Whether you operate a small, mid-size, or large business, it can be difficult to handle every aspect of its operations on your own. There is nothing wrong with looking outside of your organization for help. In fact, it can actually improve the way it functions.
A professional employer organization (PEO) is designed specifically for this reason. A PEO is a co-employer that assists in essential services, like HR or payroll processing, for example. The services offered by a PEO are unique and not typical of a general HR service offering.
Let’s dive into what you and your business can get out of a PEO partnership.
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What is Included in a Full Offering of PEO Services?
Offerings look a little different across different PEOs. Some of the top HR services that PEOs provide their clients include:
- Benefits Administration
- Brokerage Services
- Employee Training and Development
- Human Resources Administration
- Payroll Processing
- Retirement Saving and Planning
- Risk and Compliance
- Workers’ Compensation Insurance
It’s common for PEOs to offer a fixed package or features that are bundled, which means you pay a set fee for a specific number of services or features. While this is a viable option for many organizations, it may not work well for smaller businesses or organizations with specific HR needs.
Some PEOs, like VensureHR, offer customizable options and plans without the commitment of a fixed bundle. No matter the size of your business, a solution that is tailored to your needs will always be your best option.
How to Make the Best Decision for Your Business
How do you know what option, service, or package will make the biggest impact? The PEO model from organization to organization is very similar, so it can be tricky to know what to look for in a partnership. Let’s start by analyzing the basics of your business.
Identify your business needs. While this seems self-explanatory, it isn’t always as easy as it seems. Determining what is working for your company and what isn’t is just scratching the surface of identifying your problems. Start with your business goals. What PEO services could help you reach them? Next, look at the problems your company combats. What would help to alleviate them? Talk to your workforce and gain a third-party perspective and gain a better understanding of what offerings would help support them. This is a great way to identify what PEO offerings would benefit your business operations.
Finalize your budget. Determine how much money you can put toward a PEO service or package. PEO fees are usually based on how many employees you have and which services you are interested in utilizing. If you have a small business with just a few employees, a low budget, and don’t have many needs, a full offering of PEO services may not be financially feasible or responsible. In this situation, a flexible package where you can pick and choose what services you want access to may be a better investment.
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Educate yourself! Making the right choice is reliant on being well-informed. There are a ton of different PEO partners available, and each one offers its own set of service packages. But that doesn’t mean any PEO will be a great fit for your organization. Once you identify your business needs and determine your budget, the best PEO option for your business will become clearer.
A PEO partnership can be extremely beneficial to the operations of your company. But it is important to know what to look for within your business as well as within your potential partner. If you’re looking for flexible solutions that fit your organization, schedule a business diagnostic with VensureHR today.