Fortune Business Consulting

Category: PEO

HR Outsourcing | Commercial Insurance | Payroll – Fortune Business Consulting

PEO Brokers & Their Role: Know Whether Your Company Needs One or Not
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If you own a company, you need to manage specific legal compliance and administration for your business. Planning your workforce and controlling their payment can often be difficult, especially when you are new to the system. In such cases, you need a PEO.

But, which PEO will be perfect for your company?

This is where you need a PEO broker or PEO Consultant. Wondering who a PEO broker is? Find out more about them in the sections below.
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What Is a PEO Broker or PEO Consultant?

You can think of a PEO broker as someone who makes sure you get the most out of your PEO deal. But, what do we mean by this?

A professional employer organization (PEO) is considered the best fit for the company when they have better health insurance packages. Moreover, they offer employee benefit services, HR functions, and payroll. Besides comp rates and other benefits, they also have lower administration fees.

PEO brokers help achieve all these and save you time and money, which you might have spent otherwise to find one. So, basically, they do all the footwork involving contacting the best PEOs, analyzing the services offered by them, and unwinding complex terms to identify whether it provides the required amount of returns.
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Is a PEO Broker a Person?

They are a mix of individuals who have in-depth knowledge of the field and enough experience in customer management, payroll, law, insurance, and human resources. The professionals pool these skills to provide the client with the best outcome.
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What Is the Role of a PEO Broker?

A PEO broker’s task starts from initial analysis and continues even after enrollment, i.e., in the face of ‘after support.’ In addition, they also provide you with statistics like how much money they have saved for you using their experience and skills. It also includes other parameters like the number of employees experiencing better benefits and average savings made per client.

Now, talking about the processes, the PEO broker runs a comprehensive analysis. For instance, they consult about your needs, strategic goal, budget, in addition to including normal functions and premium services. Using this information, they find their clients the perfect PEO partners. In the end, a consolidation is made using their quotes to compare.
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How to Make Sure You Find a Reputable PEO Broker?

You can be assured that you are dealing with an experienced and reputable PEO broker when they fulfill the following checklist:
1. If they have a large client base, you can check it by going through their case study section.
2. They are a specialist when it comes to PEO services and has experience in the industry.
3. They know all ins and outs of the PEO industry. So, your broker must be an expert in the field.
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Why Does a Business Need a PEO Broker?

A PEO broker benefits companies in several ways, like reducing risk liability against employee termination, saving costs, improving operations, meeting legal terms, and approaching international options.

In addition, they also benefit clients by helping them find suitable PEOs who can provide health insurance benefits and mitigate benefit expenses.

So, if you are a business lacking in human resources or administration management, then approach us for reliable payroll, employee benefits, and HR services. Moreover, check out our blog section to learn more about PEOs and their benefits.
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Reference Links:

https://www.aeisadvisors.com/what-is-a-peo-broker#:~:text=A%20PEO%20brokerage%20or%20broker,their%20clients%20with%20a%20PEO.

https://www.linkedin.com/pulse/defining-peo-broker-who-why-you-need-one-suzanna-martinez-?trk=articles_directory

https://dinsmoresteele.com/dinsmore-steele-blog/why-use-a-peo-broker
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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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February 17, 2022
A Business Owner’s Ultimate Guide: Devising the 2022 Business Plan
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As the fourth quarter of 2021 ends and a new year approaches, it is high time for leaders to craft a strategic business plan for the coming year.

During the past few years, technology has boomed, and innovation has become vital for survival. With these serious transpositions, it is time for business leaders to adopt a proactive strategy – one that labels important areas and helps put aside probable setbacks.

So, if you are a business owner, remember to get clarity, share your insights with the team and start mounting the resources in motion before it’s too late.

Let’s dive in to find out more!
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How to Locate the Top Priorities for Business Growth in 2022?

Your goal for setting up a proactive business strategy can comprise of a multitude of things. However, a few common focus areas for business growth include:
- Implementing a more efficient system
- Diversifying the team
- Enlarging the territory
- Upgrading client services
- Refurbishing vision, mission, and firm’s culture
In addition, a SWOT analysis can aid you in optimizing your digital marketing strategy.

A few other strategies that can help business leaders in directing their priorities are:
- Asking the advisory board for inputs
- Accepting inputs from employees, especially those who have shown a keen interest in driving the firm’s growth.
- Addressing feedback from clients to determine the strengths and weaknesses of the company.
Eventually, choosing one central goal will not be sufficient to drive business growth. Business owners typically have several plans for their business. The takeaway here is to identify the top goals and determine how they will affect the company’s functioning.

