Better Benefits – Benefits are expensive, especially for small businesses. Insurance carriers charge more because the employee pool is so small; there is more risk for the carrier. By partnering with a PEO, your employees are grouped with all of the PEO’s other employees, making a much larger pool. The PEO can get a better rate and better plans, which you can offer to your employees while keeping it all affordable.
Self Services – Making changes to payroll or human resources information should be easy. Many PEOs offer state-of-the-art portals and self-service websites so that employees can make changes to their accounts whenever they need to. There’s no waiting around for in-house staff to get back from vacation, or leaving a request on a disorganized desk when you need to make a change. They can also find answers to many of their HR and time and labor questions using employee portals, like finding out how much vacation time they have remaining. It’s done quickly and easily online, whenever the employee wants.
Proper Paychecks – If you are delayed in processing payroll, you may be risking mutiny. That might be a bit of an exaggeration, but your employees will not be happy. Using a PEO, or even just a payroll processing company, can ensure that paychecks are produced on time and that they are done correctly (especially if you also use time and labor tracking services.)
More Time to Do Their Own Job – Not working with a PEO usually means wasted time. Especially in small and mid-sized businesses, many employees end up taking on duties that are not in their job description and that they have no background with, like HR tasks. Partnering with a PEO delegates these tasks to the experts so your employees can focus on more profitable tasks. Even filling in traditional time sheets takes employees away from their work on a regular basis, but using a PEO for time and labor tracking and payroll can eliminate that wasted time.
Safer Workplace – Sometimes it’s hard to see what is right in front of you, so you need a fresh set of eyes. Some PEOs will help you to identify the health and safety risks in your business and will develop training and a program to make your business safer for your employees.