The Benefits of a PEO
A Professional Employer Organization (PEO) offers human resource services to small and medium-sized businesses. Such services can address payroll, worker’s compensation, liability insurance, employee benefits, and taxes. The PEO insurance system has benefited many companies, helping them conserve their time, energy, and resources.
Employees who work for small or mid-sized companies can receive big-business-like benefits via a PEO. They can obtain health, dental, and life insurance policies as well as short and long-term disability benefits. They can have their child care expenses covered and access Section 125. PEOs provide workers with 401K plans and are COBRA compliant. Employees can receive protection for themselves and their families through a PEO.
Owners benefit from using PEOs just as much as employees do. PEOs can help small businesses grow quickly because they streamline several processes. PEOs can also prevent companies from failing; this is likely because they can enhance an establishment’s cost control. It is also because PEOs increase employee retention. Workers that are enjoying the benefits that a PEO provides will likely stay with the associated company. Owners who do not want to spend a great deal of time and energy on an HR department can procure the HR services PEOs offer.
More businesses should look into PEOs. They will likely benefit from them.