A High-Level Look at PEO Services

Professional employer organizations (PEOs) offer companies of any size the ability to outsource certain administrative or back-office duties in order to focus more on revenue-generating activities. More than 175,000[1] businesses across the United States look to PEOs to assist in their outsourced HR and benefits needs! Here are some details around the most common solutions available through a PEO.

 

Pay or Be Paid: Payroll Services
The payroll services offered by PEOs include all of the bells and whistles like new hire paperwork, preparing and filing payroll taxes, and issuing W-2s.

 

All About People: HR or Human Resource Management
Human resource automation assists the business in managing their employees through an unbiased look at the company’s technological landscape in terms of employees and benefits value. In an effort to both retain top talent and increase productivity, businesses rely on PEOs to manage personnel files and the HR database, unemployment claims, and other administrative services to help the business stay competitive in the industry.

 

The Art of Attracting and Retaining Talent: Employee Benefits
A competitive, employee-first benefits program is a vital element in not only attracting but also retaining top talent and quality employees. With this, however, making benefits decisions for an entire employee base for the whole year can be overwhelming. Find confidence in knowing employees will receive access to affordable healthcare, vision, and dental services from providers with nationwide coverage. Additional coverage includes 401(k), gap insurance, telemedicine, and critical illness, among others.

 

Managing Injuries: Risk Management and Workers’ Compensation
With Vensure, risk management and workers’ compensation outsourcing means allowing us to provide and administer your workers’ compensation insurance, assist with maintaining a safe work environment through our loss control services and manage claims by getting your employees well and back to work as soon as possible. This would also include on-site guidance with safety and OSHA compliance training.

 

All of the acronyms and abbreviations used when working with a third-party to outsource administration services can be overwhelming. When it comes down to the basics, businesses need a partner in administration services to maintain and improve employee morale and minimize threats to the business. With all these services offered in one place, what else are you waiting for? Get started today!

 

 

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

 

 

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Growing Companies Considering a PEO

In the realm of “up and coming” or small businesses, the competition is fierce. The Small Business Administration reported in their 2018 Small Business Profile that while 872,000 jobs were created, over 749,000 jobs were lost.[1]

 

Some of the top reasons new companies fail includes not having the “right” team, cost issues, and ignoring customers.[2] Partnering with a professional employer organization (PEO) from the beginning can help eliminate these failing elements. The PEO can assist in bringing the “right” team together, take on much of the heavy lifting in terms of HR administration (putting money back on the table), and giving the business owners back the ability to focus on the customers and other revenue-generating activities.

 

When considering a partnership with a PEO, business owners will want to look into:

 

Range of Services
PEOs have the ability to offer any number of primary (e.g. payroll, workers’ compensation, risk management, etc.) and supplementary services (e.g. short-term and/or long-term disability, telehealth, gap insurance, etc.). Outside of products, the PEO of choice should help in understanding compliance regulations, reduce the overall administrative burden, and offer benefits that the business may not be able to secure on their own. Make sure the PEO you choose has a full end-to-end service offering to help you stay competitive in the industry—especially as a thriving, new business.

 

Flexibility
With all of the services available, it is important that you select a PEOs that provides service to small to medium-sized businesses with tailored packages that fit the needs of the business. In true à la carte fashion, ask the PEO if they will allow you to choose which products and services you want for your business. A customized bundle of services will not only get you the industry-best cost, but will ensure your employees are getting the benefits and services that they need most.

 

Ability to Grow
The PEO should be able to take on a young business with a small number of employees and have the experience and structure to grow at the same pace as the business. The services offered, also, should be able to grow with the business, offering varied services to meet the changing needs, including new or expanded service lines as they pertain to a larger employee base (i.e. 401(k) or specialized insurance plans).

 

Businesses that are just ramping up are naturally front-loaded with excitement, momentum, and motivation! But these energetic qualities can quickly fade when faced with some of the more intricate details of starting and maintaining a business. Adding a PEO to the mix early on gives the business a renewed sense of focus and gives business owners the ability to really focus on what matters most: the customers, the employee(s), and generating revenue. Is Vensure on your radar? Contact us today to learn more.

 

 

[1] https://www.sba.gov/sites/default/files/advocacy/2018-Small-Business-Profiles-US.pdf

[2] https://www.entrepreneur.com/article/307724

 

 

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PEO FAQs

Partnering with a PEO provides an array of benefits for any employer. For example, the time the employer is able to focus on the key business elements to support the business’s growth and profitability is a direct result of quality PEO services. While not all PEOs are created equal, Vensure Employer Services will always do the heavy lifting. Contact Vensure today!

 

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PEO Basics: What is a PEO?

Companies, regardless of what stage of business they are in, may experience difficulty meeting their human resources needs. This is especially common for organizations who are in the growing stage of the business lifecycle—a crucial time where increasing profits is front-of-mind. Companies in this stage will typically engage in a partnership with a professional employer organization (PEO) to assist the business with HR-related responsibilities, including workers’ compensation, employee benefits administration, and payroll, just to name a few.

 

Partnering with a PEO provides support with compliance matters, as well as access to a team of subject matter experts. The business is then able to reduce unnecessary stress while steadily increasing productivity. The PEO assigns a focused team from each department (e.g. payroll, HR, employee benefits, risk management, etc.) to the day-to-day administration. This frees up the business owners and employees to focus on the tasks and duties that are necessary to keep the business running.

 

Benefits of partnering with a PEO include:

  • Employers have a resource to assist in handling the many legal intricacies regarding HR administration.
  • Businesses gain access to top industry-leading technologies without affecting their bottom line.
  • The PEO can assist with ensuring client knowledge around relevant local, state, and federal laws pertaining to PEO-related administration and services.
  • Businesses that rely on their PEO for payroll will see a decrease in payroll processing-related accounting costs.

 

 

PEOs like Vensure Employer Services offer a multitude of solutions designed to meet the needs of any growing business, regardless of size. Let Vensure help get you back to focusing on growth and revenue, rather than COBRA compliance or employee taxes. We’ll take it from here.

 

 

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