What Does a Massachusetts PEO Do?
A Professional Employer Organization (PEO), also known as an employee leasing company - allows businesses to outsource a number of employment administrative tasks, deliver cost-effective payroll services and access great rates on Massachusetts’ workers' comp and health insurance.
There are many benefits for employers looking to partner with a PEO. One of the biggest advantages is the time savings that business owners are able to achieve by outsourcing the headaches of payroll and HR management. When the PEO manages these tasks, employers are able to focus on building profits and expanding business opportunities.
What are the Advantages of Using a PEO Provider?
Business owners want to focus their time and energy on growth and revenue not on the business of employment. So each year, more and more Massachusetts companies are connecting with the services of a Professional Employer Organization (PEO). PEO advantages include:
- Better Medical Benefits
PEOs offer a range of life and health insurance as well as supplemental policies. - Annual Payroll Administrative Services
PEOs offer payroll services that generally include paper checks, direct deposit and visa paycards. They can also assist with tax reporting and wage garnishments. - Workers’ Compensation
Pay-as-you-go Massachusetts workers' compensation insurance, with little to no money down and no annual audits at discounted rates for greater cash flow. - Compliance Enforcement
Professional HR experts offer valuable assistance on compliance and employment related issues that reduce liabilities. - Retirement Planning
Many PEOS offer a variety of retirement savings plans including 401(k). - Employee Assistance Programs (EAPs)
Some PEOs will offer EAPs to help with life/family needs.
How Does a PEO Arrangement Work?
Known as a "co-employment" relationship, this unique situation allows businesses to outsource many employment liabilities, while still maintaining the day-to-day control of their employees. The business owner continues to hire, train and schedule their employees.
The PEO is responsible for all of the HR-related tasks, including employee payroll, safety, benefit administration and unemployment claims to name a few.
Working with a Massachusetts PEO also allows companies to use the PEO’s lower EM (experience modifier). This can be particularly beneficial to companies with prior claims issues and high experience modifiers.
Advantages of Using a Massachusetts PEO for Workers' Compensation
For a number of industries, workers' compensation insurance is many times the most expensive part of running a business. That's why many Massachusetts employers are turning to a PEO program to lower premiums and costs. With a PEO's help in safety and risk management services which drive down their experience modification rate, client employers can often save up to 40% off traditional policy rates.
Payroll services also provide an audit each period to ensure accuracy. Every Massachusetts PEO has specific workers' compensation classifications they can/ cannot cover mandated by their Workers' Compensation insurance policy or other carrier arrangements. Additional Massachusetts PEO Workers' Compensation Benefits Include:
- Easy & timely certificates of insurance
- Return to work programs
- Risk management and safety programs
- OSHA/ DOL compliance
- Improved cash flow with pay-as-you go plans
- Partnerships with A rated carriers
Why Work with ELQ to Find a PEO?
As the nation's leading PEO brokerage since 2001, ELQ is the easiest way to access the right company for your Massachusetts operations. With so many choices, there may be only one that can deliver the benefits you need. We've done the research and vetting on hundreds of PEOs from across the country for 20 years now - that's what we do!
Every PEO and every business working with a PEO is different. ELQ ‘s expertise ensures your Massachusetts business is matched with the right PEO. ELQ has been researching and vetting hundreds of PEO providers since 2001, so you don't have to! Professional employee organizations differ in their industry preferences, employee sizes, benefits, services and of course costs. For example, one may include background checks, or pre-hire drug testing in their management fee, while another charges on an a la carte basis.
Your business is unique to any other. ELQ understands each business has specific needs and requirements that need to be met. Whether you work in construction and need relief from high Massachusetts workers' compensation rates, or own a medical practice where employee benefit help is essential, ELQ can help. We know the PEO market and how to help your operations save time and money. Request an Massachusetts PEO quote today!
