How Does A PEO Relationship Work?
Simple. A Professional Employer Organization, or PEO, becomes the back office partner for your financial services operations. Payroll management, tax reporting, workplace safety, benefits administration and many other employee related issues are outsourced for much less than you can do on your own. As the employer, you continue to run the day to day operations as usual - but with more time to focus on growth.
How Much Does a PEO Cost?
Most PEO companies base their administrative charges on the client's gross annual payroll and that fee averages between 2-4%. Outside of this management fee, some offer more robust benefits such as, background checks, life insurance, employee counseling services and much more. Some include these benefits in your administrative fee while others may charge as a la carte - and this is just one area where we can help.
PEO Service Benefits
PEOs keep your financial services company in compliance with complex Federal, state and local employment regulations. They manage all unemployment and workers' compensation insurance claims, provide ACA compliance administration, while offering large company employee benefit packages to help you attract and retain better employees.
Some of the most common Professional Employer Organization benefits include:
- Compliance Enforcement
Professional HR experts offer valuable assistance on compliance and employment related issues that reduce liabilities.
- Better Medical Benefits
PEOs offer a range of life and health insurance as well as supplemental policies.
- Workers’ Compensation
Pay-as-you-go workers' compensation insurance, with little to no money down and no annual audits at discounted rates.
- Payroll Administration
PEOs offer payroll services that generally include paper checks, direct deposit and visa paycards. They can also assist with tax reporting and wage garnishments.
- Employee Assistance Programs (EAPs)
Some PEOs will offer EAPs to help with life/family needs.
- Retirement Planning
Many PEOS offer a variety of retirement savings plans including 401(k).
Why ELQ?
Call ELQ for information, pricing and quotes. We have helped thousands of employers since 2001, and you'll know within minutes how a PEO service could impact your financial services business. There are hundreds of PEOs and HR outsourcing providers to consider, and each has its unique benefits. Let's find your perfect fit. Use our industry knowledge to deliver a solution that makes an immediate impact.
We've done the vetting for you and our success depends on yours, so give us a call or fill out our online form to get started.
