If you’re a small business owner, you likely have a lot on your plate. Not only are you in charge of coming up with new ideas behind the scenes, but you may also have to handle the day-to-day operations that keep your business running smoothly. If you feel like you’re doing it all within your business, it may be time to outsource your human resource services to a PEO.
PEOs (professional employer organizations) step in to take care of the administrative tasks of your business—like payroll, workers’ compensation, benefits management, and risk management. A successful partnership with a PEO can be incredibly beneficial as a small business, helping you streamline your operations and ultimately increase revenue. Let’s dive into PEO services for small businesses, the benefits of leveraging PEO HR support, and how to choose the right PEO for your company.
Understanding PEO Services for Small Businesses
Having streamlined day-to-day operations as a small business is essential for the success of your company. Outsourcing administrative tasks that feel tedious or overwhelming in conjunction with everything else you do for your business is a great way to alleviate some of that pressure. From payroll and workers’ compensation to employee benefits and risk management, PEOs handle the admin side of your business so that you can focus on strategy and growth.
PEOs utilize software that helps simplify the entire payroll process. Employees have their own portal where they can clock in and out, have access to their personal information, and have the ability to view payroll or file a workers’ comp claim. PEOs also automate payroll so that employees can rest assured they’ll be paid accurately, on time, and on a consistent schedule.
Partnering with a PEO also means you’ll have support with workers’ compensation and benefits management. Because PEOs work with many different small businesses, they’re able to negotiate with insurance companies for a much more affordable group rate when it comes to benefits. If an accident does happen on the job, PEOs can help file a workers’ compensation claim as well as handle documentation and paperwork throughout the entire process.
Risk management plays another important role in PEO services for small businesses. In terms of workplace safety, PEOs can help assess your company’s strengths as well as weaknesses that can be improved. PEOs implement safety training programs for both new and existing employees to ensure everyone is on the same page when it comes to creating a safe work environment.
Benefits of Leveraging PEO HR Support
As a small business owner, creating more time to focus your attention where it’s needed within your business is crucial. Leveraging PEO HR support means you’ll save time and money in the long run, ultimately helping your small business thrive.
PEOs help ensure accuracy when it comes to payroll. They essentially audit as they go, which means you won’t be bombarded with unresolved payroll errors at the end of the year. Accurate payroll not only makes things easier for you as a business owner, but it also increases employee satisfaction and retention.
Compliance can be tricky as rules and regulations are changing constantly and can vary from state-to-state. Keeping up with local, state, and federal laws is just one more thing to think about as a business owner. PEOs specialize in understanding and staying current with these regulations, and a huge part of their job is to help your business remain compliant.
How to Choose the Right PEO for Your Business
When you’re looking for the right PEO for your business, first consider the cost. Working with a PEO can make more sense financially for small businesses than hiring an entire HR team or exhausting time and energy doing the work yourself. But you may not need or want all the bells and whistles. What’s the pricing structure? Are benefits packages included? Are there any additional fees?
It’s also a good idea to consider scalability when working with a PEO. Will the PEO you partner with be able to adapt with the evolution and growth of your company?
Finding the right PEO for your business is crucial for its success. Keep in mind that this is an organization you’re partnering with, so be sure that it’s the right fit before moving forward.
Boost Your HR Efficiency with PEO Support
If you’re ready to boost your HR efficiency, reach out to an experienced PEO to get the support you need. PEO workers’ compensation is essential for simplifying and streamlining your processes.