For instance, when you implement a new system, it will positively affect customer service and increase profit margins.

Consider rooting for the aim that provides a comprehensive ripple effect.
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Know the Correct Way to Build Your 2022 Business Plan

While preparing your business plan, you should consider a few key points mentioned below:

1) Locate Your Assumptions

Most leaders draw a business plan depending upon a few assumptions. One thing that prevails in the world of investment is that although cycles repeat, not everything works according to the set goal.

Subsequently, you must examine your assumptions from the current year. What worked? What did not? Most importantly, why did not a particular plan work? Answer such questions to avoid the same mistakes from happening twice.

2) Examine Your Results

Sometimes, the results that you expect are different from what you get. This does not indicate any mistakes from your side. Instead, there are hosts of moving factors influencing the market conditions, which can drive differential results. One way to tackle such situations is to examine the overall impact and let those define the business.

For example, if you notice that customers bought more quantities of a product surpassing your expectations, it would be sensible for you to invest more into that particular product for the forthcoming year, given market conditions remain unchanged. Judiciously determine the cause of results to know if there are any abnormalities or long-term movement for the company.

3) Make Projections

Financial projections indicate a leader’s commitment to the business. For instance, when you mention the amount of fund you are ready to invest in a particular area, it gains attraction from investors and shareholders.

Projections are also helpful in addressing any anticipated issues and foresee circumstances to keep a leader focused. Always consider the best and worst scenarios and make financial projections to draft a practical outline of the company.

Evidently, the world, as well as the market, is dynamic. Consequently, to keep up with the pace, business plans need to be fluid. The planning and execution of a business plan could be overwhelming for certain business owners. To manage such areas of risk management, human resources, and payroll, you can reach out to us and create an internal work culture to meet your strategic goals. Know how we empower small and medium business owners by following our blogs.
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Reference Links:

https://www.entrepreneur.com/article/390273

https://www.randrmagonline.com/articles/89666-your-2022-business-plan-its-time-to-start-strategizing
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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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November 16, 2021
What is Open Enrollment? Know Everything About it!
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Open enrollment is a term used to define the yearly time period when one can buy a health insurance plan or change his/her existing one for the following calendar year.

Let’s say you are an employee and your employer offers you a health insurance policy. During open enrollment, you can select a different health insurance plan or stop your existing one.
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When Does Open Enrollment Take Place?

HealthCare.gov usually hosts open enrollment every year between 1^st November and 15^th December. However, based on the state-run exchange, the time period may differ for your state!

Moreover, the time frame for open enrollment may differ in the case of group health policies.

Hence, open enrollment dates for group health plans offered by your employer may be at the fiscal year-end instead of the conventional calendar year-end.
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When Does Open Enrollment Take Place for HRAs, FSAs, and HSAs?

As an employee, you may want to register for a health reimbursement arrangement (HRA) account or flexible spending account (FSA). In this case, you need to wait till open enrollment. However, the time frame may differ from your regular health plan enrollment period.

On the other hand, employees can enroll in a health savings account (HSA) at any point in the plan year. However, they need to have an HSA-eligible plan.
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How to Prepare for Open Enrollment?

While preparing for open enrollment as an employee, you should first consider these two factors:
- Have your needs changed?
- Are you content with the current insurance plan?
On the other hand, if you are an employer and provide health insurance to your employees, you need to factor in the following pointers:
- Have your dental, vision, or medical plans changed?
- Are there any changes in your employees’ needs?
- Have your needs as an organization changed?
- Are your employees satisfied with the current plan?
Moreover, the Government may ask you to put forward distinct notices to the employees during open enrollment. These notices include:
- Wellness program disclosure
- QSEHRA notice
- WCHRA notice
- Premium Assistance under Medicaid or Children’s Health Insurance Program notice
- Grandfathered Plan notice
Apart from these, your state can also ask you to issue other open enrollment notices.
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What if an Employee Misses Open Enrollment?

Most carriers permit a 30-day window to employees after open enrollment to update their selection if they miss the deadline. As a result, they can make the necessary changes and confirm with the carrier.

However, if your employees miss the grace period, too, they will have to wait for a special enrollment period to opt for the health insurance plan. A special enrollment period generally follows a qualifying life event or QLE.

