How Will a PEO Service Help Your Business?
Running a business can be exciting, but it is also full of challenges. Workers' compensation insurance rates can be impossibly high if you've had any claims. And hiring a team to handle payroll, employee benefits, and HR tasks is an investment many small businesses can't afford. That's where Professional Employer Organizations (PEOs) can help.
PEOs are an advantage to employers because they take all of the time-consuming, but necessary HR responsibilities off their plates. Employment and tax regulations are complex, and increasingly so. A PEO's team of HR experts ensures your business is always in compliance.
Other PEO Advantages Include:
• Discounts on Florida workers' comp insurance- No money down, pay-as-you-go plans, with no audits
• Access to great employee benefit plans- Healthcare, dental and vision at reduced rates
• Annual payroll management- On-time tax payments, quarterly and year-end tax report filings, and more
• Professional human resource help- Get answers to employment related issues from HR experts
How Can a PEO Help My Employees?
In these changing times, many employers are looking to recruit the highest quality employees. In order to do so, they must be able to provide employees with access to cost-effective, comprehensive benefits at an affordable price.
When you work with a PEO, you are able to offer a wide variety of benefits to your employees through PEO-sponsored benefit plans- such as medical, dental and vision coverage, 401(k), healthcare spending accounts, and life and disability benefits.
The PEO will handle the all administrative tasks related to the coverage- enrolling employees, providing legal notices, and handling COBRA administration. They also provide online benefit plan content and enrollment tools, as well as a team that can answer benefit plan questions.
What Are the Costs of Using a PEO?
Many PEO firms charge a percentage of your annual payroll, which averages between 2-4%. Some leasing providers may have a per check charge ranging between $15-$30. Understand that each PEO company is different, so services, benefits and costs will vary dramatically. Some offer online payroll portals, so you can report wages anytime of the day that's convenient to your schedule, while others don't.
Time and attendance apps for employees working outside the office can be a valuable service as well. These are just a few examples of the uniqueness that each PEO offers it's clients, based on industry preferences and that's where we can help.
How We Help
ELQ is the perfect place to call and get answers to questions about HR outsourcing for your Coral Springs operations. As the nation's leading PEO brokerage since 2001, we've done all the background work for you, so use our industry knowledge to deliver a solution that impacts your business immediately. Call today, we're here to help.
