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Why using a PEO broker is likely to be a good move for your business
We all know that a company that does not spend enough time seeking out new customers and strengthening their brand will eventually fail. As will one that does not focus enough on delivering excellent products and services to their customers.
Unfortunately, vital day-to-day tasks suck up the time you should be using to do the above. If you are in that situation, it may benefit you to find out what a PEO broker is and work out if using one is a good idea for your business.
Below, I explain what they do, why hiring one makes sense for many businesses and how to hire a good one.
What services do PEO firms typically offer?
The acronym PEO stands for Professional Employer Organization. The services this type of company offers includes handling payroll and another simple, but time-consuming HR functions.
Including, managing employee benefits, booking inspections, hiring, handling worker’s compensation and 1099 filing.
What does a PEO broker do?
A PEO broker will quickly find you a PEO provider that meets your needs. If you, for example, also want someone that will manage your employee reward schemes they will sort that out for you. Using a broker makes it possible to quickly find someone who will be a good fit for your company.
For example, whenever possible, they will find a provider who has experience working in your industry. A PEO provider who has the right type of experience will already be fully aware of what certification inspectors look for.
They will, therefore, know how to make sure that the required inspections are done on time and that your premises are properly ready for them.
However, it is wise to bear in mind that, ultimately, making sure that these inspections are carried out is your responsibility. But, asking to see and checking the certificate, that proves the inspection took place, takes minutes.
Much better than the hours it would take to book the appointment, escort the inspector, list out what needs to be done and go through a further inspection yourself. Potentially, all of this can be done by your PEO.
The benefits of using a PEO
You can probably already see that, often, the benefits of using a PEO far outweigh the costs of doing so.
In fact, many firms find that using a PEO instead of hiring and retaining in house staff to do their admin, payroll and HR tasks actually saves them money.
The PEO’s expertise, use of the latest tech and efficiencies of scales means that they can get the majority of tasks done far quicker than an individual business could.
In short, hiring a good PEO, frees up your time, can save you money, ensures that important tasks get done on time and contribute to your being able to work more efficiently.
If you use a PEO broker finding the right provider for your firm should require no more than a few hours of your time to explain to them, in detail, what you need.