So what exactly is a PEO? A PEO or Professional Employee Organization is an outsource provider that consolidates all or some strategic parts of a client company's HR responsibilities into one professional entity. Essentially a PEO offers Employee Leasing Services. The level of these employee leasing services can vary depending on the need of the client company. From simply providing Workers Compensation Insurance and payroll service through cost effective benefit programs, to risk management, work site safety and labor law compliance. With one fell stroke of the pen, any company irrespective of size can install a comprehensive and completely compliant human resources HR department. With PEO's and Employee Leasing there is no smoking gun or gimmick. So What is a PEO? A Peo is a strategic service utilzed by small and large businesses to save time, money, and know how. So how do they do it? The HR providers have a big advantage that positions them to offer competitive benefits. Consolidating services permits them to leverage costs by negotiating volume discounts passing savings along to the client company. Combine these cost efficiencies with HR know how and high tech systems and you have a clear and compelling employee leasing service. It is no exaggeration that PEOs are the epitome of efficiency, compliance and HR know how. A great concept in a complex and unproductive service area.
Well how much does Employee Leasing cost? In most instances a PEO is less than you are currently paying; Professional Employee Organizations charge a small administration fee for their services. In most instances their fees represent a savings because they can reduce the client's HR burden, by mitigating their current cost of workers compensation insurance, state unemployment and in house administration. They do not sell or rely on pushing insurance or other related products. There is more. As incredible as it sounds, there are few if any up front costs and no year end audits. The client company pays at the end of a payroll cycle. With the primary exception of health insurance, the client is paying in the rears one whole pay cycle.
A PEO serves as an HR department, providing traditional human resources & administrative services at a lower cost for the business owner. Outsourcing to a PEO also provides benefits beyond cost savings. A PEO has access to specialized expertise on insurance, payroll, workers' compensation and more. In many cases a business owner may even choose custom Employee Leasing options. Outsourcing your HR needs can enable you focus on your business and free up your time and resources.
Employee Leasing Services- The Businessman's Greatest Asset
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