Why a PEO is Essential to your Business (Especially now)
We’ve all heard of Payroll services, many of you may use one now. And when you think of a PEO (Professional Employer Organization), you may think they’re similar to other payroll services you know. The truth is: a PEO is so much more.
We sat down with Dylan Fitzsimmons of Justworks, the leading PEO firm in the US, to debunk the myths around PEOs. You can view the full interview below.
Simply put: If Human Resource Insurance existed, it would look like a PEO.
Offload your Liability – a PEO ensures you and your company are compliant with new laws and regulations for every state, wherever your employees are located. In a changing world where remote work is the new norm, having support for your employees in multiple locations is essential.
Benefits: Instead of searching for benefits as an individual company through a broker, by joining a PEO network, you opt into a huge network. This gives the PEO optionality to offer top of the line benefits to you and your employees.
Incident HR Support – Justworks can help you navigate the difficult incidents that if not handled correctly, can cost you your business. A PEO firm like Justworks has certified HR professionals on staff to help advise you during challenges scenarios like, worker’s comp, wrongful termination suits.
Outside of the liability, benefit and incident support, as a business owner we know you have to look at vendors with a critical eye.
How will this vendor affect my bottom line?
How involved is this migration to this vendor’s system?
Is it worth it?
What’s the ROI of a PEO?
We’ve identified the 3 major elements of ROI when shopping for PEO firms. Here are a couple ways a PEO can drive a return on investment:
Attracting and retaining Top Talent – Stay competitive during your recruiting process by offering top tier benefits to employees.
Bottom line cost of benefits: Benefits, worker’s compensation, tax rates applied under the PEO network are often a better overall savings to your business vs. going it alone with a broker or Payroll service.
Time: The amount of time you as the business owner spend on HR is dramatically decreased. Your PEO becomes your point of contact for all HR and benefit related questions for everyone from new hires to long-term employees.
It’s no secret that we use and love Justworks, just ask our CEO Casey Clark, who says, “working with a PEO has cut down my HR time to nearly zero.” A PEO is an extremely effective platform that will increase your support, decrease your liability and most importantly, remove items from your plate and save you time.
If you’re interested in exploring how a PEO can help your business, you can speak directly to our Justworks rep, Dylan Fitzsimmons here.
We’d highly recommend you demo a PEO platform like Justworks to get a real world view of how a PEO can seamlessly fit into your business, support your employees, and save you time.