Give yourself more of your most valuable asset, your time. Whether you use that time to focus on your golf game or profitability and productivity in your business, a Professional Employer Organization (PEO) can give you that time. For some reason, PEO’s are like the best kept secret in the business world. People are unaware of the benefits that PEO’s bring to the table. PEO’s control the cost of, minimize the risk of and free your time from the hassle of being an employer. By combining all the employer responsibility with one vendor you get your time and focus back.
PEO’s are essentially an outsourced Human Resources Department that joins your team. PEO’s become responsible for and specialize in Human Resources, Labor Law Compliance, Workers Compensation Administration, Safety, Benefits and Payroll. You’re probably outsourcing these functions already with multiple vendors. Wouldn’t it be simpler to turn those functions over to one professional, one vendor to protect the rest of your assets?
As an employer you are walking through a minefield of costly decision making. From memos to employee manuals you are putting yourself at risk in an ever changing myriad of legalities and responsibilities. Labor Law Compliance is like speeding down the freeway, it’s only illegal if you get caught. But, if you are caught it will cost potentially five figures just to defend even if you have no penalties levied. PEO’s handle all the Human Resources and Labor Law responsibilities including reference checking, job descriptions, employee manuals, manager training, performance evaluations, disciplinary actions, terminations and more. If you’re not with a PEO, you should have a labor law attorney ready for counsel on any of these responsibilities. I can give you a referral if you need one.
Workers Compensation Insurance is potentially fatal to the health of your business. Costs have risen substantially even if you have a good claims history. If you have neglected Safety, Claims Management, Fraud Prevention and a loss control mentality Workers Compensation Insurance becomes an impossible cost that is closing business or forcing them to operate without coverage. Appropriate background and reference checking all new employees is vital in protecting your Workers Compensation Policy from fraudulent claims. PEO’s have specialists in all these areas protecting the health of your Workers’ Compensation Policy now and into your future.
In order to attract and retain quality people, you need to at least make a group health insurance plan available to your employees. If you don’t, you become the training grounds for employers in your industry who do. Health Insurance may become mandatory for employers according to SB2. You might consider budgeting this into your expenses sooner rather than later. With a PEO you can afford and are able to offer a benefit package which is competitive with any company in your industry. Benefit packages have options that include Medical, Dental, Vision, Life, Disability, 401(k), Pre Tax Options, Theme Park Discounts, and now Pre Paid Legal and Veterinarian Pet Insurance via payroll deduction. With an affordable benefit package you’re able to attract and retain quality people that help your business grow.
As your business grows and each person is expected to do more with less, payroll is one of the easiest and first functions to be outsourced. Outsourcing payroll to companies that specialize in payroll has become generally acceptable for cost savings, confidentiality and obtaining functionality such as direct deposit and time off accruals tracking. Have you ever missed a payroll tax deposit? Our shrinking margins don’t allow us to make these types of preventable mistakes anymore. PEO’s assume the responsibility and the liability for this type of a mistake. After you pay your first or second penalty, you will be outsourcing payroll.
The National Association of Professional Employer Organizations (NAPEO) is the place to start your search for a PEO that fits your needs. They can be found on the Internet at
www.napeo.org, or give them a call at 703-836-0466. Make sure your PEO is a member of the Employee Services Assurance Corporation (ESAC). The ESAC maintains the highest standards for PEO’s in the industry. If they are a member, you can be confident about their fiduciary responsibility. The ESAC can be found at
www.esacorp.org or give them a call at 501-219-2045.
You owe it to yourself and your organization to find out if a PEO is right for you. You’re already outsourcing most or all of these functions. Turn those functions over to one professional, one vendor to protect your assets. Get your time and focus back.
Give yourself more of your most valuable asset, your time. Whether you use that time to focus on your golf game or profitability and productivity in your business, a Professional Employer Organization (PEO) can give you that time.
