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.