If you've made the decision to work with a PEO, congratulations! You've made a smart move that will position your business for greater stability and future growth. Now comes the critical part: deciding which of the hundreds of licensed Professional Employer Organizations is the right one to partner with your business.
You have two options: research and contact possible providers on your own, or have a PEO broker do it for you. But once you understand the process of choosing a provider, you will understand why using a PEO broker offers major advantages over going it alone.
PEO Brokers Save You Time
First – and this is important for a busy business owner – PEO brokers save you time. PEO providers vary widely in the industries they serve as well as in the benefits they offer, and figuring out which ones are good potential matches for you can take hours, if not days, of research. Worst of all, much of this time will be wasted running into dead ends. A PEO broker has the industry knowledge to narrow down your options quickly, sparing you the wild goose chase.
PEO brokers will help you save time with partners and packages in the areas of:
- Health Insurance
- Human Resources
- Workers' Compensation
- Payroll
- Retirement
- Various Taxes
PEO Brokers Provide Security
PEO companies need to see your confidential business data—such as employee salaries, insurance policies, and credit ratings—to determine if your business is a good fit for their services. If you contact PEOs yourself, you have to give this sensitive information to every provider you contact. This not only takes up hours of your time, but means your information will almost certainly end up with providers that aren't a good fit for your needs.
In contrast, PEO brokers protect your private data. When you work with a PEO broker, you only have to provide this information to your broker, who will only pass it on to providers, they know to be suitable for your business. Not only does this save you a lot of repetitive busywork, it ensures your information is only seen by people who can be genuinely helpful to you and your business.
That age-old adage “time is money” comes to mind once again here, as this will indirectly help you earn more money by helping you move your focus away from mindless busywork and ensure that your company’s private data is in the right hands. With more time and less worry, you’ll be able to expand your company quickly and efficiently.
PEO Brokers are Objective
Finally, PEO brokers offer you objective information. If you shop for providers on your own, chances are you'll only be getting information from the providers themselves, and you'll have little way of knowing their past track records or how objective their claims are. Working with a broker will save you the guesswork and give you the needed clarity to make an informed decision.
Because your broker knows the industry and its players, they can give you a realistic idea of your options and what differences to expect between PEO providers. Your broker can also steer you away from bad choices and help you get the best value for your business.
The world of PEOs is growing rapidly as more and more companies discover their benefits. Thus, to find the best provider for your business, you need an experienced guide with thorough, up-to-date knowledge of the PEO landscape.
ELQ has been matching growing businesses with providers for close to two decades. We only work with carefully vetted providers to ensure you get outstanding service. Call us to find the right PEO provider to help you grow your business.
