Professional Employer Organizations, or PEOs for short, are employed by small businesses to assist them with a variety of organizational tasks. These can include managing payroll-related taxes, certain human resources functions, access to benefits, and other employer-related administrative functions that are all imperative to running a successful business. Here are some of the most notable advantages your business could gain by hiring a PEO.
When you enlist the help of a Professional Employer Organization, your employees will be grouped with the rest of the PEO’s co-employees to form one large group. By lumping together all of the employees of the companies they are working with, the PEO can provide those employees access to better health coverage and rates that typically only large corporations can provide. The superior benefits that you can offer your employees through a PEO can improve company morale and decrease your turnover rate.
Between managing your team and interacting with clients, running your own business can sometimes be overwhelming. There are always more tasks to accomplish then there are hours in your day. This is another reason why you should consider hiring a Professional Employer Organization. Once you join a PEO, they can take some of that workload off of your plate. PEOs can handle several different day to day operations for you such as Payroll, Benefits, and Compliance Support. Since your PEO will be managing these administrative tasks, you will be freed up to spend more time focusing on growing your business.
Since Professional Employer Organizations can help you manage the majority of your employment-related paperwork for you, most companies can delay making hires to handle them in-house. It will also give your team members who typically handle these forms more time to focus on the rest of their workload. PEOs will also provide your business with HR support. These support tools can help take some of the workload off of your HR department so that they can focus on other aspects of their job like recruiting, training, and managing employee relations.
Staying on top of constantly shifting regulations can be exhausting, especially when you are responsible for running a business. Another one of the advantages of hiring a Professional Employer Organization is that they can reduce the risk of potential non-compliance with mandatory complex payroll regulations. PEOs do this by helping you stay up to date with legislative changes that could affect your business such as the Affordable Care Act, COBRA and state continuation coverage, minimum wage regulations, safety/OSHA requirements, workers’ compensation, and state unemployment insurance. When you hire a PEO, you also gain peace of mind knowing that your business is in compliance with the latest federal and state regulations.
Are you feeling overwhelmed when it comes to managing administrative and human resource-related tasks for your small business? OEM America can help. For decades, we have been helping companies across Connecticut and throughout the country transform their businesses into the pinnacle of efficiency.
Through the use of our time-proven model for managing employees, you can cut costs and decrease your turnover rate in no time. Stop worrying about Human Resources, employee administration, and benefits management. Leave all of that to us! With OEM as your human resource management team, you can focus more on the high-payoff activities that help you grow and profit.
Contact us for a free consultation today!