Some business owners may not know about all the benefits a Professional Employer Organization (PEO) can provide their organization and employees. PEO’s provide HR services for small to mid-sized businesses in almost every industry. An increasing number of growing companies are seeing the benefits of working with a PEO, most notably to relieve the stress and burden of Payroll and HR administration.
Why a PEO? Simply put, PEO services can relieve your organization from having to manage time- consuming non-revenue HR tasks that can distract from your core business. Tasks handled by PEO companies include:
- Payroll services
- HR Administration
- Employee benefits administration
- Workers’ Compensation
- Regulatory compliance
A PEO can manage your benefits offerings as well, which is a complex and demanding task given the changing marketplace for renewals and the introduction of new products and regulation to the market.
Your staff’s time is extremely valuable
As businesses grow, so do the frequency and complexity of non-revenue HR issues. A Professional Employer Organization like Trion Solutions can handle the time-intensive and repetitive HR tasks that take focus away from a business’ core business. Knowing your HR issues are handled by an experienced and reliable PEO is a great relief for both business owners and their employees. Here is how:
1- A PEO can help your business focus on what it does best.
HR functions are not a profit center for your company. So why should they be the recipient of such a large measure of time, attention, and resources? Repetitive, daily HR tasks consume resources your company could use in advancing its core-business functions and driving revenue growth. A PEO lets your company maintain its focus on tasks that matter—strategy, product development, sales and marketing, and other endeavors that contribute to profitability and institutional strength. The PEO can handle payroll tax services, HR administration, benefits, workers’ compensation regulatory compliance, and more.
2- A PEO helps you strategically build your workforce and grow your business.
The bottom-line objective of HR is to engage and motivate your workforce. Employees with access to professional HR services and expanded benefits offerings are more effective, efficient and loyal. An experienced PEO partner helps you attract and retain top talent, which is a powerful competitive advantage. Research shows that employers who partner with PEO companies grow at an average of 7-9 percent faster than their counterparts who handle the burden of HR on their own.
3- A PEO helps safeguard your business.
Risk management is one of the most difficult, and most inevitable, issues a business can face. Having a PEO service firm helps manage your risk by sharing employment-related responsibilities including complex reporting requirements such as payroll tax reporting.
A PEO enables Workers’ Compensation risks to be amortized across a large labor pool, minimizing the adverse effects of any single claim. A well-run Professional Employer Organization will also guide your company through other complex regulatory compliance requirements and will be an advocate for your company in resolving HR issues.
4- A PEO can help your business contain costs.
By leveraging large employee pools when purchasing products in large quantities, a PEO can pass savings onto their clients. Benefits offerings and Workers’ Compensation insurance, for example, are two products where a provider of PEO services is well positioned to provide companies with significant—and sometimes critical—savings. The size of the PEO’s employee pool and its bulk buying power also enable access to a broader range of benefits offerings, helping you maximize your investment while holding costs in check.
5- A PEO can help you attract and retain top talent.
Finding top-performing talent is harder than ever in nearly every industry—coupled with increased employee expectations when it comes to HR and benefits offerings. A top PEO always stays ahead of these trends, calibrates services and benefits offerings to meet evolving expectations, and enables client companies to deliver the HR experience that premium talent demands. And a PEO helps “level the playing field” between small- to mid-sized companies and large corporations by providing a similar suite of benefits that enables them to attract and retain top talent.
Understanding the Efficiencies and Value of a PEO
We all have day jobs and responsibilities preventing us from completing projects that take time and research. One of those projects may be streamlining HR functions and employee information utilizing – or even investigating proven platforms. This can be extremely time-consuming, and time is money.
A top-level PEO will have a long established and up-to-date service model executed by experienced staff. As a PEO client, you can leverage the technology infrastructure of a PEO service provider, creating efficiencies and improving the employment experience for your employees. Many companies turn to a PEO for relief from employer risk and burden. Fines and penalties for non- compliance also create exposure from the ever-growing list of regulatory agencies. These unforeseen expenses can create financial stress and uncertainty for your business.
A PEO can help prepare your business to handle unexpected HR and regulatory compliance issues. Simply put, partnering with a reputable PEO company will make it easier for your business to handle all HR issues, effectively and efficiently.
Streamline Your HR Services with a PEO
As your business grows, so will your HR needs. Top talent has high expectations in this hyper- competitive employment marketplace, especially given how workplaces have changed since the COVID- 19 pandemic. Selecting a Professional Employer Organization with the capacity to grow with your organization like Trion Solutions is key to continued growth.
Learn More about Trion Solutions
We are one of the nation’s largest and most respected Professional Employer Organizations. Contact us today for answers to commonly asked questions about us and learn how a PEO relationship can fit your business. You can also read our blog for other tips and guidance.