As the owner of a rapidly growing business, you may find that it's hard to keep up with everything yourself. From the daily operations to your Human Resources management, it can be a lot to handle. And, since your expertise is in the business operations, you may not have the specific expertise necessary for your HR and benefits management efforts to truly thrive. That's where a Professional Employer Organization, or PEO, can help. Here's a look at the top five reasons why you should work with a PEO for managing your benefits and related HR tasks.
Eliminate The Time Demand Of Payroll Processing
Especially in businesses where staff works varying shifts and time cards must be manually processed each week, payroll can be a time-consuming and resource-demanding process. If you want to be able to focus more of your time on your daily tasks, work with a PEO. They will handle your payroll needs for you as part of the contract.
While you could contract these services out to a payroll-exclusive business, it's to your advantage to work with a PEO instead. A payroll-exclusive business will do nothing but your payroll needs, while working with a PEO brings you far more. You'll get not only payroll management, but also general human resources services and benefits administration, too.
Increase Your Benefits Package Options
Because a PEO is in the business of managing employee benefits, compensation, and resources, they have access to top-notch benefits packages that you may not be able to offer otherwise. They deal with larger volumes because of the number of companies they deal with, so you can take advantage of group discounts and pricing structures that allow your employees greater benefits options at a lower cost.
Reduce Your Time Investment For Benefits Shopping
When you first started hiring employees, you likely saw first-hand how complex and time-consuming it can be to sort through all of the benefits package options, including any retirement packages, insurance plans, and work-life benefit choices.
Working with a PEO saves you from having to spend your time dealing with the searching, the comparisons, the negotiations, and the selection. All you have to do is tell them what you're looking to offer to your staff, and they will help you create the package that you envision. That frees up the time you would have spent so that you can better focus on your business profitability.
Reduce Your Legal Liability Risk
When it comes to handling employment taxes, workers compensation policies and audits, and other federal employer documentation, missing a deadline or filing incorrectly can have legal and financial ramifications. These types of documents and filings are part of what a PEO handles every day. This means your PEO representatives are up-to-date on any changes that may have happened since last tax season, they know the deadlines for filing, and they will ensure that everything is submitted accurately. In addition, you'll have someone to fall back on in the face of an IRS or workers compensation audit.
Retain Your Top Talent
Having a PEO that handles your HR for you means having someone who is dedicated to offering the best benefits, ensuring employee retention, and following employer laws. When your employees see that you are working with an organization that's committed to offering them the best benefits options possible, you are far more likely to retain your top talent and minimize staff attrition rates.
Learn More About How a PEO Can Help Your Business
These are some of the top reasons why you should work with a PEO. As a business owner, you need to balance the needs of your staff with the requirements of your business operation. Understanding how Harbor America can help you do this makes it easier to prioritize the investment. Contact us today to take advantage of these benefits and more.