How can a PEO benefit my business during COVID-19?
COVID-19 has continued to worsen and affect many small businesses. With many unemployed and remote work rising, businesses are working harder than ever to keep up with lockdowns and remain open while following appropriate mandates. If you’re a business owner, then this is a good time to look into PEO services. PEO stands for professional employer organization. Through this type of service, small and medium businesses receive human resource assistance and can benefit in many ways as discussed below.
Hiring Remotely and Internationally
Businesses that were forced to close down due to COVID-19 have faced all-time lows this year. But if your business is still going strong, there is still room for improvement and hopes for getting back on track. For example, some have made the switch to having their employees work remotely in order to keep everyone safe and offer flexibility. If you plan to search and add new employees or simply transition to remote positions, PEO services can do just that. It will save you time and money as a professional employer organization branches out on an international level to look for the right employees that fit the company’s needs. Whatever market applies most to you, PEO resources will work towards finding that niche.
COVID-19 regulations continue to change drastically in every state. And although no one can predict what will happen next, PEO services can give you peace of mind when it comes to compliance monitoring and the ever-changing labor laws. With compliance assistance, all new labor laws are monitored and will be addressed to provide you a plan of action on what to do next.
Reduce Risks and Penalizations
Having to transition from an everyday working business to a slower one can hit hard during unprecedented times. There is payroll to keep up with for those that were out sick or quarantined, having to file for the nearing of the year taxes plus so much more. PEO services not only specialize in payroll, but also have a proven track record to improve a company’s overall risk management. The last thing you want to happen is to lose money and get penalized for not filing reports and taxes correctly on top of the pandemic stress.
Continue to Offer Benefits and Save
Since COVID-19 began, the number one thing employees worried about is continuing to receive benefits even after applying for unemployment or furlough. The good news is that as a professional employer organization, benefits are available at a lower interest rate because sourcing for insurance is done at a larger scale meaning more employees for a lower cost. This will save your business more money than providing insurance on your own.
Become a leader in your business today and let us help you with human resource management. Coastal Human Resource Group, Inc. is a Human Resource Outsourcer (HRO). We serve as a full-service human resources department for small and medium-sized businesses throughout the Southeast which provides compliance screening as well as background checks. Visit www.Coastal-HR.com or call us toll-free at 1-888-757-7444. We’re here to help ensure that all your human resources needs are met.