As a small to mid-sized business owner, you may sometimes feel like you’re drowning in the everyday nitty gritty of paying bills, reviewing resumes, handling tax and insurance issues and other administrative necessities. This leaves precious little time to focus on strategizing and growing your company.
A partnership with a professional employer organization, or PEO, can be the lifesaver you need. Working with a PEO is this simple: You enter into a co-employment agreement. Your PEO assumes such responsibilities as payroll, benefits, tax obligations and risk management, leaving you with business-critical duties like planning, meeting with clients, and excelling from a competitive standpoint. You retain control over such matters as new hires and terminations, and creating and mandating company policies.
Here are five ways your company can benefit from working with a PEO:
Access to a full team of HR professionals at a fraction of the cost of hiring your own.
PEOs provide a team of professionals with expertise in compliance, payroll, benefits, risk management, safety and other HR functions. When you partner with a PEO, you have access to all these resources, and because you share costs, you pay a fraction of the price.
Shared business liability.
Because PEOs co-employ with their client companies, they also share liability on employment-related legal issues. In addition, they provide specialists with a deep understanding of employment laws. While not a substitute for legal counsel, your PEO can be used in a valuable advisory role.
The ability to offer better employee benefits.
When you partner with a PEO, you gain access to group buying power and can use this economy of scale to offer more and better employee benefits. You may opt to take advantage of short-and long-term disability, life, vision or dental insurance, 401(k) plans or employee assistance options, just to name a few.
Access to the latest HR technology.
It may not make sense for your company to invest in costly HR technology, even though it could automate some processes and make others simpler and more efficient. But you can access the tech offered by your PEO, without this unrealistic expense on your balance sheet.
Access to a wider range of HR vendors.
Your PEO has relationship with all types of HR vendors. Think of your partnership as one-stop shopping for all your needs – whether it’s on-demand drug testing, online development platforms, on-site biometric testing or employee self-service programs. All will be available to you at discount pricing.
Partner with a PEO Company in Charlotte, NC!
When you consider a PEO partnership, be sure you plan to work with one of the best. Lyons HR is accredited by the Employer Services Assurance Corporation (ESAC), the gold standard for PEO best practices and financial reliability. To learn more about our services or the PEO industry in general, read our related posts or contact us today.