What is a Mississippi Professional Employer Organization?
A Professional Employer Organization (PEO) company takes the responsibilities of payroll, HR, risk management and more off the business owner's shoulders so they can focus on growing profits and expanding business opportunities. PEOs also offer smaller businesses the opportunity to attract more talented employees with access to employee benefits plans and other perks they may not otherwise be able to afford.
Mississippi PEO Service Advantages
A PEO serves as your back office partner, managing employment administration tasks for your Mississippi business. Help from hiring to retirement, most business owners are overwhelmed with the amount of paperwork and mandated reporting that comes along with employment.
Professional employer organizations and many HR outsourcing providers offer Fortune 500 benefits with competitive rates that are accessible for big and small companies. Human resource professionals reduce many employment liabilities by providing assistance with safety and employee handbooks, along with proper hiring and employment procedures. Outsourcing through a Mississippi PEO provider even manages tasks such as PTO tracking, wage garnishments, multi-state reporting and ACA compliance.
Some of the most common PEO benefits include:
- Better Medical Benefits
PEOs offer a range of life and health insurance as well as 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 401(k). - Compliance Enforcement
Professional HR experts offer valuable assistance on compliance and employment related issues that reduce liabilities. - Workers’ Compensation
Pay-as-you-go Mississippi 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 Much Do PEOs Cost?
Mississippi PEO companies either charge a fixed percentage of your total payroll, or a flat fee per employee. All professional employment organizations charge different rates. Your rate charged will also depend on the amount and type of administrative services needed.
PEO pricing varies dramatically since each offers different services and benefits - and that's where we can help. While average administrative costs run between 2% - 4% of your annual payroll, other optional and ala carte costs that you may or may not need should be considered.
For example, some offer safety training, handbooks, employee drug testing, life insurance and even employee assistance programs (EAP) as part of their PEO service fees. Others may charge separately for these services.
Do PEOs Lower Work Comp Rates?
Absolutely! Unlike traditional work comp policies, a PEOs master workers' comp policy can provide immediate savings compared with current Mississippi rates. Even with bad claims history and a high experience rating, PEOs look deeper than just a few unfortunate incidents and evaluate the big picture.
Most businesses experience immediate savings on rates, while avoiding down payments and state fees. Payroll services also provide an audit each period to ensure accuracy. Every Mississippi PEO has specific workers' compensation classifications they can/ cannot cover mandated by their Workers' Compensation insurance policy or other carrier arrangements.
Additional Mississippi PEO Workers' Compensation Benefits Include:
- Easy 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
Mississippi PEO Providers Save You Money
Working with an Mississippi PEO will also save your business money. Administrative costs when using a professional employer organization range between 2%-4% of your annual payroll. This amount is much less than the average 8%-15% (evaluated by the Small Business Administration) when managing similar tasks in-house.
Why Choose ELQ?
For 20 years, Mississippi employers have turned to ELQ to access their perfect PEO, employee leasing solution. As PEO brokers, we work and know hundreds of HR outsourcing providers. We've done the homework and the vetting. We understand each PEOs industry preference, minimum size requirements, services and benefits - and of course, costs.
If you're ready to experience the competitive edge that these programs can offer your Mississippi business, we're here to help. We work with licensed and carefully vetted PEO companies from around the country. Our industry experience gives us the knowledge to access the best provider to help grow your business.
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 Mississippi 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 a Mississippi PEO quote today!
