Should your small business rely on PEO services?
It’s not always an easy question to answer, especially when you’re in full-on growth mode. The number of employees you have and the amount of revenue you accrue per year will factor into your decision as you look at the cost-versus-benefit analysis.
However, for most small businesses, there are five notable reasons that opting for a partnership with a PEO can deliver a positive return.
1. It Drastically Reduces the Cost of Benefits
When small businesses are looking to grow, it’s essential to analyze the benefits package offered to employees. Federal law requires small businesses to offer health insurance once they’ve gained a certain number of employees, and these costs can drastically weigh on a business due to the limited options available.
When your business is growing but still small, partnering with a PEO can provide access to the rates bigger companies enjoy and allow you to offer similar benefits packages at much lower rates than you would pay otherwise. The significance of these cost savings can make all the difference for a small business in its early stages of growth and expansion.
2. It Helps You Keep the Best Employees
When you save on health care, you can spend more on other benefits that your employees like as well, like gym memberships, paid time off, office snacks and more!
Or you could bump up their salaries, which is the ultimate employee appreciation effort. This will help your business retain the talent you need to maintain steady growth and avoid the major loss of time and money associated with key employees leaving the company.
3. It Keeps Your Business Compliant
It’s a full-time job keeping up with federal and state hiring and employment law practices. At the same time, they don’t give you any leeway if you don’t file paperwork on time or don’t abide by the rules. Ignorance is no excuse! You could face major fines which could translate to a serious financial setback.
When you work with a PEO, they handle all the filing for you, keeping your business in full compliance at all times.
4. It Lets You Focus on Your Business
You might not have the money to hire a full-time human resources expert, but you also don’t have the time to do the work yourself. Payroll, taxes, hiring — it takes your focus and attention away from what matters: leading your company in the right direction.
With a PEO on your side, you get back one of your most valuable assets: your time.
5. You Can Get Advice When You Need It
A quality PEO is a small-business owner’s lifeline. We’re here when you have questions about what to do in certain situations, like choosing the right hire or putting together an employment contract. In fact, we can take over most of these tasks for you. Call us anytime. We are here to help, giving you the peace of mind you’ve been missing.
WTA Inc. supports small businesses with PEO services to help them grow and flourish. How can we help you?