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Are you getting overwhelmed in managing HR, payroll, and compliance for your Small and Midsize Business? Then partnering with a Professional Employer Organization (PEO) can provide you with an effective solution. 

A professional service provider helps you offload responsibilities and focus on dimensions that help you grow. However, to choose an appropriate solution provider for PEO, we will outline the key metrics that you need to consider. 

Please note that these factors are a part of the equation, so partnering with the right PEO professionals like us helps us make an informed decision for your unique needs. Let us begin with the metrics first. 

5 Ways to Evaluate PEO Services for Your Small and Midsize Business

Here are five simple strategies following which you can choose the right PEO for your business:

Cost of Services

The cost of services is one of the major considerations that you need to evaluate when you opt for a PEO. Each PEO offers a unique fee structure for the business, and some of them might charge a flat fee. 

On the other hand, others might charge a percentage of the total payroll for your charge. However, it is not j about the fees but also what you are getting in return for these. Also, consider whether they provide scalable services for your Business as it grows. 

Service Offering and Support 

Please note that not all PEOs offer the same level of service, and it depends on what you are opting for. Some PEOs can provide a full range of services, while others only help in specific areas of compliance. The key is to determine if you need payroll management, health benefit administration, worker’s compensation, and legal support, etc. 

Besides that, you need to find out the level of support the PEO is providing. Does it provide you with a dedicated account manager? Are they responsive and proactive in addressing issues? Understand the breadth and depth of the services before deciding. 

Compliance and Risk Management 

One of the most effective ways of working with PEO is outsourcing compliance. However, choose a company that has a strong track record and keeps clients compliant with state and federal regulations. 

Compliance management is necessary regardless of employee classification, labor laws, or healthcare regulations. Poor compliance might lead to costly penalties and the loss of profits for the businesses. 

Avoid PEOs that Outsource Primary HR Functions 

A primary benefit of working with a PEO is addressing the HR needs. Such expert HR functions help you take a proactive approach to managing your account. When the PEO companies further outsource the HR functions to a third party, it signifies further distancing from your organizational needs. 

Having a partner that offers both PEO and day-to-day HR functions helps attract more client growth for your organization. Contact your PEO providers and ensure they are not outsourcing: 

• Payroll processing and administration
• Benefits administration and planning 
• Worker’s compensation and managing risks 
• Recruiting and retention services

Flexibility and Providing Tailored Solutions 

Not all PEO companies provide customized solutions for businesses. Some PEOs also provide a one-size-fits-all approach. When evaluating the PEO services, find out if it is providing you with custom-fit solutions. Ask for live demonstration or contact with their business team to look for: 

• Employee self-serve tools
• Educational and Training Resources 
• Managerial Tools 
• Reporting and Functionality 
• Onboarding Solutions 

Final Words

Choosing proper PEO services goes beyond just assessing their cost and basic services. Metrics like services offered, customized solutions, compliance, risk management, etc., must be considered. Partner with the right PEO companies that offer you custom-fit solutions for PEO, payroll, risk management, and workers’ compensation. 

If you are looking for a PEO company that helps mitigate all these needs, contact us. For more information regarding HR, payroll or other compliance necessities, go through our blog section. We will be happy to assist you. 

Reference Links 

https://www.freepik.com/free-vector/choice-worker-concept-illustrated_9540567.htm#fromView=search&page=1&position=37&uuid=25282ac1-1bab-4857-b31e-ad74f2c19227

https://extensishr.com/resource/blogs/perfect-peo-for-your-business/

https://insourceindia.com/blogs/top-10-considerations-for-selecting-a-peo-provider-for-your-company/

https://www.trinet.com/insights/what-is-a-peo

https://remunance.com/blog/how-to-choose-the-right-peo-partner/

https://www.adtsolution.com/post/7-ways-peo-services-help-grow-your-business

https://martinowest.com/blog/12-signs-a-peo-could-be-beneficial-to-your-business/

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Fill out the form below and we will contact you to schedule a chat.

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Do you know that PEO (Professional Employer Organization) is an affordable alternative to managing an organization? Outsourcing is not a weakness; rather it can be an effective tool for businesses to strategize resources appropriately. When you are using PEO services, the overall cost of managing administrative tasks becomes more affordable.

Traditional HR performs all the administrative and employee management duties staying as a part of the organization. While it may give you complete control over your business, it also tends to consume a large part of the resources, which could have been used for other operational aspects or building client engagements. 

5 Key Differences Between the Functioning of PEO vs. Traditional HR

Some of the key differences between PEO and traditional HR that can help you understand their roles a little better: 

Expertise and Compliance Assurance

One of the core benefits of using a PEO is that it has dedicated HR professionals who deliver expertise in core HR disciplines. The PEO can keep themselves up-to-date with the latest regulations and reduce the compliance burden on hiring companies. Imagine PEOs as your co-employer managing a part of your business. 

Traditional HR can have less efficiency in keeping up to date with current laws. This may put the company at risk of non-legal compliance. 

