If you’re a small business owner or a budding entrepreneur who’s looking to turn their first profit, then you’ll understand that your current financial situation is a careful balancing act. From outsourcing and marketing to payroll and employee salaries and benefits, it’s difficult to maintain a reassuring balance in your accounts.
As your business begins to grow, you’ll also understand the importance of your employees. They’re the lifeblood of your company, without them you and your ideas would flounder, and your business dreams would easily crumble away to nothing. So, keeping them motivated and full of confidence is essential. How can you invest in your employees and your business without upsetting the delicate balance you’re currently working with? The answer is simple. You should consider using a PEO.
So, what is PEO? Essentially, PEO or Professional Employer Organization is a partner company that takes on certain roles and employer obligations such as payroll, taxes and employee benefits. You still maintain full control over your employees and the day to day running of your business, however, the attractive benefits and streamlined systems of a PEO can make running your organization much easier and enjoyable for your staff.
Want to know more? Read on for some simple reasons why your business should be using a PEO.
Employee benefits!
As a small or medium-sized business, the idea of providing certain benefits to your employees like health care, insurance, workers comp and dental plans seem like a pipedream. But with PEO it becomes a reality. Not only could your employees work hard, knowing that they have full medical and vision care, dental plans, life insurance, retirement savings and even educational support but it could save you more money in the long run!
Not only do your current employees get to reap the benefits of a PEO but if you’re looking to expand your teams and hire more people, then these kinds of benefits can prove incredibly attractive, potentially drawing in some of the best candidates to your vacancies.
Payroll is taken care of
Payroll is time-consuming and incredibly complicated. Sick days, holidays, benefits, payment deductions, tax and income declarations. It’s a minefield. If you want more time on your hands to run your business, then a PEO could help make that happen. By taking on the responsibility of your payroll, you and your employees can benefit from online payment slips, flawless record-keeping and simplistic software. Giving you more time to do the things you do best.
Performance management
Keeping track of your employee’s performance and growth within your company is beneficial for both you and your staff. Employee evaluations and training tools mean that your employees get thorough performance management that’s completely tailored to them and their goals. It also makes calculating performance-related bonuses and perks much simpler.
And finally, workers’ compensation claims
An accident at work could have devastating consequences for everyone. Having a workers’ compensation policy in place ensures that your staff and their medical needs are catered for and you won’t be facing a personal injury lawsuit. Your PEO can handle the claims process for you as well as ensure that stringent health and safety legislations are being adhered to.
