Why
Use A PEO
Hiring
a PEO can have many benefits. Here are the highlights:
1-
It saves money: You can probably get a
better rate on workers compensation through a PEO because the
policies they offer and their know how about the policies are
not available to you. PEOs tend to handle claims efficiently and
know how to root out fraudulent claims that can end up costing
big bucks. Savings gained through risk management alone can offset
the admin fees paid to the PEO.
2-
Business Focus:
As a business owner, you want to focus your time and energy on
the "business of your business" and not on the "business
of employment." Hiring a PEO allows you to concentrate on
your business.
| You
can probably get a better rate on workers compensation through
a PEO because the policies they offer and their know how. |
3-
HR Expertise: Most
business owners don't have the necessary human resource training,
payroll and accounting skills, knowledge of regulatory compliance,
or background in risk management, insurance and employee benefit
programs to meet the demands of being a good employer. That is
one of the greatest resource you gain when you hire a PEO.
4-
Legal Advice: You
can turn to your PEO for those tough legal questions. A PEO can
help with guidance concerning terminations, as well as any obligations
to comply with employment and workplace laws and regulations that
seem to change every year.
5-
Paperwork killer:
Background checks and other hiring services are usually done through
the PEO, which saves time, expense, and trouble.
6-
Better Benefits:
You can secure all your employee benefits at the same time, from
general health insurance to dental coverage and retirement plans.
You can save a great deal when purchasing these for your employees,
or you can make them available to your employees without you paying
for them.
7-
Taxes: Once you
have signed on with a PEO, there will no longer be a need to collect,
process, and forward your workers' FICA, SUTA, or FUTA payments.
The PEO is responsible.
8-
Hiring Decisions:
When you want to hire a new employee, you can rely on the advice
of the PEO about your hiring decision. Because the PEO will be
the employer of the record, it would make certain you are hiring
the right employee.
|
