Why Hire a PEO for Your Company in 2021?
Business owners know that every cent counts, and, as your business grows this year, your HR may begin to pile up. You may want to think about hiring a PEO, professional employer organization, to take on your heaviest burdens in HR. Not only will PEOs save you lots of time and stress, but PEOs are a great way to help businesses save money by avoiding costly falls and steering clear of HR issues! Here are five advantages of hiring a PEO for your business:
The main goal of a PEO is to provide your employees with access to cost-effective benefits without burdens that can be overwhelming and costly for your business. Through PEO-sponsored benefit plans, the PEO is able to offer a variety of benefits to your employees, such as vision and dental coverage, healthcare flexible spending and disability benefits. The PEO will handle all related tasks, such as enrolling employees, contacting carriers and providing legal notices.
Hiring a PEO can decrease your business’ payroll processing and any other related accounting costs. PEOs automate the payroll process and handle any of your withholdings, administration of W-2s and any withholding of garnishments. When searching for a PEO, look for one that provides payroll payment options in addition to payroll management.
Employment law is complex, ever-changing, and the bane of every business owners’ existence. If you do not keep up with the changing HR laws, regulations and rules it can cost your business big time. A PEO can provide guidance from HR professionals to guarantee you do not run into any mishaps. Even if you have an HR in your company, teaming up with a PEO can give your business an advantage. You will have access to trusted advisors to keep you updated on regulatory updates and guide your business to make the adjustments needed.
Insurance premiums can make workers’ compensation costly. Claim management can also be time-consuming. A PEO can help provide workers’ compensation to your employees through its own workers’ compensation program. The PEO will also be in charge of handling the compliance, audits, certifications and all paperwork associated with running these programs. With a dedicated team of workers’ compensation experts, your PEO will work hand-in-hand with your HR member and help you mitigate risk while providing employees the answers they seek.
Lately, job recruiting moves at the speed of light. Positions are constantly opening up quickly. When you consider the time and money it takes to create job ads, interview applicants, conduct a background check and more, hiring the wrong person turns into a very costly mistake. A PEO can offer assistance when recruiting and provide you access to experienced recruiters. Recruiters are good at sizing people and determining which job positions suit them best, so you are ensured the best hire for the position.
PEOs are here to help you handle these aspects and more for your business every day! They ensure that the business runs smoothly and keep you out of any and all trouble. At Coastal Human Resources, we are here to help you handle all of your HR needs!