companies and corporations which employ a PEO solution choose to not be burdened with multiple vendors, technology platforms, skyrocketing healthcare costs and unknown employer liability. It’s our job as benefit, payroll and HR specialists to help our clients get back to what they do best while we handle the rest.
The services of a PEO solution can be broken down into six easy-to-follow categories:
The PEO solution starts with providing professional HR services to increase regulatory compliance, reduce employer liability and promote a positive work environment. In the past few years, the outsourced HR industry has grown to an estimated $165 billion annually, proving companies of all sizes find value in the services provided and hours of work saved by outsourcing their Human Resources responsibilities.
When a company partners with a PEO, the PEO assumes responsibility for payroll administration through a co-employment relationship. Nearly one in four businesses handling payroll internally reported spending more than six hours per month on payroll. That’s at least 72 hours per year—nearly two full workweeks. Minimize the amount of time you spend and maximize your productivity by harnessing payroll capabilities with the PEO solution.
Many companies and corporations stick to the common six practices when it comes to ethics and compliance, but find themselves struggling to stay ahead of the curve when it comes to employment law. The PEO philosophy is to help you get ahead, stay ahead and proactively avoid risk. Whether compliance services are advising you on a tricky employee discipline issue, helping you navigate the complexities of a medical leave of absence or simply making sure your employee policies are up to date, your compliance is always the number one priority.
Insurance Thought Leaderships predicts a couple workers’ compensation trends to watch in 2015 including rising generic drug prices, advances in medical treatment and insurance premium rates. With multiple trends and legal issues to worry about, think about allowing a PEO provider to handle your Workers’ Compensation insurance with no pre-payments, retro payments or payroll audits.
Human Resource Information System (HRIS)
Clients always deserve the best when it comes to personalizing their HR solution. Technology advancements continue to change the industry of innovative mobile solutions year after year, so it’s no surprise that mobile-friendly sites where employees can view internal payment or general info is on the rise. HRIS platforms let clients access a secure web portal whether on a desktop, tablet or phone to use HR tools and review data at their convenience. Help your employees gain the benefit of having their own personal information right at their fingertips whenever they want to access it.
Let a PEO provider give your business a complete “Fortune 500” benefit package with greater cost stability and choice. While the benefits package is taken care of, jump on board with approximately half of U.S. employers offering wellness promotion activities.
Do you think your company could benefit from outsourcing HR, healthcare and benefit responsibilities? Interested in PEO services? Inquire with WorkSmart Systems here.