As a business owner, have you ever wished for a simple way to manage the unproductive parts of your business? You know, those things that either need to be done or have to be done, but yet don’t really add anything to the bottom line. Well, there is a solution: a Professional Employer Organization (PEO).
Using the services of a PEO is one of the best ways for a successful small business owner to manage those unproductive tasks. You have a professional staff that handles all your HR needs, including employee benefits administration, 401(k), payroll, compliance, and workers’ compensation insurance. The PEO industry has been around since the sixties, but over the past few years, the industry has evolved into being one of the best solutions for a small business owner. The ability to combine HR, payroll, employee benefits, compliance, and workers’ compensation insurance into one package, not only saves time and money, but helps reduce the headaches and the liabilities of owning a small business.
If you run or own a small business, you may have considered if a PEO is the right solution for you and your company. While PEOs, may seem to be one of the best kept secrets of many successful small businesses, the industry is experiencing tremendous growth. With the rising cost of healthcare and the complexity of running a business, that growth is only expected to increase.
When is the right time to consider a PEO? There is not a one size fits all for this question, but if you see the need for an HR person or an HR department to handle all of the paperwork, the compliance, and everyday HR tasks, it may be time to move that direction. The sooner you can have a professional staff handle those tasks, the sooner you can return to managing the productive parts of your business.