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Many small and medium-sized business owners take upon themselves a variety of important responsibilities of running their company such as payroll processing and human resources that can become overwhelming.
That’s why many businesses turn to a PEO to help manage these tasks, but before you choose which PEO to partner with, you should be sure to know which services your business is looking for.
Continue reading to learn more about the five main services your prospective PEO should offer in order to bring maximum value to your business.
Many business owners can quickly find it time consuming and challenging to keep track of payroll, payroll taxes, and maintain records. That’s why it’s important to find a PEO that offers payroll management as part of their suite of services.
PEOs can greatly improve the efficiency of your business’s HR tasks and payroll processing, while also boosting the productivity of other operations by allowing you to focus on the primary functions of business growth.
PER’s Senior HR Generalist, Veronica Ramos explains, “If employees are enrolled in benefits, PER’s HRIS system is set up to know what percentage of an employee’s paycheck needs to come out depending on the benefits they’ve selected.”
Regulations regarding human resources can change rapidly and vary based on location. As a business owner, it can be difficult to keep up with changing regulations while handling all of the other responsibilities that are required of your role.
Look for prospective PEOs that offer numerous HR services and support to ensure federal and state compliance that aim to incorporate quality, convenience, and efficiency into your company’s daily functions. This will allow you to feel secure knowing that your business will not run the risk of non-compliance fees and fines.
Benefits administration typically falls under the responsibility of a business’s human resources department. Small and midsize business owners often find themselves struggling with the time commitment and compliance requirements of administering benefits for their employees.
Some benefits you should ensure that your prospective PEO offers access to include:
Overall, when researching PEO options, look for one that offers a variety of high-quality insurance plan options for employees and their families. Some PEOs are even able to provide employee benefit packages at group policy rates.
It’s important to look for a PEO that provides comprehensive workers’ compensation insurance so that your business meets this critical legal requirement.
As your co-employer, PEOs assume all administration of this required policy and work directly with the insurance carrier to minimize costly escalated claims while assisting in creating light duty work to get employees returning to work quickly.
You should not only look for a PEO that provides workers’ compensation, but also acts as an educational resource for you and your team by educating you on the importance of workers’ compensation coverage.
Your business should look for a PEO that provides your business with flexible 401(k) retirement plan options that allow you to decide employer contributions, vesting schedules, and more.
PEOs typically offer a special type of 401(k) plan called a Multiple Employer Plan (MEP). Rather than sponsoring your own plan, your business becomes an adopting employer of your PEO’s plan.
It’s important that your PEO has a 401(k) solution that offers your business a flexible option and easy enrollment. With our plan at PER, your business can receive all of the benefits of being part of an MEP without losing any flexibility.
PER has provided outsourced HR services to small and medium-sized businesses across Central Florida for over 25 years. We offer the extensive capabilities of a full-service PEO, while maintaining the personal connection of a small business.
PER can help your business by handling new hire eligibility and enrollment, qualified employee changes, and processing employee deductions and employer contributions. As part of our comprehensive services, we also offer payroll management, benefits administration, workers’ compensation, 401(k) retirement plan, and more.
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