QLEs are categorized into four sections:
- Residential updates
- Household updates
- Loss of health insurance
- Acquiring health insurance
If your employee meets any of the above criteria, he/she will get a 30-day window post his/her QLE to opt for a health insurance plan. In addition, the plan can allow up to two months to implement these changes.
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What is the Impact of Open Enrollment on Payroll?

If your employee switches to a more expensive health insurance plan, you will have to withhold a greater amount from his/her paychecks. So, open enrollment directly impacts the payroll.

However, you can skip this step if you have a payroll provider who also helps with employee benefits administration.

Nowadays, Professional Employer Organizations (PEO) handle payroll and employee benefits administration in most cases. If you are interested, you can reach out to us now and appoint the best in the business. Find out more in our blogs.
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Reference links:

https://www.healthcare.gov/glossary/open-enrollment-period/

https://www.verywellhealth.com/what-is-open-enrollment-1738755

https://www.nerdwallet.com/blog/health/health-insurance-open-enrollment/

https://gusto.com/blog/health-insurance/open-enrollment
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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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October 15, 2021
8 Major HR and Payroll Concerns for Remote Employees
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The human resources department is undoubtedly one of the most important in any organization. Ever since the coronavirus outbreak, the entire corporate world has shifted to a work from a home model, prompting the necessity for every company to have a robust HR department in place.

This pandemic has shown us how organizations work effectively, even in a virtual setup. Moreover, as per sources, certain reports show that employee productivity may also have increased in this remote work model.

With more flexibility nowadays, both employees and employers agree to the increased productivity in this new model. Therefore, this remote work model is likely to stay even after this pandemic fades away.

However, along with its benefits, this model also created a handful of issues and inefficiencies. If your business has remote employees, you must have faced some or all of these issues yourself. No matter how small or large your business is, these are some serious HR and payroll concerns across all firms.
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Here, we have compiled all the major issues.

1) Employee Engagement:

Employee engagement can either make or break your business. Recent studies show that organizations with high employee engagement make twice the revenue compared to organizations with low employee engagement.

As a result, HRs have a tough time keeping remote employees engaged.

2) Communication:

For remote employees, effective communication is difficult without the appropriate technology. As a result, issues arise when emails and phone calls go unanswered.

3) Training:

Since traditional onboarding and training procedures have become outdated now, their virtual counterparts also give birth to various inconsistencies and issues.

4) Acquiring and Retaining Talent:

Nowadays, employees properly understand how much value they add to your business.

So, if your business lacks new technology, your employees will move on to another organization. Therefore, even after mitigating troubles in virtual talent acquisition, HRs face the challenge of retaining talented employees in this remote environment.

5) Cost Reduction:

In a virtual setup, proper cost reduction becomes nearly impossible without appropriate employee supervision. You may have to repeat the same process for different employees. This gives birth to process redundancies as well as additional costs.

6) Human Error:

As an employer, you already know that manually doing things invites human errors. So, without the proper technology, human errors of remote employees pose a serious challenge to the HR department.

7) Employee-Service Provision:

Without the right technology, HRs cannot provide any effective employee self-service. It includes access to payroll, training materials, benefits, and other resources. This further leads to employee resentment.

8) Accessibility:

As an employer, you know that accessibility goes far beyond employee self-service. You may provide ESS tools via a web portal, but it still creates an issue for the HR department.
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PEO’s Role in Human Resources

A Professional Employer Organization (PEO) leases employees to employers. It enters a joint-employment relationship with the employer that allows the PEO to share several employee-related responsibilities.

Likewise, this arrangement also helps employers outsource their various human resource functions, such as payroll administration, compensation, employee benefits, and employment taxes.

PEOs can take certain responsibilities from HR like:
- Payroll administration
- Benefits administration
- Recruitment
- Family and Medical Leave Act administration
- Drug testing programs
- Compliance assistance
- Workers’ compensation administration
- Unemployment administration
As per the agreement with the PEO, employers can outsource these HR functions. However, if you are a small employer, you may not have the expertise or the infrastructure for these functions. Also, you may not have the time or resources to focus on intricate procedures like HRIS and payroll.

So, if you outsource the desired services, the PEO can directly look into it. In that case, the PEO will handle the recruitment, benefits payroll administration, and all the employee queries related to them. Thereby, addressing the HR and payroll concerns mentioned above becomes much easier!

Have we piqued your interest in the perks of outsourcing PEO services?

Feel free to go through our blogs and talk to us now to appoint the best in this industry.

