What is a PEO?
A Professional Employer Organization (PEO) handles a company’s HR services through a co-employment relationship. Basically, this means the business continues to oversee business operations and employees while the PEO oversees administrative operations relating to benefits, payroll, human resources, etc.
How Do They Work?
In a co-employment relationship, both the business and the PEO share certain employer responsibilities. The PEO typically processes payroll, withholds and pays payroll taxes, maintains workers’ compensation coverage, administers employee benefits and provides human resources guidance. This leaves you to manage regular business operations, like providing products and services to customers, and making decisions about which employees to hire or terminate.
What Are Some Benefits Of Working With A PEO?
- Access to Fortune 500®-caliber benefits for your employees, such as 401(k) plans; health, dental, life, and other insurance; dependent care; and other benefits that you may not be able to offer your employees as a small business
- Advice on employment related matters
- Other Benefits
- Accurate and compliant payroll services for all 50 states and the federal government
- Mitigate risk from navigating different HR, payroll, and benefit systems
If you’ve ever wondered why businesses waste spend so much time on employee administration functions robbing them of time to focus on their products, their customers, and all the things that inspired their business in the first place, you might be ready to consider a PEO.
If you’ve ever wondered how can you compete with bigger companies for talent, when the big companies have the nice benefit plans, you might be ready to consider a PEO.
If that’s the case – let us know and we’ll set up a meeting.