First, what does PEO stand for? A PEO, or professional employer organization, allows companies to outsource key human resources functions like payroll, benefits, workers compensation packages, training and guidance to assist companies with maintaining compliance with federal and state labor and employment laws.
Doing so allows business owners and their teams to put the majority of their time and focus on the business and making money. To shed light on the multiple ways a PEO like us can help you, it's important to familiarize yourself with the many aspects of business operations that a PEO can cover.
Companies that partner with a PEO usually experience lower group insurance costs, workers' compensation discounts, and, in most cases, access to employee benefits only Fortune 500 companies have.
A PEO can provide employee benefits such as employee assistance and discount programs, 401(k) plans, and group health insurance through their negotiating position gained from having a large business or employee count. The PEO also provides online access to employees' payroll reports, pay stubs, and W-2 forms.
Benefits of working with a PEO
While it may be difficult to trust valuable aspects of your business operations to an external organization, business owners across the country are realizing the amazing benefits attained from working with a PEO.
Among the benefits are:
- Time savings: Clients find that having the PEO absorb the time commitment associated with general HR tasks allows them to focus on core business operations.
- Cost savings: The buying power that a PEO can offer regarding workers' compensation and health insurance are generally beyond what's available to small businesses.
- Peace of mind: Business owners feel at ease knowing they are not alone at any point throughout the employment life cycle.
- Better benefit offerings for employees: Companies looking to offer competitive benefits packages gain access to Fortune 500-level benefits and professional administrative services.
- Improved tracking and administrative functions: The PEO will conduct an in-depth HR assessment designed to minimize risk and maximize growth and development opportunities.
Have questions, call us today and speak to one of our Workers Compensation & Risk Specialist who can assist you in answers all your questions. You can reach us at 1-800-355-7741. You can also click here to fill out our Online Instant Quote Form.
Either way works for us. Let's get you quoted today. Give us a call now and let's get you covered today.