Running your own business is a lot. You’re probably used to juggling numerous balls in the air every day, but is it becoming tougher and tougher to keep the one marked “HR” from dropping with a crash?
You know you can’t afford to let that happen, but there are only so many hours in a day – and so many of those hours, as well as other valuable resources, are consumed by HR tasks, benefits administration, compliance, and competing for desired talent.
If these signs feel familiar, your best business solution may be partnering with a professional employer organization (PEO):
4 Signs It is Time for Your Business to Consider PEO Partnership
Your company is on the fast track.
This is great, of course – but with rapid growth comes the need to upstaff and upskill as needed. Or for many businesses at this time, it means reskilling to embrace a new workforce landscape. A PEO can help as you hire new team members or reshuffle existing employees, with initiatives ranging from job advertisements and descriptions to ongoing training and development.
HR administrative tasks are taking up too much of your time.
A PEO partnership enables you to continue to focus on the business of your business by taking time-consuming HR administrative tasks off your plate. You still have control of your people and operations; you just don’t have to sweat the small stuff. Specialized expertise and administrative assistance from your PEO allow you to spend time on higher-level strategy and revenue-producing activities.
It’s hard to compete for the best job candidates.
Have you suffered the pain of losing that perfect prospective hire to the Fortune 500 company or large regional employer down the street? PEOs pool employees from their various client companies together so they can provide benefit packages that enable you to compete for top talent, even in the tightest markets. Consider these statistics from the National Association of PEOs (NAPEO):
- Among companies with fewer than 10 employees, those using a PEO have more than three times greater participation in a retirement plan than other companies.
- For businesses with 10 to 49 employees, 52 percent of PEO client employees have a retirement plan, versus 23 percent in those that don’t use a PEO.
And retirement packages are just one of many similar examples.
Potential compliance issues keep you up at night.
Among the subject matter experts on a PEO’s staff are those that specialize exclusively in ensuring compliance with federal, state, and local laws and regulations that govern businesses. It’s their only job to know all the ins and outs and stay current with the ever-changing legislative picture. Whether it’s the IRS, the DOL, OSHA, or other pressing matters like ensuring that your employee handbook meets all necessary criteria, a qualified PEO can handle it for you.
Ready to Unlock Your Business’s Potential?
As a PEO and aligned partner with numerous preferred provider companies, Orlando-based Key HR offers new and innovative ways to meet all your talent management needs. This includes specialists in every area of HR and solutions for companies at all stages of development, from start-up to fully mature organizations. Partnering with us, you can realize savings of from 20 to 40 percent off your bottom line while being relieved of HR headaches. Contact us today to learn more.
- Posted by
- On May 5, 2021
- 0 Comment