When an individual decides to start a business it is because they love what they do. They have a passion for their industry that drives them to put in the time and resources to build a company of their own. What most small business owners don’t have a passion for is all of the pieces that come along with hiring employees. Finding and keeping great employees is necessary for any business that wants to grow and succeed. But many small business owners struggle to find the time to focus on the growth of their employees and their business. That is where a Professional Employer Organization (PEO) comes in.
Partnering with a PEO gives a business owner:
More time: Partnering with a PEO means you spend less time on the administrative tasks related to your employees. PEOs process your payroll, pay your quarterly and annual employer taxes, issue W-2s, complete unemployment paperwork, track employee time off, negotiate with insurance carriers, train employees, conduct drug screening and a number of other time consuming tasks that pull you away from the reason you went into business in the first place.
Better access to resources: The nature of the PEO relationship allows companies to have access to a wide variety of resources including employee benefits such as health, dental, vision, life insurance, disability, 401(k), and flexible spending accounts. These benefits usually come with enhanced coverage at a lower cost since PEOs are able pool small businesses together to provide better buying power.
Expert advice: Most business owners are experts in their field. They may know everything there is to know about plumbing, advertising, or dentistry, but they are not experts in human resources, payroll, benefits or risk management. A PEO hires skilled employees in each of these departments, providing immediate access to expert level advice whenever it is needed.
Over the past 27 years, Helpside has learned from our clients that the benefits small and medium sized business experience from partnering with a PEO are second to none. We have been lucky enough to work with great businesses over the years and learn a lot about what it takes for small businesses to succeed, but you don’t have to take our word for it. Research shows that “small businesses that use PEOs grow 7 to 9 percent faster, have employee turnover that is 23 to 32 percent lower, and are 50 percent less likely to go out of business than companies that don’t use PEOs.”
If you want to know more about how working with a PEO can benefit your business specifically, contact us today for a no-obligation consultation.