We’ve talked plenty about the benefits that companies see when they get involved with a PEO provider, and while these are truly breakdowns of the statistics we see with results, there are plenty of other ways that we justify the importance and need for a PEO service. Some of the ways are directly through the way that we see businesses benefiting, and we wanted to draw a little more attention to those benefits in the next two blog posts. Let’s get started!
As a new or smaller business, benefits are something that seem entirely unrealistic to even look into. When you do the math, each employee is costing you thousands of dollars to insure and provide for, and that is sometimes the bare minimum. While this is no excuse to not provide benefits for your employees, the answer is then driven to finding a way that you can do so affordably. PEO services include creating benefit plans, but we do the dirty work. This is one of the first benefits that you will see immediately by simply getting in touch with a PEO company or even just asking a member of our team more about what the PEO insurance plans look like.
Payroll & Administration
These are two other parts of owning a business that are far from fun, but entirely necessary. Rather than deal with the headache that these two positions have to work with, put these stresses off onto a PEO company to handle. Taking advantage of this PEO service not only frees up time on a day to day basis, but it also improves accuracy with the way that numbers are calculated and cultivated, and minimizes the need for these positions within your own office space.
If you don’t think that payroll and administration assistance would make a huge difference, then it’s necessary that you know just how much time these two processes are known to take up. On average, a CEO or business owner spends relatively 30+ percent of their day working on payroll issues and needs while also handling and maintaining administrative duties and organization.
The law is complicated as is, but when you consider how often it is being updated and changed, it’s a little scary to imagine what having to stay on top of this process would look like. Luckily, when you work with a PEO company, they are in charge of dealing with all of changes to state and labor laws that pertain your business. They are constantly monitoring what types of things you need to be cautious of so that you can take the proper actions before it’s too late. This helps reduce unemployment rates, but also makes any fires that do wind up happening, much smoother. Definitely a service that you want to take advantage of with your PEO company.
If you’re looking to improve the efficiency of your small business, and you want to do it in a way that saves you money and provides you with some pretty serious changes, this is the best way to do so. In our next blog post, we will cover a few of the other immediate benefits that you’ll be able to take advantage of when working with a PEO system, so make sure to check back soon for these updates.