Running your business is challenging enough without the added burden of payroll, benefits, HR administration, and compliance. By working with a PEO you get expert support and training, enhanced efficiency with robust HRIS technology, and gain access to high quality benefits at prices typically only available to large companies. Below we delve into some of the ways a PEO can help you succeed and feel confident peace of mind. To learn more about PEOs check out our detailed guide "What is a PEO?" here.
Greater Overall Business Outcomes: According to NAPEO small businesses that work with a PEO grow 7 to 9 percent faster, have employee turnover that is 10 to 14 percent lower, and are 50 percent less likely to go out of business.
Better Benefit Offerings and Increased Buying Power: PEOs enable a bunch of small groups to pool together and get the buying power of a large group which equates to more comprehensive benefit offerings that rival benefit packages of large Fortune 500 companies. High quality PEO benefits keep your employees happy and keep your organization competitive in the quest for top talent.
"Small businesses that work with a PEO grow 7 to 9 percent faster, have employee turnover that is 10 to 14 percent lower, and are 50 percent less likely to go out of business."
HR Professionals: It is common for small businesses to not be able to afford a full time HR professional. With a PEO, you can gain not just one HR professional but a team of trained, certified, HR advisors that can supply clear, current and straightforward guidance.
Expert Compliance Support and Training: PEOs stay up-to-date on the latest federal and state government employment regulations, including ACA compliance, benefit administration, payroll, and tax management. Client companies get confident peace of mind knowing their business is compliant and shielded from litigation.
Stress-Free Payroll: PEOs can make paying your team a breeze. This is because PEOs not only automate the payroll process but they also help you comply with payroll tax and employment regulations. PEOs are prepared to handle automated deposits, tax liens and garnishments, handle payroll and tax reconciliation, file W-2s and 1099s, FICA, FUTA and SUTA payments and filings, and more.
Enhanced Efficiency: By allowing a PEO to be the experts on payroll, labor laws, compliance, and benefits administration your team gets time and space back in the day to work on the big picture and redirect focus to their core competencies.
These are just a few of the top reasons to use a PEO. Click here to learn more on how a PEO can help your business succeed.