Working with a professional employer organization (PEO) is an efficient way to boost your business’ productivity and results. Not only that, but it can save you more than just a headache from handling various employer responsibilities. They can also save you tons of money. Here are the most essential areas where outsourcing your HR tasks to a PEO in Salt Lake City can help your business save on costs.
Rather than having to pay for expensive payroll-processing and accounting costs, you can save a ton by working with a PEO, especially if they only require you to pay a single straightforward fee rather than charging separate fees for each of its services. They can conveniently automate the payroll process for you as well as handle your garnishments, W-2s, and withholdings.
One of the best rewards you get out of working with employment management services is employee benefits. You’ll be able to offer your employees with comprehensive and cost-effective benefits, without the expensive and overwhelming regulatory and administrative troubles.
Excellent benefit plans may include everything from dental and vision coverage, medical coverage, life and disability benefits, and healthcare flexible spending accounts. Your co-employer will manage the necessary administrative tasks like enrolling employees, handling COBRA administration, negotiating with carriers, and providing legal notices. They’ll also be in charge of briefing employees on their benefits with enrollment tools.
Finding the most qualified and capable candidates is crucial to your business’ success. Since your attention is divided among several other tasks, you won’t always have the time and energy to focus on solid recruiting. Employee management services can expedite this process by setting you up with reliable recruitment assistance. They can help you interview candidates, place job ads, and conduct thorough background checks, as well as find the best recruiters to meet your company’s employment needs.
Claims management and insurance premiums can make the workers’ compensation process incredibly time-consuming and expensive. Your co-employer can provide excellent coverage through its own workers’ compensation insurance program. They can also manage audits, compliance, paperwork, and certifications that are often associated with these programs. You’ll have access to a reliable team of specialists who can work together with your core HR department. This will help you reduce risk while supplying affected employees with the information they need as quickly as possible.
You might not think a lawsuit will ever happen to your business until it does. It’s better to be prepared so that you can minimize legal expenses and PR fallout. A PEO can keep employer liabilities in check. They’re also likely to have specialists who are well-versed in the law. Their resources can help you mitigate the exorbitant costs of a potential settlement. Take note, though, that what they can give you is merely advice, and shouldn’t be substituted for legal counsel. They may only serve as an extra layer of defense to help you avoid potential trouble on the horizon.
There are plenty more reasons why working with a PEO is extremely beneficial for your business. This is an excellent solution to boost productivity and results as well as save on costs.