What Is a Co-employment Provider?
A Professional Employer Organization (PEO) is a third party you can hire to help your business with employer duties. A co-employment provider, or PEO, will typically: run payroll, schedule and pay vacation and sick leave, coordinate health benefits, assist with HR tools to interview and hire employees and ensure the business complies with state and federal regulations.
3 Ways Hiring a PEO Can Save Your Business Money
1. It’s More Affordable Than Hiring HR Employees Directly
Outsourcing your HR and payroll services to a co-employment provider is more cost-effective than hiring a full-time HR staff. Hiring a full-time HR staff requires most employers to pay salary and benefits, which can add up quickly. In addition, this leaves employers responsible for handling their payroll, leave requests, and any internal conflicts they may have with other employees. A co-employment provider will take on all of the duties of an HR staff member without the headaches that come with a new hire.
2. It Lowers The Cost Of Employee Benefits
Co-employment providers generally have access to less expensive health and retirement plans than a business would typically qualify for. This is essential for companies with full-time employees for whom they are required to provide the full range of benefits.
3. It Prevents Costly Amateur Mistakes
Business owners who don’t know how to use payroll software are not typically aware of legal procedures concerning employee treatment and usually do not keep detailed records. This can result in missteps. When it comes to employer-related practices, an expert co-employment provider can ensure that everything on the HR side of your business runs smoothly and is free of costly mistakes.
Co-employment Also Saves You Time And Stress
In addition to saving you money, co-employment providers can save you time and stress, here’s how.
1. Saving You Time
Because a co-employment provider covers all of your HR, payroll, and other employer responsibilities, you have more time to focus on running your business. There are plenty of other areas that demand your attention: marketing your brand, maintaining and replenishing inventory, paying bills, and improving customer relations. By hiring a co-employment provider, you’re giving yourself more time to dedicate to these essential concerns.
2. Saving You From Stress
Fulfilling all the duties of an employer is hard, taxing work. You may not be an expert in every area, either. Hiring a co-employment provider to mitigate your workload allows a heavy burden to be lifted from your shoulders. You’ll also feel less stressed knowing how much money you’re saving in the process!
Merritt Business Solutions Saves You All Of The Above
Hire Merritt Business Solutions to make sure you find the best co-employment provider for your unique needs today. Contact us today so we can discuss the bright future of your business.