Are you considering seeking the help of HR outsourcing companies, but unsure about whether it's a worthwhile investment? You're not alone in your apprehension. However, you may be surprised by all of the advantages PEO companies can bring to the table.
At the top of the list is the freedom and peace of mind these companies offer businesses. When an accredited organization is handling all of your HR services, it saves you time and allows you the opportunity to offer your employees a full array of competitive benefits - enabling you to not only retain top talent, but also acquire the best talent in the marketplace, an advantage any business owner can appreciate.
Save time and money
One of the biggest advantages of HR outsourcing is that it allows you to focus your time on what really matters: the business. If you are having to manage all the responsibilities of payroll, benefits, workers' compensation and other administrative duties, but don't have a background in these areas, you are likely pouring tons of time and effort into ensuring everything is done accurately according to the laws and regulations. It takes longer for you to do them correctly, and mistakes can be costly. Spending time focusing on these details takes you away from other aspects of the business that could be more beneficial from your presence.
Perhaps you've passed the role onto an employee or co-worker. Forcing employees to complete tasks associated with payroll and tax administration or researching laws and compliance can take up a lot of time, and they still may not be suited for the task, which could leave you in a position of risk. Turning to a PEO increases the odds that you are compliant and payroll is processed in a timely manner for all 52 weeks of the year.
Ensure accuracy for employees
Employees are your most valuable resource, and they should be treated as such. With HR outsourcing, you can rest assured that your staff is receiving their pay accurately and on time, and their benefit elections are accurately deducted. Because the PEO is the employer and the tax is under their federal tax ID, you can rest assured payments are accurate and taxes are paid timely. So by using a PEO company you will bypass risk while still maintaining the flexibility and security you need to grow.
Additionally, a PEO typically will offer technology solutions for your staff to have 24/7 access online to their pay stubs, benefits and time-off accruals. You'll enjoy knowing that the information is safe and protected and reports are easily accessible.