Employee Benefit Negotiation 

PEOs have better access to more benefits like health insurance, retirement plans, and wellness programs. This kind of arrangement is especially attractive for businesses that seek to leverage more on resource optimization. 

Traditional HR may have low power to bargain for benefits from the providers, or insurance agencies. Therefore, they face challenges in procuring optimum employee benefits for their firms. 

Scalability Features 

PEOs are helpful for businesses that are at the starting phase of market capturing. These firms tend to have limited resources and they prefer to use it optimally. However, as the business expands, the PEOs generally offer more benefits and ensure “up-scalability” as per needs. 

In other words, PEOs are flexible and can handle any organizational changes including their scales. Traditional HR may find it to be challenging at rapid “up-escalation”, they need time to absorb the shock. 

Personalization in PEO

PEOs have a greater chance of understanding the business needs and allocating resources accurately. They are more suited to customizations and catering to the needs that demand urgency. 

On the other hand, traditional HR may have significant challenges in understanding what business needs. Due to their limited experience, they may not deliver the right solutions and move for a “one size fits all” approach. 

Cost Effectiveness in Operations 

PEOs have a lot of industry experience and this helps them to negotiate better for your employees with the insurance companies. They are also able to make better deals with other entities for benefit procurement. 

On the other hand, traditional HR does not have much industry exposure, they may blindly follow the organizational rules without any strategic improvement in operations.

Therefore, it is obvious that both the PEOs and traditional HRs have their advantages. Traditional HRs may use the expertise that they have in managing your organization, lacking strategic input. However, PEOs may provide you with both industry-wide benefits and strategic inputs for your employee administration. 

Final Words

In order to choose between PEO services and traditional HR, a company needs to understand their needs first. If they are looking for higher resource optimization, PEOs can be a better alternative. The mentality and the demands of the business need to be considered for choosing what is best for an organization. 

PEOs have a benefit in terms of organizational compliance and the scalability of the operations. If you are seeking expert PEOs then contact us. You may also read our blog section to learn more about our services. 

Reference Links 

https://insourceindia.com/blogs/peo-vs-traditional-hr-a-comparative-analysis/ 

https://www.businessnewsdaily.com/16514-peo-vs-hro-differences.html

https://www.adp.com/resources/articles-and-insights/articles/p/peo-what-is-a-peo-professional-employer-organization.aspx

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Fill out the form below and we will contact you to schedule a chat.

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Have you taken the necessary steps to save your business from recession yet?

It is no secret that business leaders across the United States are worried about a potential economic slowdown. As a result, many companies are taking proactive steps to strengthen their financial strength and prepare for any economic downturn that may come.

In these challenging situations, Professional Employer Organizations (PEOs) serve as a positive influence. With their expertise and experience, they can guide your business to financial health, so you can focus on taking your business to the next level. Let’s discuss them in detail in this blog.

5 Ways a PEO Can Help Your Business During Recession

Here are 5 benefits of PEO that you can leverage:

Cost-Effective Health Insurance Solutions

In today’s challenging economy, attracting and retaining talent requires more than just salary. Employees, particularly those with families, seek holistic benefits packages. According to a study, the majority of workers say that health insurance coverage is a major factor in whether they take on or stay in their current job.

Therefore, PEOs can be a great way to simplify this issue in a cost-effective way. They allow businesses to offer comprehensive health plans at competitive rates. Not only do they meet employee needs, but they also save the company money.

Employee Retention Strategies

Employee turnover poses a significant challenge for businesses, resulting in disruptions and increased costs, associated with recruitment. 

The National Association of Professional Employer Organizations’s 2017 survey found that PEO clients have higher levels of employee loyalty. PEOs play a pivotal role in fostering employee retention by helping businesses establish a solid company culture, providing attractive benefits, and implementing high-quality HR practices. Investing in employee retention not only stabilizes the workforce but also contributes to long-term growth.

Streamlined Administrative Operations

With numerous company operations running simultaneously, human resources (HR) functions can often become overwhelming, demanding significant administrative efforts. PEOs step in as a comprehensive solution to streamline these operations.

PEOs handle diverse tasks, which includes wage garnishments, tax reports, payroll processing, and employee benefits administration. This allows businesses to redirect their focus towards their core competencies. They also minimize administrative burdens and risks, allowing you to focus on core business growth.

Regulatory Compliance Assistance

Wage and hour laws, such as the Fair Labor Standards Act (FLSA), dictate fair work practices and are essential for a company’s legal standing and public image. 

PEOs can provide comprehensive regulatory compliance support, shielding your business from potential legal and financial risks related to evolving employment laws and tax codes. Their expertise helps to identify and manage compliance risks, minimizing the likelihood of costly legal penalties and fines. This can help save unforeseen costs and expenses of a business during the challenging time of recession.

Cultivating a Positive Work Environment

Apart from simply retaining employees, businesses must create a positive work environment to attract and retain top talent. Company culture plays an essential role in this aspect, influencing employee satisfaction and commitment.

PEOs do this by providing onboarding tools and resources, providing clear expectations for new hires, and creating an environment that encourages personal and professional development. This collaborative approach can ensure that each employee can carve a niche within the company, contributing to mutual success.

