But what if you could reallocate your workload so you have more time in the workday, get more done, and spend less money on workforce management?
Sound like a dream come true? That’s what a PEO can do for you.
How can a PEO make you more productive this year? Two ways:
- By cutting back your administrative workload so you can focus on profit-generating activities.
- By keeping you up to date on paperwork, taxes, compliance, and vendor management so you can avoid missed deadlines, fees, and fines.
To accomplish those two goals, a PEO partners with you to manage some of the most labor-intensive parts of HR and workforce management so you can focus your attention on the growth of your business. Take a look at 8 practical ways a PEO puts more time back in your day:
- Payroll management—A PEO will handle online payroll processing, direct deposit, changes to employee status, PTO, time and attendance, expense management, and reporting. Eliminate errors and make sure everyone gets paid on time, every time.
- Benefits Administration—With constant changes to laws and benefit plans, benefits administration can eat up your time quickly. A PEO will provide comprehensive benefits and can often give small businesses access to less expensive group rates.
- Tax remittance and filing—Tax season leaves many small business owners scrambling to get all their paperwork in order and their ducks in a row. With a PEO, however, you can hand off tax calculations, W-2 preparation ad delivery, unemployment taxes, remittance, and filing so you don’t lose ground in March and April.
- Workers Compensation—Worried about workers’ compensation claims? Let your PEO handle them. A PEO can manage the entire process from plan sponsorship to claims processing.
- Risk and Compliance—Staying up to date on labor laws and regulatory compliance can be a full-time job. But with a PEO, you can move forward with confidence knowing that your small business has met all state and federal guidelines for employment practices, ACA compliance, employee benefits, and other risk categories.
- Vendor Management—Perhaps one of the most overlooked benefits of working with a PEO, vendor management means you don’t have to spend several hours on the phone with various HR vendors every month. The PEO will handle interactions with insurance providers, tax professionals, and other vendors so you are free to focus on business critical activities.
- Industry Expertise—Many PEOs specialize in particular industries, which means they know the ins and outs of insurance, compliance, and risk in your business. This can be a key differentiator as you’re choosing a PEO, so make sure your provider understands your industry before you sign a contract.
- Cutting Edge HR Technology—Can you afford the latest in cutting edge HR technology? What if you could get all the benefits of modern technology at minimal cost? Many PEOs provide online HR self-service, robust reporting and data analytics, mobile access, applicant tracking, and other services for their clients.
Don’t let 2018 be another year of spreading yourself too thin by doing more and more with fewer and fewer resources. A PEO can help you get more done in less time by managing the time-sucking responsibilities of HR while still giving you hands-on interaction with your employees and total control over hiring and retention decisions.
This year, resolve to work smarter, not harder. It’s time to make the switch.
Ready to find your PEO partner? Take our survey to find the PEO vendor that meets your unique specifications!