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If you’re struggling to keep up with the ever-changing world of human resources and employee management, you’re not alone. Most businesses get to a point when they realize they can no longer manage all of their HR functions on their own — simply put, they need a little help.
Instead of taking on additional overhead and hiring someone who may not work out, you can engage a Professional Employer Organization (PEO), and have at your disposal all the HR experience, qualifications and hands-on support your company needs.
PEOs provide proven human resources processes and advanced HR technology to help growing companies more effectively and efficiently manage their day-to-day HR and administrative tasks, like recruiting, compliance, employee benefits and payroll administration.
Under a PEO arrangement, your company enters into a co-employment relationship with your chosen provider. This relationship allows your PEO to act as the “Employer of Record” for your employees.
Your PEO is then able to leverage the buying power it garners as the “Employer of Record” for your employees and the employees of its other clients in order to acquire workers’ compensation insurance, group health insurance and other benefits and services and provide them at a much lower rate than you could access on your own. In addition to delivering discounted benefit rates, your PEO will also handle the administration of tasks and procedures associated with HR compliance, payroll administration, employee benefits and workplace safety.
Not only will you be connected to a wealth of human resources knowledge, you’ll also have access to cutting-edge HR technology systems designed to help streamline your business’ operations. Time and attendance software, online benefits management and e-learning programs just scratch the surface of the applications a professional employer organization can provide.
If you think your business can’t afford to hire a PEO, think again. The ROI of HR outsourcing is pretty clear:
In most cases, PEOs charge in two ways: either a flat per-employee, per-year charge (PEPY), or as a percentage of total payroll. A per-employee, per-year PEO quote simply charges a flat fee per employee (typically between $900-$1,500 PEPY). This helps make the company’s expenses more predictable. The second method of PEO pricing is calculated by taking a percentage of the total payroll for each pay period (typically between 3-8 percent).
Discover the many benefits outsourcing HR can offer your company.
Turnkey HR Support – Reduced Risk – Minimized Overhead Costs – Lower Employee Turnover