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Reference links:

https://buildfire.com/hr-remote-employee-challenges/

https://www.flexjobs.com/employer-blog/remote-work-considerations-for-human-resources/

https://www.inc.com/rebecca-hinds/the-5-hybrid-remote-works-models-for-your-business.html#:~:text=A%20remote%2Dfirst%20model%20usually,first%20and%20being%20remote%2Dfriendly.

https://www.nytimes.com/2020/06/23/business/working-from-home-productivity.html

https://laura-hansen.com/10-compelling-statistics-employee-engagement/
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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.
[/et_pb_text][et_pb_contact_form use_spam_service=”on” recaptcha_list=”Default-0″ recaptcha_min_score=”0.7″ email=”stephanie@fortunebizconsulting.com” custom_message=”New Form Submission!||et_pb_line_break_holder||||et_pb_line_break_holder||First Name: %%FirstName%%||et_pb_line_break_holder||Last Name: %%LastName%%||et_pb_line_break_holder||Company Name: %%CompanyName%%||et_pb_line_break_holder||Company Email: %%CompanyEmail%%||et_pb_line_break_holder||Phone: %%Phone%%||et_pb_line_break_holder||Message: %%Message%%” module_id=”et_pb_contact_form_0″ _builder_version=”4.4.4″ form_field_background_color=”rgba(0,0,0,0)” form_field_font=”Lato||||||||” custom_button=”on” button_text_size=”14px” button_text_color=”#ffffff” button_bg_color=”#003bde” button_border_width=”10px” button_border_color=”rgba(0,0,0,0)” button_border_radius=”4px” button_letter_spacing=”1px” button_font=”Montserrat|||on|||||” border_radii=”on|6px|6px|6px|6px” border_width_all=”2px” border_color_all=”rgba(51,51,51,0.06)” form_background_color=”rgba(0,0,0,0)” button_bg_color_hover=”#0053ef” button_border_radius_hover=”4px” button_letter_spacing_hover=”1px”][et_pb_contact_field field_id=”FirstName” field_title=”First Name*” min_length=”2″ _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”LastName” field_title=”Last Name*” min_length=”2″ _builder_version=”4.4.4″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”off” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_contact_field][et_pb_contact_field field_id=”CompanyName” field_title=”Company Name*” min_length=”2″ _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”CompanyEmail” field_title=”Company Email*” field_type=”email” _builder_version=”4.4.4″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”off” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_contact_field][et_pb_contact_field field_id=”Phone” field_title=”Phone*” allowed_symbols=”numbers” _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”Employees” field_title=”Number of employees*” allowed_symbols=”numbers” _builder_version=”4.4.4″][/et_pb_contact_field][/et_pb_contact_form][/et_pb_column][/et_pb_row][/et_pb_section]
October 1, 2021
PEO Employment Growth Rate 16% Higher than the US Economy, a Study Shows
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Think Amazon, think Walmart (US), Home Depot, Kroger, and the number of people they collectively employ.

The PEO industry represents the same tally of employees as these organizations combined, according to a study published by the National Association of Professional Employer Organization or NAPEO.

In fact, the PEO industry’s employment growth rate is approximately 16 times greater than the whole US economy since 2013.
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A Dive into the PEO Industry

Before we begin with a review of the industry and its performance, let’s understand a little bit about Professional Employer Organizations.

A PEO teams up with small and medium-sized companies to render the whole array of human resource management services.

According to a NAPEO study, the PEO industry currently offers services to over 173,000 organizations in the US.

This study is one in a series of nine that covers data related to the industry’s present employment generation, footprint, scope, and size.

Economists Dan McMurrer and Laurie Bassi conducted these studies, which reveal:
- The PEO industry comprises nearly 487 enterprises, employing close to 4 million individuals.
- In 2020, the industry paid remuneration to the tune of $216 billion to those 4 million worksite employees, incurring $54000 per person.
- Employment in the PEO industry clocked 7.6% CAGR between 2008 and 2020, registering a 7% edge over the overall US economy.
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What is the PEO Industry Doing Right?

The pandemic, in all its adversity, emerged as a significant growth catalyst for various sectors, such as pharmaceuticals, delivery services, and PEO.

When several businesses were going under or on the verge of it, companies turned to Professional Employer Organizations to keep their operations afloat during the pandemic.

Various small and mid-sized enterprises acknowledged the value proposition of PEOs, and the latter became an indispensable part of the SME fabric.

