Retirement plan sponsors are the first, and most important, line of defense in providing employees with well-managed retirement savings plans.
HR Administration
|
3 min read
As a business owner, are you familiar with the term co-employment? What about liability shift? In our latest video, SWBC PEO Sales Manager, Michael Gugliotti, shares how a PEO can help a business save time, money, and resources in order to shift its focus to revenue-generating activities.
I’m Michael Gugliotti. I'm the sales manager for SWBC PEO.
PEO actually stands for professional employer organization. And, what we do is we actually assist clients in four main areas:
-
Payroll
-
HR
-
Benefits
-
And workers' comp/risk management
And, the way that we're able to do that is through what they call co-employment. So we'll take on a client's employees; we'll bundle them with thousands of other employees from other clients; and by doing that, we're able to get economies of scale on health insurance, worker's comp insurance, we're also able to provide them access to HR professionals, payroll professionals, technology; things that otherwise they may not have access to as a small or mid-size company, just because of barriers of cost and things like that.
How does a PEO help business owners?
It's the cost savings, it's time savings, it's a liability shift. Once we're able to provide resources in the HR area, things like that—they're not worried about that. The owner can sleep at night, and say, hey, that's handled by someone else; I have a professional company taking care of that. We're able to maybe do it a little bit cheaper, so it's saving them money on there, too.
So, there's a lot of ways that we benefit clients, but those are probably the top-level ones. The stuff that's not generating any revenue; we can take those things off their plate, do them behind the scene. That's what we really want to do for business owners: free their time up, give it back to them, and let them build their business the way they really wanted to.
What type of businesses would benefit from a PEO?
We have clients as large as eight or 900 employees, but really that ten to maybe a hundred, 120 employee-company; there's right there in the sweet spot of what we do and what we're going to do. But from industry-wise, there's very few industries that we can't service—from doctors to restaurants, to professional services, they all have something that we can do for them.
What are common misconceptions about outsourcing work or partnering with a PEO?
In PEO, the two biggest ones that come up is: I'm going to lose control or it's too expensive. And, actually, as a client really goes through the process with us they find out that that's the complete opposite. Every client we work with; they're already outsourcing everything. They use someone for benefits. They use someone for payroll. They're using a CPA, an accountant; somebody like that for taxes. All we're doing is putting it under one umbrella. So if anything, it actually helps them gain control, not lose control.
The other is the cost, the misconception is going to be super expensive. Probably about 70% of the time when we meet with people, we're able to do it at breakeven, or actually save them money, whether it be in benefits for their employees, workers' comp, whatever the case is. So, it is a very affordable alternative to maybe what they're doing.
How can a business connect with SWBC PEO?
Yeah, they actually go to swbcpeo.com, and from there contact us. There's a link they can click to submit their information, and we'll reach out to them. There's our phone number, address, everything. Reach out any way they can through that website, and we're happy to answer questions and help them any way we can.
Let Us Know What You Thought about this Post.
Put your Comment Below.