There comes a moment in the trajectory of every successful business, start-up, and entrepreneurial venture when employee management tasks become unmanageable. Even the most committed, passionate, and energetic business owners often find themselves frustrated by the likes of recruitment, employee payroll, taxes and a thousand other employee management tasks.
One of the biggest killers of seemingly solid establishments often boils down to poor risk management, often in relation to employees and employee management. Choosing the right PEO partner or HRO provider can alleviate those risks by outsourcing those critical, but time-consuming duties, to experts. To look at it another way, picking the right PEO drastically reduces the risk of failure.
A PEO can help in a number of ways, including:
Payroll
A PEO can take care of payroll for your employees. Not only will this save you time on administrative tasks (and likely be less expensive than paying someone to handle it in-house), you also won’t have to worry about ensuring payroll taxes, withholdings, and paid time off are properly handled and processed.
Employment Benefits
Not only will a PEO handle the administration of your employee’s health, retirement, and other benefits, you can actually have access to a wider variety of plans at a lower cost than your small business may be able to get on your own. Working with a PEO will grant you access to the more affordable plans that larger companies are able to offer their employees due to group buying power.
Workers’ Compensation
A PEO can also handle workers’ compensation insurance on your company’s behalf. This is beneficial for small business owners, beyond the time saved from not having to process claims themselves. Because PEOs have such expertise on workers’ compensation insurance regulations, it can help reduce fraudulent claims and save you significant money.
Compliance
Running a business requires compliance for complex state and federal regulations. To keep out of debilitating lawsuits, regulatory and government compliance is vital. Keeping tabs on various HR-related as well as criminal and civil Federal, State and county rules and their minute details can get confusing as well as time and resource-consuming. If you utilize a PEO, you can reduce your employer liability. A PEO will assist you in maintaining compliance under both Federal and State regulations. Our professionals are aware of the regulation changes and ensure that you stay legally compliant in every aspect. Their in-depth knowledge of these ever-changing labor laws and regulations can help you maintain a safe and compliant workplace and prevent fines.
Ethan Allen Workforce Solutions can serve as a trusted resource for your business needs. Ethan Allen’s PEO division, Staff-Line, has a proven track record of success and client satisfaction. We pride ourselves on partnering with our clients to ensure all of their unique PEO needs are met. Learn more about Staff-Line and how we can help you succeed with your employment service needs.