Companies understood the significance of outsourcing their payroll and other HR services, primarily to navigate the ins and outs of:
- Covid-19 legislation
- PPP loan process
- Return-to-office protocols
- Remote work
By outsourcing HR services, which comprise payroll management, regulatory compliance assistance, employee benefits, and worker’s comp, companies offloaded a significant share of paperwork.

Unloading such administrative tasks allowed companies to sow factors, which would revive their operations to full capacity.

Companies that collaborated with PEOs could ramp up their productivity, accelerate revenue growth, and ensure improved employee satisfaction amid the distressing pandemic.

Plus, they could more easily access funds extended by government initiatives, such as PPP loans, leading to holistic sustenance and growth.

A NAPEO report shows that businesses partnered with PEOs save up to 21% of their HR expenses, which is still a conservative estimate. However, on the ground, typical PEO clients save a lot more.

Besides that, other data revealed by Dan McMurrer and Laurie Bassi’s studies are as follows:
- Companies that utilize PEO services report 10 – 14% lower employee turnover.
- They also grow 7 – 9% faster than regular SMEs.
- These businesses also stand a better chance of survival.
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Parting Thoughts

Unemployment ran rampant through the US in the wake of Covid-19, exacerbating the already dismal state of employment. However, companies that took to PEO services were spared the lash of the pandemic.

Professional Employer Organizations offered a strong administrative foundation on which companies could rebuild their operations more sustainably.

They had easy and faster access to the Paycheck Protection Program, could better keep up with regulatory compliances, and consolidate employee satisfaction through exclusive benefits such as top-shelf retirement plans, health insurance, and the likes.

In fact, subscription to employee-sponsored 401(k) plans was nearly 40% among PEO-supported businesses with less than 10 employees. Contrastingly, same-sized businesses without PEO services had a subscription of 13%. It stands at 52% vs 23% for companies with a workforce of 10 – 49 individuals.

If you are also looking for PEO services, navigate to our Services section to check our offerings. You can request a consultation on the page to learn more about our services.
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Reference links:

https://www.napeo.org/what-is-a-peo/about-the-peo-industry/industry-statistics

https://www.prnewswire.com/news-releases/new-economic-analysis-shows-peo-employment-growth-is-16-times-higher-than-the-rest-of-the-us-economy-since-2013-301291220.html

https://www.napeo.org/docs/default-source/member-resources/whitepaper1keyfindings.pdf?sfvrsn=60a42ed4_8
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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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September 1, 2021
Top Ways PEOs Can Increase Your Profitability
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Do you ever feel like you are stuck between a rock and a hard place?

Small business HR managers have to deal with a never-ending list of functions and compliances every day.

However, it is important to know that running a business requires much more than delivering products and services on-time and meeting clients’ needs.

And this is where Professional Employer Organizations (PEOs) come to the rescue.

PEOs are often seen as a pathway to reduce administrative burdens. But, they are capable of so much more that is often overlooked.

For instance, a recent study by NAPEO found that companies partnering with PEOs are, on average, 16% more profitable than those that don’t.

So, how can a partnership with PEO increase profitability for a business? Mentioned below are a few ways.
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Top Ways PEOs Can Increase Profitability for a Business

Outsourcing payroll can help small business owners ensure error-free filing. It also provides significant relief from the extra burden of payroll compliances.

But, how do businesses benefit the most from their PEOs?

It happens in two ways:
- Saves costs
- Increases productivity
Let’s discuss them in detail!
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Saving Costs

Here are a few significant ways through which PEOs can lower the costs of a business:
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Eliminates the need to hire additional HR staff

PEOs take on routine compliances to benefit the company’s administration. It can help your HR team focus more on improving its culture and growth-driven prospects. It is vital to note that a PEO is not a replacement for your in-house HR team. Rather, it can help your business grow further before needing to hire additional HR staff.

Provides better benefits to employees

It is true that in today’s competitive job market, most small and medium business entities are unable to afford employment benefits that could help them compete. Through a PEO, your business can avail of an exclusive package of benefits, available to top-tier companies usually.

Lowers turnover

Turnover costs a huge load of money to companies. Training, on-boarding, and hiring new employees are time-consuming and expensive. PEOs help in transforming the company culture and retain employees.

