HR-related issues are a common item in business, but can be more troublesome for a small business who does not have in-house HR specialists at there disposal, so it relies on the business owner, to keep up with the administration work. This situation keeps business owners busy with paperwork, and gives them little to no time to work to focus energy on managing and growing the business.
There are services, such as a professional employer organization (PEO) that can help small business owners in managing these HR-related and administration tasks. When a business outsources a PEO company, they can receive help with HR-related tasks, such as payroll, benefits, workers compensation insurance, and compliance needs. The PEO company will help with managing payroll, human resource tasks, providing access to benefits, and other employer administration tasks that can be hard for a small business owner to manage on their own. With a PEOs help, a business owner can focus on managing and growing your business.
How Does it Work?
Through a co-employment agreement, your business will enter into a contract, which basically means your business and the PEO company have shared liabilities and responsibilities. With the co-employment understanding, a PEO company will oversee payroll administration, tax filings, and HR support. A PEO company will take over the HR-related tasks and administration, so a business owner can focus on the day to day operations of running a business. Find PEO companies with HR services on Retire At 21’s website.
Listed below are items that you can use PEO companies for HR issues:
Handling Employment Issues
PEO companies enable you to focus on doing what is best for your business. There are numerous PEOs, and they come in a variety of different forms, but generally PEOS can provide solutions for your business in these areas:
- Payroll, technology and tax administration
- Employee benefits and benefits administration
- Human resources and compliance
- Workers compensation, safety and risk management
Through the co-employer agreement, the PEO takes over the administration of your employees, and can provide guidance that keeps your business in compliance with employment laws and regulations.
Growing Field
The value provided by PEO companies is being embraced more and more by small or medium-sized companies who need the help. By partnering with a PEO service, you are offered affordable solutions to numerous compliance challenges that your business might face, such as regular duties, time-consuming employment, and tax-related reporting.
Human Resources
A PEO company helps you stay in compliance with HR rules, especially from the complexity of the changing employment laws. If HR laws aren’t continuously being observed, your business could end up making costly mistakes, being penalized, and fined. When you partner with a PEO service, you have access to HR specialists who can offer guidance and are knowledgeable in employment law, both federal and state. Partnering with a PEO company gives you access to advisors who can help with HR issues and keep your business compliant.
Payroll
PEO companies take over the administrative aspects of a business, such as payroll. They will organize payroll payments for full-time and part-time employees, salaried and hourly, vendors, and contractors. A PEO company can also offer an automatic deposit for your employees.
Final Thoughts
A PEO service is a human resource company that can help your business with managing specific business functions and creating a better work environment. A PEO company helps with human resources, compliance, payroll, risk mitigation, and lots more. Usually, clients of PEO companies are smaller businesses with 19 employees. If you are a smaller business, and struggling with the administrative side of your business, then looking into a PEO service is something you should consider.
