When we own and operate a business, we want the daily activities at that company to run as efficiently as possible. You might look for many things to assist your business in its day-to-day operations. A Professional Employer Organization can help businesses save on employee benefits, but did you know they can manage certain parts of HR and payroll too?
Here Are Just a Few Ways a PEO Can Help Your Business:
· Deep HR Resources
· Relief from Some Executive Responsibilities
· Affordable Worker’s Compensation Insurance
· Convenient Payroll Options
· Mobile Technology Tools
· Affordable Benefits
Deep HR Resources
Executives who receive assistance from a consulting firm for their HR needs will have an easier time keeping up with all federal, state, and local laws.
From Empower Consulting Partners, a Florida PEO Broker, “Empower business success by simplifying the PEO selection process and creating long lasting partnerships based on mutual respect, trust, and integrity.”
They can rest assured all the laws regarding payroll, over-time, and any other matter the human resources team would handle for a large corporation. Employing a PEO will help employers with the following:
· Creating the employee handbook. Most laws state the handbook should outline a policy for harassment and discrimination.
· They will get to know wage and hour laws.
· They will know how to pay employees in accordance to the laws in their state.
· They can pay employees in a timely manner.
Relief from Some Executive Responsibilities
A PEO service allows the executive to input the employee payroll. The PEO service will handle the tax withholding and all necessary information for the employer on behalf of the employee. It is also easy for the employer to add health benefits to the payroll. Some PEOs have a health benefits package, making it all the easier for the employers and the employee. The benefits of a PEO are endless.
Affordable Worker’s Compensation Insurance
Small and medium-sized businesses might find it difficult to add workers compensation insurance policies for their staff. A PEO consulting firm can take the headache out of creating the plan for these companies. They not only have the means to offer small and medium-sized companies affordable worker’s compensation insurance, but also, they have the staff to work on the claims from the employee.
Convenient Payroll Options
PEOs make it easier than ever for employees to get paid. For small and medium-sized businesses, the PEO consultant takes the place of the human resources team. The consultant prints and delivers paper checks, if that is what the employer prefers. They can also handle employee direct deposit and payroll cards. They handle pay cards for those employees who do not have a bank account or prefer not to share the bank account information with the broker in the office. The broker will then pay the staff members is a payment card.
Mobile Technology Tools
The PEO risk management team gives employers a system called the Human Resource Information System (HRIS). The risk management team then uses the HRIS to control the payroll options for the staff. Employers benefit with the HRIS with the following.
· Approve paid time off requests
· Create or edit personnel records
· Hire and terminate staff
· Manage performance reviews and any actions that need to be taken
· Access to forms and other important resources
· To compile reports, both standard and advanced
Personnel will use the HRIS to do the following:
· Manage their information such as direct deposit preferences
· Print their W2s and pay stubs
· The procedure for requesting time off
· View benefits and discount information
· View all their HR forms
Affordable Benefits
There are many benefits employers can off their staff. These benefits include a pre-tax retirement savings account. Employers can opt to match this savings, or they can opt out of doing so.
The PEO service will assist with enrolling and disenrolling staff members. They also offer benefits management to include many of the following:
· Adding a spouse for personnel
· Adding any new family members