Professional employer organizations (PEOs) offer HR services to 173,000 small and mid-sized companies, handling any or all of their talent management duties so their leaders can concentrate on other business-critical responsibilities.
In case you’re not familiar with a PEO, it’s an organization that enters into a joint employment relationship with a company by becoming an employer of record for its employees, thereby allowing the PEO to share and manage many HR responsibilities and liabilities. A growing number of companies are opting to enter into PEO partnerships as the solution to ensuring their talent functions are administered effectively, efficiently, and in a timely manner.
Here are six things a PEO can handle for you, so your time can be better spent elsewhere in your already-packed business day:
When you work with a PEO, you gain a team of experts in various specialty areas of talent management, including payroll and related taxes. If you miss even one change in taxes or regulations, you could be liable for fines or penalties. A PEO will help ensure your employees are paid accurately and on time – as well as provide access to time and attendance systems, prepare tax returns, offer online record keeping, process W2s, and more.
Because of its status as an employer of record, a PEO can pool all its client employees together and, as a result, offer your employees robust benefits packages competitive with those at much larger companies. In addition, PEO experts can administer benefit-related tasks including plan negotiations, open enrollment, and employee communications via online portals and other means.
When it comes to HR compliance, new laws are constantly being introduced and existing ones changed. Unless you have a dedicated compliance specialist on staff, a PEO can keep you up to date and help ensure that you avoid costly errors when it comes to such areas as employee reporting, new hire processing, and unemployment.
Recruitment and Onboarding
According to Society for Human Resource Management (SHRM) research, 69 percent of employees are more likely to stay with a company if they experience great onboarding. And organizations with a standardized onboarding process have 50 percent higher new hire productivity levels. PEO specialists in recruiting and onboarding can help keep your hiring process successful and on track, so you see better employee satisfaction and retention results and your employee value proposition (EVP) stays strong.
Safety and Risk Management
A proactive approach to workplace safety contributes to happier, healthier employees and ultimately, to ongoing business success. A PEO can help your business stay OSHA compliant, handle claims, and achieve optimal workers’ compensation and risk management outcomes.
A PEO can offer methods, resources and tools for employee training that you might not otherwise have access to. These might include internet-based learning sites, custom training with subject matter experts, or programs created especially for your workforce.
Ready to Get Started?
Through a co-employment relationship, Key HR PEO can act as your HR administrative employer, while you remain worksite employer and keep total control of your business. Contact us today to learn more.
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- On May 11, 2022
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