Running your Colorado company’s day to day needs is a complicated and time-consuming responsibility. Among those complicated matters are the steps necessary to take care of your employees and their needs. Managing payroll, benefits, and the other various staff responsibilities need to be seen to properly in order to take care of your staff; failing to do so will cause your company to fail.
However, if you partner with a PEO, or Professional Employer Organization, they take care of those complicated matters and your staff as part of a co-employment arrangement. All you need to do is pick the best PEO in Colorado to fit your needs.
For more information about PEOs and PEOs in Colorado specifically, look at the information below:
PEOs benefit businesses in Colorado in a variety of ways, though there are a few common services found among most Professional Employer Organizations. Day-to-day HR tasks for employees will be actively managed, from top-level to entry-level, by the PEO. The main PEO services provided include benefits procurement and administration, payroll processing, quarterly tax filings, managing workers comp on a cash flow basis, risk mitigation and management, and compliance.
Many PEOs in Colorado also offer businesses assistance with recruiting efforts, reporting expenses, employee onboarding, employee safety training, and several other administration services. By partnering with a PEO, businesses are able to take advantage of better health insurance and workers comp insurance rates, saving them money and time. This makes the business an employer of choice for potential employees while making it much easier to manage HR given the level of expertise a PEO brings to the table.
There are several factors to consider when looking at PEO providers in Colorado. PEOs mainly provide services that are vital consideration points and must be evaluated when considering your Colorado PEO service provider. PEO.com reviewed the following items and services when researching each PEO:
There are several PEO service providers to choose from, which makes it vital to know what to look out for. Choosing the right PEO for your business in “The Centennial State” depends on your business needs as well as the industry you’re in.
Regardless of which Professional Employer Organization you choose, PEO.com wants to make sure your business is properly served with solutions that meet your needs.
Compliance and Legal
PEOs manage all employee-related (and some non-employee-related) compliance and legal issues. PEOs thoroughly handle all related problems and easily and effectively assist with emergencies. Your chosen PEO can provide support regarding local and state regulations as well.
Insurance Cost Savings
PEOs are usually hired to save companies money, with most of the savings coming from reduced health insurance and benefits costs. Professional Employer Organizations can leverage a large pool of clients and greater buying power to negotiate cheaper rates for your business.
A PEO will keep the amount of paperwork for you and your business at a minimum.
What is a PEO?
A PEO (Professional Employer Organization) allows a business to outsource its employee management through a co-employment arrangement, where the PEO provides services including human resources administration, payroll processing, benefit administration, risk management, and workers’ compensation to businesses of any size.
What Are the Benefits of Using a PEO?
The main benefits of using PEOs are reduced HR costs and time saved using their systems, platforms, and services. A PEO will also handle HR compliance and risk-mitigation so you can focus on growing the business. Partnering with a PEO enables businesses to provide more value to theif employees (both current and future), making your business an employer of choice.
How Much Does it Cost To Use A PEO in Colorado?
A PEO usually costs between $1,000 – $2,000 per year, per employee. Businesses with more employees will get a better rate.
How Does a PEO Charge?
A PEO generally charges a percentage of overall payroll or a flat admin fee per employee. The level of service and business requirements will have an impact on these charges.
Does it Cost Money to Switch to a PEO?
There are startup fees that can range from $1000 to $15,000, depending on the size and structure of the business.
How Long Does it Take to Get Started Once I Choose a PEO?
The average time to set up is about four weeks. However, the time can range from three to six weeks, depending on the PEO service provider.
As the Founder, Should I Pay Myself Using a PEO?
This is something you should discuss with your individual PEO service provider and should be part of the conversation going in.
Should I Know Anything About Colorado PEOs When Searching for One?
Depending on the industry you might want to work with a PEO that knows how to handle the particular requirements in Colorado. Make sure your PEO is also familiar with local laws.
If you need PEO services in Colorado, there a number of options. The information above is a beginning on how to evaluate PEO service providers. Choosing the right PEO for your Colorado-based business can be exhausting. PEO.com is here to help you find the best fit for your business.