We understand that for business owners today, you can often find yourself juggling many different tasks, which can easily detract from the primary purpose of your business. Fortunately, hiring a PEO can help mitigate the paperwork and administrative tasks you may find yourself caught up in daily. So, what does a PEO do exactly, and when should you take the steps towards hiring one?
What is a PEO?
PEO is short for a professional employer organization; this service offers payroll administration support, employee benefits, workers compensation insurance, and additional HR services. A PEO will become the employer of record for your company, transferring liability for those areas of responsibilities while you remain the onsite employer and control the company and management of your employees. You can learn more about the benefits of hiring a PEO here.
When Should You Consider Hiring a PEO?
Now that you know what a PEO offers, you may be considering when would be the best time to hire one for your business. A key sign that you need a PEO is that you no longer find you have the time to handle HR, payroll, and benefits for your employees. With HR regulations constantly changing, business owners must stay up-to-date and ensure that the relevant paperwork is filed on time.
Many businesses opt out of hiring on an in-house HR team due to the cost. A PEO is an exceptional alternative to this, as they’ll offer your business the same expertise. This will allow you to ensure all record-keeping is done accurately and you are working with specialists who understand the ever-changing industry. The added value of hiring a PEO is that you no longer have to worry about recruiting, training, or employee turnover with an in-house HR representative. You have a dedicated, reliable resource available to you when you need it.
Start-up companies should also consider a PEO, especially during the early stages when hiring an entire HR department isn’t feasible. As you hire new employees, the workload, questions, and concerns can pile up. By hiring a PEO, you will have assistance with payroll, HR, and benefits for all your new employees, saving you time and effort that can be better used in developing a successful company.
If you find yourself overwhelmed managing payroll, workers compensation, benefits, human resources, and record-keeping for your business, it’s time to benefit from PEO, just as thousands of other companies are. Learn more about Merritt Business Solutions PEO solutions here.