You've heard the cliché, if you want something done right, do it yourself? Well, that may not always be entirely true. Take HR for example. Did you start your business with the expectation that you'd handle all aspects of hiring, firing, compliance, payroll, benefits, etc.? Probably not—unless your business is an HR firm, but let's assume that's not the case.
If you're a small or medium-sized business, partnering with a company that offers outsourced HR (often called a Professional Employer Organization, or PEO) can save you time, money, and also give you peace of mind knowing you have a highly trained, experienced team dedicated to keeping your business running smoothly.
With a PEO assisting you in managing many of your HR duties and responsibilities, you can rest assured that your company will reap the many benefits it has to offer.
As a business owner, how many times have you wished that you could clone yourself to meet the demands of the day-to-day HR administrative duties? There's so much to do and simply not enough of you or time to do it all. The thought of someone waving a magic wand and taking care of many of your Human Resource functions seems unimaginable; think of a PEO as the magic wand. Partnering with a PEO allows you access to an entire team of HR professionals—they just sit off-site.
Are your workers' compensation claims on the rise? More importantly, do you have the time to research what is causing your claims? Do you have the time to research why? Most likely, your time is being spent on managing your business, and claims research isn't one of your high priorities. Partnering with a PEO offers you a dedicated resource to not only discover what is driving your claims, but also provides you with assistance in developing and managing a plan of action to minimize their occurrence. Safety classes are among the offerings implemented to help and promote safety and reduce claim costs.
- Personalized Services
No matter the size of your company or line of business, an account management team will discuss ways to help strengthen your workforce, enrich your vision, and help you achieve your business goals. There is not a one-size-fits-all solution to your needs; a PEO caters to your company based on what you need.
- Cost Savings
Businesses contracting a Professional Employer Organization get discounts applied to their workers' compensation rates during their first two years of partnership. New companies probably pay book rates on such coverage; working with a PEO, you'll often realize an immediate and substantial discount in the costs of your workers' compensation program. Additionally, if you've considered hiring more administrative staff for your office, a PEO is often a more affordable option.
- Increased ability to adapt to today's economy
With the ever-changing regulations companies must adhere to, it's difficult to stay abreast of all the information. A PEO can help your business navigate through the many federal state and local regulations and laws, making sure you are up-to-date with all the changes that affect your business and employees.
- Professional Development Opportunities
It's important to encourage employee development in a professional environment. With a PEO, you'll have immediate access to more than 11,000 courses with online E-learning platforms, videos, and skills assessments for a variety of disciplines, job categories, and industries equipping your employee with the "know-how" to keep them current, while allowing them to add to their professional skillset.
- Peace of Mind
The work day is too short to be consumed by administrative-related burdens; let a PEO handle the worrying for you so that you can concentrate on expanding your business to the next level.
Seem too good to be true? It's not when you partner with a Professional Employer Organization. Ultimately, a PEO offers assistance and expertise in the areas of human resources, workers' compensation, risk management, employee benefits, and payroll; the goal is to increase your profitability, maximize employee productivity, and reduce your time spent on HR activities—you can do it yourself, but why would you want to?