How Does Co-Employment Help Your Business?
When you started your business, did you picture driving the day-to-day operations that grew your business and providing value to clients? Or, did you envision yourself weighed down by HR responsibilities that unexpectedly grew each day?
If you want to encourage the former and relieve the latter, consider adopting co-employment plan.
A co-employment plan is an agreement between your business and a professional employer organization (PEO) in which both parties co-employ your workers.
In this relationship, the PEO is responsible for the payroll and tax obligations of your business, while you continue to hold responsibility for the direction of your business plan and daily operations.
If you’re looking to improve control over of your small to mid-sized business, here’s a look at the benefits that you’ll experience with co-employment.
A great way to reduce employee turnover, attract the best candidates, and improve company morale is to provide great benefit packages.
Because PEO’s are larger companies supplying benefits to multiple businesses, they are able to secure quality insurance benefits at a lower cost to your company.
Working with a PEO means that you’ll be eligible to provide employees with exceptional benefits, including health, dental, life, and 401K.
As a business owner, you may feel overwhelmed by the amount of time that payroll, taxes, and insurance can absorb.
Co-employment allows you to focus more on your day-to-day operations by handling responsibilities in records administration, HR forms, and much more.
Co-employment relieves the financial constraints that keep you from growing your business.
Multiple employer plans relieve the need to rely on multiple vendors, which cuts your additional costs associated with legal fees, documents, payroll, and accounting.
Perhaps the most important aspect of co-employment is the ability to retain control over the direction of your business.
With a co-employment agreement, you can still drive most functions of your business, including the compensation of each employee, performance management, and hiring/firing.
The Right Co-Employment Partner
The benefits listed above are just a fraction of the possibilities that a multiple employer plan can provide for your business. If you’re looking for the right partner to co-employ your workers, contact the team at Professional Employer Resources.
As an experienced PEO company, we can assist with your HR practices and supply solutions to help maximize your business’s productivity. For more information, contact us today at 888-599-4991.