Benefits Of A Virginia PEO Service
Virginia business PEO services take the responsibilities of payroll, HR, risk management, and more off a business owner's shoulders. PEO services allow you to outsource many of the time-consuming tasks so the focus can be on doing what you do best. In addition, the right Virginia PEO company can offer your business the opportunity to attract more talented employees by providing great employee benefits plans and other perks.
Plus, PEOs assume many of the liabilities associated with payroll, tax filings, employee benefits, and compliance with any employee laws. By outsourcing non-income producing work to a Virginia PEO Company, business owners are then free to focus on sales, service, and management of employees.
Some of the most common PEO benefits include:
- Better Medical Benefits
- PEOs offer a range of life and health insurance and supplemental policies.
- 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.
- Retirement Planning
- Many PEOS offer a variety of retirement savings plans including 401ks.
- Compliance Enforcement
- Professional HR experts offer valuable assistance on compliance and employment-related issues that reduce liabilities.
- Workers’ Compensation
- Pay-as-you-go Virginia workers' compensation insurance, with little to no money down and no annual audits at discounted rates.
- Employee Assistance Programs (EAPs)
- Some PEOs will offer EAPs to help with life/family needs.
How Does A PEO Work In Virginia?
When working with a PEO company, your business enters into a shared or co-employment relationship. The PEO becomes the administrative “employer of record" and is responsible for payroll, tax reporting, benefits, risk management, etc. You maintain direct control of the day-to-day activities of your employees, while the PEO manages the paperwork.
Save Time And Money By Using A Virginia PEO
Far less than in-house costs. The average administrative fee when using a PEO service is between 2% - 4% of your annual payroll. For example, if you have a $300k payroll - a 2% management fee would be $6k yearly. Considering complete payroll and benefits administration, along with risk management and HR services - the value of outsourcing with a PEO can't be beaten. More importantly, you'll notice the time savings your Virginia business has gained to operate and work on growth instead of paperwork.
There are many benefits to using a Virginia PEO, but TIME is one of the biggest reasons business owners say they work with a PEO. Instead of being responsible for the growing list of governmental compliance demands, an employer can focus on growing their business, instead of the business of employment and spend more time improving employee performance.
Other PEO Advantages Include:
- Huge Savings on Workers' Compensation Insurance
- Unemployment Claims Management
- Staying up to date with Virginia Employee Laws
- Complete HR Support
- Payroll Management
- No audits
- OSHA Compliance
- Risk management and safety programs
Top PEO Companies In Virginia
ELQ has been working and vetting PEOs since 2001. We have the experience that employers in Virginia need to find the right fit for their businesses. We are the nation's premier PEO broker and take pride in saving you and your business time and money. Let us do the detailed work of matching you with your ideal PEO so you can do your best work.
