Do you know the advantages of working with a Professional Employer Organization (PEO)?
If not, then, there’s no need to worry. Let’s take a deep dive into how a PEO can assist you and your business. We’ll cover the top four benefits of working with a PEO, so you can see for yourself why it’s well worth the investment.
Let’s get started!
A PEO stands for Professional Employer Organization. PEOs provide human resource services that offer payroll processing and benefits administration to your business. They serve businesses of all sizes, so whether your business has one or hundreds of employees, you’ll be covered.
When your business works with a PEO, you form a co-employment partnership, where the PEO takes on specific employer responsibilities and risks. In turn, your business remains in control of its operations, the hiring process, and the management of employees.
Business owners like yourself often find that partnering with a PEO costs less than doing it alone or hiring the staff needed to handle all of the responsibilities. This can also allow you to focus on increasing revenue and developing the business. These are a few of the major benefits of working with a PEO.
Below, we’ll go over the four main advantages you can enjoy when you work with a PEO.
Now, that you know what a PEO is and some of the main benefits of partnering with one, let’s break down the four main advantages you can expect. It’s important to note that TBM offers additional value-added services that many traditional PEOs don’t offer, allowing for greater flexibility to meet the unique needs of your organization.
With that said, here are the four benefits of working with a PEO that you should know:
Processing your payroll with a PEO ensures it will be accurate and on time. This can save business owners like yourself from expensive fees associated with payroll mistakes. A PEO also files federal and state taxes, which eliminates the risk of late fees or penalties. If you’re an employer, you can realize further savings and convenience in flexible payment options like direct deposit and payroll cards.
TBM can process even the most complex payrolls such as certified, multi-state, and payrolls organized to track job costs. We will also take care of wage garnishments as well as tax withholdings and filing. This way our client’s employees only have to take care of completing the employee application process and managing their employee hours.
TBM’s advanced technology tools make it easy for employers to onboard new employees electronically. This means no more paper forms and over-stuffed file cabinets. Additionally, you as the employer will have easy access to employee records, benefits enrollment, reporting tools, and much more.
When you work with a PEO like TBM, you’ll mitigate your non-compliance risks. This is because TBM will help you as the employer navigate complex and often changing employment laws. Our team of certified HR experts provides guidance on employment practices, compliance, and procedures that help our clients avoid costly lawsuits.
TBM can also help you reduce the time you spend on paperwork and policies by providing you with a wealth of resources. This can include electronic forms, policy outlines, employee handbooks, performance review templates, and guidance on HR best practices. We’ll provide you with prompt responses to everyday HR issues, so you can make decisions based on sound advice in a timely manner.
Because you save time and money as an employer, this is one of the biggest benefits of working with a PEO.
As a PEO client, you’ll have the ability to offer your employees a comprehensive employee benefits package that includes retirement savings options. PEO master policies have many employees on them. This gives business owners like yourself the ability to select affordable, flexible benefits packages from top carriers, which, ultimately, saves you time and money.
In addition, to options like health insurance, TBM also offers the following: voluntary benefits like dental and vision; supplemental plans, such as accident, cancer, hospital; and a 401(k) plan that employers can also adopt. When you adopt TBM’s plans, you’ll be free from worrying about fiduciary responsibility, maintaining plan documents, top-heavy testing, and plan audits. From a cost and administrative perspective, this can be a very attractive offer for business owners like yourself.
TBM administers benefit plans by providing a simple to use web-based enrollment process and having a knowledgeable Client Service team to provide personalized and responsive support. Benefits administration also includes assisting with tax and regulatory reporting as well as ensuring clients make the appropriate pre-tax deductions from employee paychecks.
When you have a comprehensive benefits package, you’re demonstrating your commitment to your employees. As a result, your employees will be more likely to stay with your company. Overall, retaining and attracting top talent is one of the huge benefits of working with a PEO.
PEO’s help businesses secure competitive rates for workers’ compensation insurance, which can be a challenge for start-up companies, companies with past losses, or those in certain high-risk industries. TBM provides Worker’s Compensation insurance with a pay-as-you-go premium and a dedicated claims team for administration, processing, and filing claims and management of loss control.
Most workers’ compensation policies require an annual audit, which can take days if not weeks to complete. In a PEO partnership, you can avoid that audit and save yourself quite a bit of time and hassle. When there is a claim, the PEO takes care of all the details in compliance with federal and state regulations, so you don’t have to.
TBM also provides unemployment claims management with hearing representation and reporting.
Contact us to find out how TBM can help you devote more of your time, energy, and effort into your business — instead of employee administration. We have helped hundreds of small to large businesses become more efficient, profitable, and competitive while saving them money on their administrative tasks.
Getting started feeling the benefits of working with a PEO is easier than you think!