Moreover, reports say that employees of a PEO client show increased intent to stay. Statistically, only 8% of PEO employees decide to leave an organization within one year. Hence, the longer the company partners with PEO, the more willing its employees are to stick around.
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Increases Productivity

Apart from saving costs, PEOs can significantly increase business productivity. Find the ways below:
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Increases engagement

Employee engagement is vital for business profitability, which is sometimes difficult to measure. Recent statistics show that engaged teams show 21% more profitability. Moreover, reports suggest that employees who feel they are being heard are 4.6 times inclined to give their best to a company.

Decreases administrative burdens

With the PEO already managing payroll, worker’s compensation, and other matters, your in-house HR team can focus on hiring employees for business growth. This will lower the burden and lead to a more organized process.

After choosing a PEO and partnering with one, you eliminate any mistake outside HR’s scope of work.

Helps support better hiring practices

As a matter of fact, PEOs do not hire or fire employees. However, they can help you in better decision-making by sharing their hiring knowledge.

By hiring the right employees, you will reduce presenteeism, absenteeism, and turnover. This, in turn, ensures better work quality and increases business profits.

Growing a business is a big step for a company that requires an immense amount of sweat. As we can see, hiring a good PEO can help reduce various costs and risks that a business has to deal with.

Improve your company’s core functions by partnering with a PEO. If you want to avail of professional advice on Professional Employer Organizations, you can contact us. Schedule a free consultation with us today and know all about PEOs.
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Reference links:

https://blog.questco.net/how-peos-increase-your-profitability

https://nnroad.com/blog/peo-small-business/

https://www.peocompare.com/simplify-small-business-hr/
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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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August 16, 2021
7 Things Small Business Owners Should Know Before They Hire Employees
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Your business is growing, and you’re ready to hire a few employees to take up the additional load. But, merely deciding to recruit new staff isn’t enough. There’s also the question of “can you”?

Legal compliance is a must before business owners can begin recruitment. Here’s a comprehensive guide on all that you need to know in this regard –
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Got your EIN?

It’s mandatory to obtain an Employer Identification Number from the IRS before you can legally proceed to get staff on board.

Head to the IRS website to apply online for EIN. You need a Taxpayer Identification Number (TIN), which can be your Social Security Number, TIN for pending US Adoptions, Preparer TIN, or individual TIN. Also, answer a few questions concerning your business to successfully register it.
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Get the tax withholding records in order

It’s highly essential to maintain proper records of employment taxes as per the withholding tables set by the IRS. There are primarily three types of withholding taxes necessary in this regard –
- Federal Wage and Tax statements
File this report with the Form W-2 for each person to whom you pay remuneration. A copy of it shall be sent to the Social Security Administration by February each year with the following pieces of information –
- Wages/salary paid to an employee in the previous year
- Taxes withheld for each employee in the previous year
You also need to send copies of individual W-2 forms to respective employees by 31^st January.
- Federal Income Tax withholding
When you hire an employee, get them to sign and submit the W-4 form, which you need to present to the IRS.
- State taxes
You may need to withhold additional taxes premised on the state in which your employees are situated. Consult with an attorney concerning all things tax to avoid non-compliance.
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Sign up with State’s New Hire Reporting System

Every business owner needs to mandatorily report any new hire to its state’s New Hire Reporting Program. It’s to be done within 20 days from when you have onboarded an employee.
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Check employee’s eligibility

Employers must verify their employee’s eligibility to work in the US, per federal laws. You need to do this within 3 days post-hire by filling out the I-9 form. You do not need to submit it with any government body, but docket it with yourself for –
- 3 years from the hiring date
- 1 year from the employee’s termination date, whichever comes after
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Getting worker’s comp is a must

Every organization in the US needs to obtain a Worker’s Compensation Insurance policy from a legitimate provider.

Small business owners can partner with a Professional Employer Organization to acquire a worker’s comp package. You can save up to $2400/employee on health insurance policies by signing up with a PEO.
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Put up proper posters

Every business in the US needs to hang specific posters on their premises per the Department of Labor requirements. It depends on the state in which you are located. These posters are mandatory, so your employees are aware of their rights.
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Keep a payroll in place

Before you recruit any employee, make it a point to have a proper payroll system, which involves a lot more than merely writing checks.

You need to remit the salary or wages per the employment agreement and company policy and should also be legally compliant. Some business owners delegate this task to a payroll service provider so they can focus on other essential matters.

Others partner with a PEO in this regard, so they can do away with all the HR tasks while being legally compliant. Read our guide on PEO vs payroll company to make an informed decision.

