Full-Service Outsourcing: What Is a PEO Company (And Do You Need One?)

Did you know that outsourcing your HR can lower per-person access costs and raise your company’s overall productivity?

Whether you outsource some of the workload or all of it, it’s important to understand the impact that this service can have on your business. One great way to do this is by trusting a professional employer organization (PEO) to get all the work done for you.

What is a PEO company, though? What can they help you accomplish, and how do you know you’re working with the right team?

Luckily, we’re here to help you tell you all about it. Read on to learn everything you need to know.

Responsibilities of a PEO Company

Working with a PEO company might sound great, but how can it help you and your business? Here are a few of the most important tasks that PEO services companies can take on when you hire them.

Accounting

PEOs can help process employee payroll, and they can also help file local, state, and even federal taxes. Some can even work to combine both payroll and attendance, which is great for helping to reduce duplicate entries and payment errors.

These services are especially great if you have a global team. You won’t have to worry about international payroll or the compliance that comes with it.

Not every PEO has to carry out these tasks, though. You can work with the company you hire to create a custom plan that works for everyone involved.

Tracking Benefits

Hiring a PEO company is also going to give you access to cost-effective, high-quality health insurance. It can even provide dental care, retirement benefits, and other employee perks that many corporate companies have to offer.

The company will take on enrollment for these benefits for you and your employees, and they’ll be able to handle and process any claims that you might deal with.

Compliance

Payroll and benefits alone can be confusing when you have an international team, but a PEO company is there to help you take care of it all. They’ll have a team of compliance experts that are capable of helping you care for all the small tasks that can be complicated to care for.

Your PEO will be able to help you avoid potential fines and penalties for non-compliance altogether. Whether it’s payroll tax law and reporting requirements, workers’ compensation, hiring and HR compliance, or even unemployment insurance, they’ll be able to cover it all.

It’s important to ensure the team you’re working with can cover the things you need before getting started, though. Each company will have its expertise, and it’s important to find a team that can handle it all if that’s what you’re needing.

Safety and Risk Assessments

Depending on your line of business, a PEO will also be able to conduct safety audits and risk assessments to help you limit claims. Depending on the country you’re working in, they’ll be able to ensure that workers remain safe and that work environments are appropriate for the task at hand.

No matter what your company does, employee health and safety should be at the forefront of everyone’s mind. A PEO can help you put things into perspective, and then come up with a solution or fill in gaps if there are any to be found. Not only will this ease your mind, but it can make your company a much safer place to work overall.

HR Support

PEO companies are especially great for providing HR support. Whether you have a small HR department or none at all, the team you hire is likely to have professionals that can provide support whenever it’s needed.

Both strategically and administratively, these experts can help identify any potential problems you might be facing, and then they can create a solution that works for both your company and its team members.

Talent Acquisition

Optimizing the hiring process is a large part of what many PEO companies do.

Talent acquisition involves finding, interviewing, and hiring candidates, but that’s not all it can include. With the right PEO, you’ll be able to create a process that delivers the results your company is looking for every time you need to bring on a new team member.

Do You Need a PEO?

No matter which of these things your company could use help with, the right PEO company will deliver. When you choose to work with the right team of experts, you’ll be gaining access to an entire array of benefits, and you might even get the help you didn’t know you needed.

Your PEO company will be able to listen to your problems and fix them, but they’ll also be able to upsell services that are relevant to you and your situation. If they notice something that could use extra help, the team will be able to fill in the gap.

Remember, though, if you’re speaking with a PEO and they start recommending services that aren’t relevant to you or your company, that’s a major red flag. Don’t be afraid to move on and find a team that listens to and addresses your concerns.

Get Started Today

So, does hiring a PEO sound like something that could benefit your business? Whether you’re a freshly-established LLC or a widely-known corporation, finding the right PEO company to work with can make a huge difference in your business’s day-to-day processes. Whether it’s offloading hiring or accounting, you can trust your team to get it all done efficiently and with ease.

Luckily, you can always turn to Bradford Jacobs. Contact us today to get started.