Growing your business means you have no choice but to handle mountains of paperwork – much of which is related to HR issues and related payroll, benefits, recruitment, and compliance matters.  Before you know it, the day is over … and you still haven’t gotten through the pile on your desk. So, how are you supposed to find the time to build relationships and keep your employees engaged and onboard for the long term – before you lose them to a competitor?

For an increasing number of small to mid-sized businesses, the answer lies in partnering with a professional employer organization (PEO). Working with a PEO, you enter into a co-employment agreement, which enables you to turn any or all of your HR administrative concerns over to the PEO’s trained subject matter experts. You regain control of your company and its management, but all those tedious administrative tasks? You can swipe those papers right out of your inbox and into the hands of your PEO team. Talk about a win-win!

While you concentrate on running your company, you retain the final word in all decision-making, plans, and day-to-day operations. Here are four administrative areas your PEO experts can help with, so you can direct your time, and that of your senior management, to strategic planning and relationship building:

Four Administrative Task That Might Be Holding You Back

Benefits

As part of your co-employment agreement, your employees’ wages are reported under your PEO’s federal employer identification number (FEIN). Not only does related liability shift to your PEO, but because a PEO pools all its clients’ employees together, the result is an economy of scale that gives your company access to more competitive, Fortune 500 level benefit offerings that would otherwise be out of your financial reach. Plus, your PEO can handle plan negotiations, open enrollment, employee communications, and other benefit-related duties.

Payroll and Payroll Taxes

When you partner with a PEO, you no longer have to handle employee wages, taxes or other payroll expenses. Your co-employment agreement will indicate which employment tax withholding, reporting and payments your PEO is responsible for. Plus, your PEO can develop and implement payroll policies and manage W-2s and W-3s, unemployment, 1099s, new hire paperwork, and more.

Recruitment

Your PEO can help you fill open positions faster. This includes offering the latest technology, in addition to broad resources and connections to source desired candidates in a highly efficient manner. PEO hiring experts will handle reviewing resumes, initial screenings, interview scheduling, and follow-up. Your hiring team will be presented with a robust shortlist of valuable, available candidates, with minimal cost and zero time wasted.

Compliance

PEOs are a trusted compliance solution, as their experts in this area keep up with ongoing changes to tax, benefits, and other HR regulations and ensure that you respond effectively to any that impact your business. Your PEO can also:

• Develop handbooks, training, and proactive strategies to protect you from fines, claims and penalties.
• Handle any investigations into employee claims or regulatory infractions that do occur. Your PEO’s objectivity and expertise help ensure that these investigations are carried out appropriately and lawfully.

Ready to Consider Outsourced HR or a PEO Partnership?

To learn more about how a PEO partnership can be the right solution for your growing company, contact Key HR today.