PEOs are a benefit to small business employers, but like choosing any other service provider, you must do your research to select the right PEO. At the end of the day, a PEO should be flexible, fit your business needs, and works in your business’ best interest.
In the market for partnering with a professional employer organization (PEO)? If so, congratulations on one of the best decisions you’ll ever make for your small business! The next step is knowing where to start. There are so many things to consider, but this piece will help you identify your needs up front and compare PEO providers to see how they measure up. This blog introduces small business employers to the nine major things to look for in a reputable PEO.
The PEO industry has been around for over 30 years. However, if you’re not familiar with what a PEO does, one may assume that they are expensive and unnecessary to a small business. After all, as a small business employer, you’re trying to maintain the budget while at the same time work to retain your employees and improve operational productivity.
PEOs can actually bring a number of benefits to small businesses. This blog provides the three most common misconceptions of PEOs and provides details as to what to consider when partnering with a PEO.
Small Business Introduction Guide to PEOs
Inundated with HR duties including payroll, benefits, tax administration and regulatory compliance?
It’s time to call a PEO to help rescue you from what’s taking your attention away from your business.
A 401(k) plan is one of the greatest benefits a small business can offer its employees. However, many employers believe adopting a 401(k) is manageable and aren’t aware of all of the responsibilities involved until it’s too late. No matter if an employer has 10 or 50 employees, the process of administering and maintaining a plan is still the same. This blog will highlight the three things to know about operating a small business 401(k) plan, and what the employer can do to alleviate some of the responsibilities to refocus on their business.
Are you at the brink of outsourcing your 401(k) administration? Congratulations! It is certainly the right decision, especially if you are a small business. The next step is finding the right Professional Employment Organization (PEO) to fit your small business’ needs. There a variety of organizations out there with different plan options available that it can be overwhelming to choose just one. This blog will provide tips for selecting and monitoring a PEO to make sure they continue to meet your needs along the way.
They’re too expensive to operate... There aren’t enough options to fit our needs... They don’t benefit small businesses.
The 401(k) has a bad reputation especially amongst small business employers, and we can’t blame them. There are multitudes of 401(k) plans available to employers across the nation, but not all sizes fit all. What suits a global corporation may not suit a company of 20 employees, so much so that many employers found in this situation often choose to not provide a 401(k) plan altogether.
Payroll is a business process that encompasses many elements beyond simply compensating employees, such as: payroll taxes, social security withholdings, pretax deposits for medical savings, issuing W-2’s, FLSA/exempt vs. non-exempt compliance, overtime rules and calculations, wage garnishments—the list goes on. And the larger the company, the more complex payroll becomes.
As the CEO of your business, no matter how conscientious you are as an employer, certain circumstances may arise that should trigger a conversation with a trusted advisor who is well versed in employment law.
If you are part of the progressive and growing group of companies that work with a Human Resources Management organization, or are partnered with a PEO (Professional Employer Organization), be sure to talk with your provider about access to legal support before terminating the employee in question.
When you need to make a decision pertaining to employee misconduct, performance problems, or other bad behaviors, a trusted advisor can help determine if the termination is legal and reduce the risk of a future law suit.