Once you have dealt with the heavy legal stuff, focus on finding the right candidates. Because, at the end of it all, your choice of employees will make or break your company and determine where it’s headed in the long run.
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Reference links:

https://gusto.com/blog/hiring/small-business-hiring-guide

https://sba.thehartford.com/managing-employees/hiring/hiring-employees/

https://briancasel.com/hiring-your-first-employee/

https://www.nav.com/blog/5-things-to-consider-before-hiring-your-first-employee-16574/
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May 18, 2021
What is the Difference Between a PEO and a Payroll Company?

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NO ONE starts a business to be bogged down by paperwork and administrative encumbrances. Sadly, it’s essential!

If yours is a small business with only a handful of employees, these tasks may not take up much of your time. However, in a growing enterprise, paperwork compounds to occupy a sizeable portion of time and resources, taking the focus off the bigger picture.

That’s where PEOs and payroll companies come into the picture! But, what do they do, how are they different, and which one is more beneficial?

To find answers to these questions and more, read along!

PEO vs PSP: Meaning

A PEO or Professional Employer Organization specializes in services related to Human Resources for enterprises of varying scales, especially small and medium-sized.

In the US, roughly 175,000 organizations resort to PEOs.

They partner with businesses to take over their gamut of HR duties such as hiring staffs, managing and training a team, seeing to payrolls, compensation & claims, taxes, and employee benefits, among others.

A PSP or payroll service provider is exclusively concerned with payroll solutions. They disburse the salaries as per the schedule and take care of related taxes.

Although some PSPs might offer additional services, the liability of human resources rests with the concerned business.

Essentially, a PEO is a partner, whereas a payroll company is a service provider.

Thus, when outsourcing human resources for your small and mid-sized business, consider whether you need a service provider or a partner.

PEO vs PSP: Who is the Employer of Record?

An employer of record assumes all the responsibilities of human resources, from hiring employees to worker’s compensation and paying federal taxes. It is to be held liable in case of discrepancies in the same.

When you use a Professional Employer Organization, it becomes the employer of record. Thus, a PEO bears any fine or expense arising out of the HR department. PEOs and payroll form a significant connection for any small and mid-sized company since it divvies up the liability.

Fact: More than 33% of small companies managing HR duties on their own pay fines every year to the IRS.

In case you use a payroll company, you are responsible for those liabilities since you continue to be the employer of record while the PSP merely sees to salary and tax payments.

PEO vs PSP: Cost Savings

Entering into a partnership with PEO might cost more than using a PSP, but the investment pays for itself on many fronts.

In fact, according to a NAPEO report, 70% of companies have reported an uptick in their revenues ever since they became a PEO client. Near about 66% of enterprises registered significant profitability by signing up with a Professional Employer Organization.
Savings on employee health benefits is one of the more essential points to that end. PEOs have access to discounted rates of health coverage only available to large corporations.

Premised on the state in which you are based, savings in health insurance policies can be as much as $2400 per employee annually with a PEO. Similarly, for 401(k), your business can save significantly on a per-employee fee since you’ll be benefitting from a PEO’s large investment capacity.

Your business can also gain a competitive edge with premium worker’s compensation programs at reasonable rates, exclusively offered to large organizations.

With a PSP, these benefits are not available. You remain liable for securing a health insurance policy and worker’s comp program. Although, PSPs might extend relevant options from their network. Even in the case of 401(k), you need to pay charges per your employee strength and cannot leverage a larger company’s investment capacity for reduced fees.

The aforesaid points only cover the direct distinctions between using a PEO and a payroll company. A PEO extends several other advantages over a payroll company.

Most notably and recently, PEO clients were reported to be 119% more likely to receive Paycheck Protection Program Loans, a financial aid extended by the US government in response to the economic upheaval the Covid-19 pandemic caused. PEOs facilitated applications for PPP loans even before banks started to accept those.

Nonetheless, no single solution can fit all.

Evaluate your business’s requirements and scale to judiciously select a PEO or payroll company. Schedule a free consultation with us today to gain further clarity into which one would be a better fit for your business.

Request your quote for payroll or PEO services today

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May 1, 2021
Human Resources Outsourcing for your Small or Mid-sized Business

Increase your bottom line

Every small business owner has thought of ways to increase their bottom line. Whether as a result of saving on expenses or increasing sales. Those cost savings, however, can come at the expense of efficiency and profitability for the business. For example, some business owners think that human resources (HR) are unnecessary if they don’t have many employees. That is far from the truth! Every business has human resources functions whether huge or small, that are critical to the business. Not only is it needed, but can ultimately make and save you money. Thankfully there are alternatives to traditional means of having HR. Human resources outsourcing has become the go-to for small and mid-sized businesses looking to increase their bottom line while having effective HR.

