Enlisting the services of a Professional Employer Organization (PEO) can offer your business several benefits. Not only can a PEO alleviate the complexities of employee management, but it will also give you more time to focus on the revenue-producing operations of your business. While the benefits of a PEO provider are becoming more appealing to both large and small businesses, there are also a few common misconceptions that solicit some clarity and understanding. Here are three top misconceptions of enlisting PEO providers:
1. A PEO Provider is for large companies only.
False. Though large companies tend to save on costs or labor for professional training, payroll services, and group access to healthcare and retirement through a PEO provider, small businesses can gain access to big company perks, group discounts, and even the ability to compete for top talent — not to mention the training and human resources infrastructure that helps to retain the best employees.
2. A PEO Provider only takes care of payroll.
False. While payroll services are a major component of a PEO provider, there’s much more involved than what an outsourced payroll service can offer. A PEO provider can offer expert compliance management, workers’ compensation, and employee performance management. In addition, smaller businesses can benefit from reduced liability and insurance costs that a PEO provider can supply.
3. A PEO Provider isn’t necessary if we already have an HR manager.
False. A PEO provider is not meant to be a substitute for your HR manager but rather a safety supplement. PEO providers can help an HR manager stay current on employment laws. With the help of a PEO, your HR manager can give more attention to employee professional growth, recruitment, and talent retention.
PEOs can be a company’s best friend, looking out for the best interests of their clients.
Being a member of a PEO allows your business to be part of a larger network, and the ability to offer large scale benefits to your employees.
LBMC Employment Partners’ goal is to help your business be set for success. No two businesses are the same. Let us customize a plan for you. Contact us today to discuss our PEO services that can work best for you!
All content and services on this page are offered by LBMC Employment Partners, LLC. LBMC Employment Partners, LLC, is part of the LBMC Family of Companies and is an independent entity with services and products being provided exclusively by LBMC Employment Partners, LLC.