As a business owner, are you spending the majority of your day doing the revenue-generating activities that you love? If you’re like many of your entrepreneurial counterparts you’re spending countless hours a week juggling many balls, leaving you little time to focus on building your business. In fact, ADP research found that the ad hoc HR management style used by many small businesses takes 20% of the owner’s time and costs approximately $27 billion a year. Are you ready to put an end to time-consuming and costly HR administrative tasks and get back the time you need to focus on the big picture? If so, partnering with a Professional Employer Organization (PEO) may be what your business needs.
Read on for the four signs that the time might be right for your business to outsource HR functions to a PEO.
Is it Time to Onboard a PEO?
1. Government Compliance and Regulatory Laws
With the possibility of non-compliance fines or even lawsuits, this is one area in that you need to have your finger on the pulse. New rules and regulations are passed regularly, and current ones are constantly updated, making it difficult to comply. And if you have employees in different states, the amount of time you need to spend to ensure compliance is compounded. Is this an area where you are spending countless hours buried under a pile of paperwork?
2. Payroll and Compensation
Payroll is another big-ticket item when it comes to time and accuracy. Your staff counts on you for timely and correct paychecks. On the flip side of the coin is payroll tax reporting. A misstep here can result in inaccurate or missed reporting, resulting in even more time spent on making corrections. Is payroll and compensation administrative work monopolizing your time?
3. Benefits Packages
Do you struggle to attract top talent because the benefits you’re able to offer are less attractive than your competitors? Offering the same quality of medical benefits and retention perks as larger companies can make a significant difference in the quality of candidates you attract.
4. Workers’ Comp
Depending on the type of company you own, you may be paying high workers’ comp premiums. If you could lower your rates and eliminate the paperwork, would you?
- Did you answer yes to one or more of the above questions? If so, now’s the time to think about onboarding a PEO to help relieve you of these time-consuming tasks.
From HR management and payroll to benefits and workers’ comp, a PEO can relieve you of mountains of paperwork and ensure your business stays on track for success. With the right PEO, your company receives best-in-class HR expertise and benefits – and as the business owner, you get back the time you need to focus on your business.
Are you considering a PEO? Learn everything you need to know about the Pros and Cons of Hiring a Professional Employer Organization (PEO) to determine if it’s the right choice for your organization.