We have met with countless small business owners over the years and learned they have some specific things in common, no matter the industry or size of the company. First, small business owners are busy. They do not have extra time to spend processing payroll, fielding employee benefits questions or researching human resources best practices. If they do happen to have extra time, they would much rather spend it with their family and friends than dealing with administrative headaches.
This leads many business owners to consider available options to help with some of the time-consuming tasks related to running a business. Payroll processing is one of the tasks that is often first on the chopping block. Luckily there are many options for outsourcing payroll including payroll software companies, payroll processing companies, and PEOs. Sure, we’re biased being a PEO ourselves, but our clients have suggested several distinct characteristics that set a PEO apart from other payroll solutions.
Access to exclusive resources
Based on 27 years of experience working with business owners we know that they are almost universally passionate about what they do. That passion drives them to push toward their goals, even during the most difficult times. They are also understandably protective of their business and employees. They want to be able to offer the very best pay and benefits, but cost is a real concern. Working with a PEO allows a small business the ability to offer a wide range of Fortune 500 level benefits at unbeatable prices. This includes employee benefits such as medical, dental, vision, life insurance, disability, 401(k), flexible spending, dependent care plans and many more.
Benefits are just the beginning. A PEO is also able to provide human resources solutions such as leadership development training, tools for recruiting and retaining the best employee talent, and turn-key onboarding resources. While there are standalone resources out there for each of these areas, the cost of even one of these solutions is generally too high for a small business to justify.
Cutting-edge technology solutions backed by world-class service
It is undeniable that technology makes our lives easier. The challenge with new technology is that it is only as effective as the person using it. Having the newest and best payroll software will not make someone instantly an expert in payroll. Working with a PEO gives a company access to not only the very best payroll and human resources software available, but also to the expert-level customer service professionals that you need to make the most of the technology.
Coordination of all employee-related business functions
A small business owner often has to wear many hats. One of those hats is to coordinate the various vendors that are working with the company and employees. There may be a benefits broker for health and dental, and yet another for vision. There is likely a financial advisor helping with the 401(k) and maybe a supplemental insurance broker helping with life insurance and disability. That is four to five individual relationships to manage and invoices to pay and that is only relating to benefits. There are additional vendors for workers’ compensation insurance, drug testing, payroll and many more. Working with a PEO allows business owners to consolidate payroll and all of these items with a single vendor. This not only saves the time and frustration associated with dealing with multiple vendors, but also allows for a unique coordination of services not available anywhere else.
A PEO offers a suite services for small business owners that simply are not available anywhere else. As small business owners research and consider their options, we hope they will look at the opportunities working with a PEO will provide their business. We believe whole-heartedly that the industry offers solutions small business owners need to compete and win in an increasingly competitive market.
If you are interested in learning more about how a PEO can help your small business grow through high-level technology backed solutions, more affordable benefits and other exclusive resources that meet the needs of business owners and employees alike, contact one of Business Consultants for a free quote.