Final Words

To sum up, by partnering with a PEO, your company has access to a wealth of resources, knowledge, and cost-effective advantages that can serve as a buffer during difficult times. 

A recession is not the end of your business; it is just a temporary setback. However, with the right strategic partner, your business can weather the storm and come out stronger than ever! So, you must focus on your future, make smart choices, and use the help of your PEO to set your business on the path to long-term success.

Are you looking for Professional Employer Outsourcing (PEO) services? Then you can contact us to improve your business operations. You can first check out our blog for useful information, leading you in the right direction. Your success means our commitment!

Reference Links

https://www.ncbi.nlm.nih.gov/pmc/articles/PMC2690190/#:~:text=Most%20workers%20report%20that%20the,2000).

https://www.aicpa-cima.com/news/article/americans-want-employers-to-show-them-the-benefits 

https://www.scalepeo.com/blog/how-to-save-your-company-from-recession-what-a-peo-can-do

https://www.prismhr.com/best-practices/what-can-peos-do-to-prepare-should-we-head-into-a-recession/

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Find out if a PEO is the right solution for your business.
Fill out the form below and we will contact you to schedule a chat.

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Is your restaurant not doing as well as you’d like? Do you need help making the best business decisions? Professional Employer Organizations, or PEOs, can assist here. They can manage payroll and HR operations and offer advice on risk management. This means you don’t have to do everything yourself. Want to know more about how PEOs can help your business grow? Keep reading!

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 6 Ways PEOs Can Help Your Restaurant

Here are some ways PEOs can help your restaurant succeed:

Providing Employee Benefits: 

Small and medium-sized restaurants often struggle to offer good employee benefits. PEOs can help by creating benefit packages for employees. They can negotiate better benefits and insurance rates. They can offer things like dental, eye, and medical coverage, disability and life insurance, and worker’s compensation. Working with a PEO can also provide a savings plan for your employees.

Handling Payroll and Taxes: 

PEOs can manage payroll operations and make sure taxes are paid on time. Payroll can be complex in a restaurant because a lot of employee income comes from tips. PEOs have years of experience handling these situations. This can reduce your workload and let you focus on growing your business.

Saving Time and Money: 

Administrative work can be challenging and time-consuming for restaurant owners. Working with a PEO can make your daily operations easier and faster. A PEO can save you time and reduce your back-office costs. They can also offer affordable insurance plans and flexible ‘pay-as-you-go’ options. This can help manage your cash flow.

Creating a Safe Workplace: 

Having a good product, a strong customer base, and proven marketing strategies isn’t always enough. Any unexpected accidents can hurt your business and reputation. A PEO can help you understand and protect your business with worker’s compensation and liability policies. They can also train you on discrimination and harassment to prevent claims and lower risks.

Keeping You Informed About the Law: 

PEOs know a lot about the law and can help keep your business compliant. They can also keep you updated on changes in laws and regulations. For instance, a new law in Florida states that businesses with a minimum of 25 employees must use E-Verify while onboarding. Every business must use this digital immigration verification tool from the 1st of July, 2023 to confirm hiring authorized employees. Any non-compliance to this rule may attract a hefty penalty to the employer. 

Working with a PEO protects your business from such lawsuits and ensures its compliance with labor laws. Thus, you remain safe against penalties and can run your business uninterruptedly.

Reducing Employee Turnover: 

High employee turnover can be a big problem for restaurant owners. It’s expensive and time-consuming to hire and train new employees. According to statistics, replacing a worker in your restaurant can cost 15% to 200% of a person’s annual income. Working with a PEO can help reduce employee turnover by offering better employee benefits.

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What to Look for When Hiring a PEO?

Here following are a few things to look at when finding a PEO:

• It must be industry-accredited
• The PEO services must be able to grow as your company expands
• How does the PEO charge? Is it per employee or a percentage of the total payroll? 
• Do the PEO have a trained team?

Final Word

So, now you know why restaurant owners should hire PEOs for their business administration. They offer a streamlined business strategy to save your expenses and simplify the payroll and employment tax processes. For PEO assistance and other requirements, you can contact us. Read our previous blogs on PEO for a deeper insight into their working principles.

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Reference Links:

https://www.cornerstonepeo.com/post/how-peos-are-helping-restaurants-survive#:~:text=Aside%20from%20HR%20risks%2C%20a,compliant%20with%20Fair%20Labor%20Standards.

https://vestedhr.com/peos-help-restaurants/

https://vestedhr.com/peo-services-for-restaurants/

https://www.spli.com/blog/how-a-peo-partner-helps-with-the-restaurant-industrys-recovery

https://www.foodservicecentral.com/doc/peos-help-independent-restaurants-weather-the-0001

https://www.shrm.org/resourcesandtools/legal-and-compliance/state-and-local-updates/pages/florida-requires-everify.aspx

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Contact Us

Find out if a PEO is the right solution for your business.
Fill out the form below and we will contact you to schedule a chat.

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