The benefits of a PEO are wide-ranging. Joining a professional employment organization can help you meet growth goals and revenue targets.
In today’s marketplace, businesses need to explore every potential avenue to give them a competitive edge, and a PEO helps you conserve resources to divert back into growing your business to outdo the competitor. Below are the top five benefits of a PEO.
1. Attract and Retain the Best Talent
Small businesses sometimes struggle to provide the same benefits as larger corporations. Because of this, their hiring packages aren’t as attractive to the most sought-after talent.
If you’re going to attract and retain the best, you need to offer as many perks as you can. With a PEO, you can compile an impressive benefits package that would likely be too expensive to support on your own.
2. Reduce Time Spent on Administrative Tasks
Filing workers’ compensation claims, managing payroll and tracking employee vacation time — it can amount to a full-time job. As a business owner, getting bogged down in paperwork details is a major time suck. You can immediately add a big chunk of time back into your day when you hand these responsibilities off to a PEO.
3. Stay Compliant as You Expand
Another full-time job is staying on top of federal and state business regulations. With laws changing all the time, it’s stressful for the small business owner to constantly have to assess whether they are compliant.
One of the main benefits of a PEO is that you have an external team whose responsibility is to stay on top of changing regulations and inform you of all necessary adjustments. When you are working on scaling your business, this is an invaluable help, as fines can translate to major setbacks.
4. Spend Less on HR Services
You could invest in a full-time human resources employee, but they’re just one person. Can one person be an expert in all things related to both state and federal law, compensation claims, insurance and payroll?
Also, if you’re going to invest in adding an employee, wouldn’t you rather hire someone who is an expert at your core business service? This will help you grow, and if that’s your goal, have a PEO take care of the HR work.
5. Reduce Stress — Focus on What Matters
The confidence you’ll feel knowing that you have an on-call team of experts — that’s priceless. It helps you focus your energy and brain power on what matters and worry less about the details. A clear head and strong determination will take your business where you want it to go.
Small-business owners trust WTA, Inc. for delivery on all these benefits of a PEO. We’re dedicated to helping Utah companies reach new levels of success. Call us today to get a quote for your business.