HR’s not so hidden benefits

HR functions bring in plenty of benefits small business owners overlook. The contrasting functions of HR in small businesses are hiring and termination. Additional services that often fall under the HR umbrella include payroll, training, compensation, benefits, performance management, labor, employee relations, organizational development, legal compliance, and risk management. Ignoring the huge need for HR due to the potential expense can be a huge oversight on what it can actually save and bring you.

Lawsuits and HR functions

Since 2000, 99% of Fortune 500 companies have paid settlements in at least one discrimination or sexual harassment lawsuit, according to a report from Good Jobs First. That does not include the cases without a public record or incidents victims didn’t report. If you think you are too small to be sued, think again. In today’s day and age, employers are paying out thousands of dollars in settlements. The reality is you cannot afford to not have proper HR functions and practices in place. Not only does HR support providing a safe working environment for employers and employees. It makes for a more efficient and productive workplace.

More time to focus “on” your business not “in” your business

Assigning HR functions to other personnel can free up time for tasks business owners highly need to prioritize. With HR functions you can create an employee handbook that can feature various policies, an employee handbook ensures that employees are aware of what is expected of them. For example, the handbook can emphasize a sickness policy in detail, so employees are aware of what process they need to do if they are sick.

Why you should consider outsourcing your payroll

Human Resources Outsourcing Companies & PEOs

If your business decides to make an HR hire, making use of a PEO’s tools can help free that person’s time to focus on making your company a fantastic place to work. A PEO (Professional Employer Organization) can provide employees access to health coverage and rates on par with those of a large business. Also, PEOs (Professional Employer Organizations) cost less than In-House HR. A major way that PEOs can help your small business is by reducing needless expenses by performing the services of a full-time, in-house HR for a fraction of the cost. In fact, a recent study found that overall employee turnover rates were reduced by 10% to 14% for businesses that teamed up with a PEO (according to Napeo.com).

You are now likely coming to the conclusion that HR or human resources outsourcing is something that your business needs. Thankfully, Fortune Business Consulting specializes in finding the right HR and PEO solutions for small and mid-sized businesses. If you have questions about how a PEO can support your business contact us today. We offer complimentary consultations. At FBC We focus on giving you the passion for your business you had on that very first day and getting back to what matters most, your clients and employees! Our Mission Is to empower individuals in the areas of risk management, payroll, and human resources with the tools to create an internal culture where the alignment of employee and company visions results in achieving their strategic goals.

Find the right human resources outsourcing company for your business
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March 8, 2021
3 Tips for Sustaining a Green Construction Site

1. Give Thought to LEED Certification

Leadership in Energy and Environmental Design, known as LEED, is commonly appraised as the gold standard for green construction – and there are different certifications for different levels of the process.

“For instance, construction volume certification covers an entire portfolio of building projects. Whereas LEED campus and multiple building certifications focus on several buildings on a single site,” Construction Labor Contractors explains. “For the ladder, there are some options to help project owners determine the best way to reach their goals.”

To put it in other words, it’s besides the point where you’re building, what you’re building, or what level of the Construction process you’re presently in, there’s something you can do to make your process more environmentally friendly. Even if you don’t go through with official LEED certification, researching upon the criteria and practices of LEED construction will only help you.

Workers Compensation and Coronavirus

2. Ensure proper Disposal of Materials

Construction sites produce a considerable quantity of waste. To reduce the bad environmental affects of such waste, properly disposing of excess construction materials is a good step.

There’s many construction “waste” materials that can be recycled and reused, consider conducting a waste inspection to find out which materials can be reused and recycled. Working with a waste removal service that prioritizes sustainability is a smart way to help reduce environmentally destructive waste disposal practices on your construction site.

3. Maintain Equipment properly

How you manage equipment on a Construction site is important. While most sites will just keep equipment running at all times If you want to reduce equipment downtime between task, reduce equipment usage time which is done on Green Construction sites.

“If your task doesn’t actually call for the equipment to be powered on, then shut it down. You don’t need to leave it running at all times,” James White writes for Mother Earth News. This might seem like common sense advice, but it’s rarely followed.

Do I Need Workers Compensation in FL

Contact us today for assistance with your construction insurance needs
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February 6, 2021