Running a business can be overwhelming and exhausting. State and Federal compliance, payroll, and workers' compensation all take up a lot of time. And if not done correctly, they can be very expensive.
Using a Professional Employer Organization makes sense for many business owners. Here are ten of the top reasons employers choose PEOs.
1. Payroll Management
Sure, it's not rocket science- but payroll is tedious work and you can't afford mistakes. There's a reason why 1 in 3 businesses are penalized every year by the IRS. PEO services assume all your payroll liabilities and are responsible for timely deposits and reporting.
2. Workers' Compensation
- No premium deposits
- Discounts unavailable through traditional markets
- No annual state fees
- No audits
- The ability to work in multiple states with one policy!
3. Labor Burden Reports
Do you currently know to the penny what each employee truly costs you every hour they're at work? A PEO company's labor burden report helps you bid jobs and understand your bottom line more effectively.
4. Wage Garnishments
Another check, another stamp and another wasted ten minutes of somebody's time. These are one of many frustrating issues you signed up for as an employer but wish you couldn't. Employee leasing services handle these time consuming tasks.
5. W-2s
What's worse- an ex-employee calling you in late February for their W-2 or getting return to sender over and over again when you mail them out… both! Let the employee leasing company deal with the headaches.
6. Safety Manuals, Newsletters and On-Site Meetings
Investing in workplace safety education is investing in the future of your business. Your workers' compensation insurance history can make you more competitive or drive you out of business. Employee leasing PEO services have a significant stake in your company's safety program. It's in their best interest to help.
7. Direct Deposit
Imagine the extra hours of productivity you would get, if employees weren't spending part of the afternoon waiting for checks then taking the time to cash them? Wasted time costs you money – direct deposit services are free!
8. HR Help
The only thing worse than being wrong on a hire is the employee dragging you to court when they're fired. Professional Employer Organizations provide hiring and firing procedures, including any claims processing.
9. Benefits Management
Shouldn't benefits questions be directed to your benefits provider? Employee leasing companies provide a toll free hotline for employees to ask questions, feel educated and most importantly – get help when they need it!
10. Time Savings
If you see the value in these services but don't have the time to become an expert, then you're ready to explore the impact PEO services could have on your business.
