Running a business can be overwhelming, especially when you don’t have enough hands on deck. Between running day-to-day operations and overseeing human resources, you might barely have time to take a breath.
If you feel like you’re overexerting yourself for your business, it may be time to bring a PEO on board. By offering comprehensive HR solutions, a seasoned PEO will take some of the most tedious and time-consuming administrative responsibilities off your plate and allow you to focus on your business’s core functions. Read below for the top five signs your business needs a PEO.
You’re Stressed About Payroll
As a business owner, you can’t afford to mess up payroll. From paying your employees on time to reporting taxes accurately, payroll processing involves many moving parts that can be difficult to manage internally. Not to mention, just one mistake could cost your company significant financial penalties or security concerns. By teaming up with a PEO, you can hand off payroll processing to trusted HR experts. By overseeing direct deposits, file maintenance, tax filings, and more, your PEO can grant you peace of mind that your business’s finances are in order.
You’re Lacking Compliance Expertise
Keeping track of local, state, and federal employment regulations can be exhausting for business owners, especially if they’re unfamiliar with legal developments. However, staying on top of labor law changes is essential, as not doing so could put you out of business. A seasoned PEO will offer valuable compliance expertise to ensure your business follows legal guidelines. Your PEO will keep employment laws on your radar, advising you on how to align your company policies with legal proceedings. Doing so will protect your business from fines or lawsuits resulting from employee complaints and other mishaps.
You’re Drowning in Paperwork
Paperwork-induced headaches are a common symptom of overworked business owners. From onboarding new team members to managing employee benefits, every business’s administrative component comes with its fair share of paperwork. And as a business owner, you’d much rather dedicate your time to your company’s core functions than to the piles and piles of paperwork on your desk. By outsourcing a PEO, you can regain this critical time and hand off repetitive administrative responsibilities. Your PEO will tackle any paperwork and ensure it’s handled efficiently and correctly.
You’re Losing Employees
If you’re losing quality employees to competitors, your benefits package may be to blame. To maintain consistent employee recruitment and retention, you must offer a comprehensive employee benefits package that satisfies your team’s wants and needs. Whether it’s unlimited PTO or an extensive healthcare plan, employee benefits are essential for keeping your team happy and healthy. Your PEO can help you better understand your employees’ wants and align your benefits packages with their requests. A PEO will also typically have an extensive provider network, allowing you to get the best plans for the best prices.
Your Business Isn’t Growing
When managing HR internally, you might have no other choice but to neglect some of your other responsibilities. However, not making time for your business’s core functions, such as your employees’ work schedules, the scope of work, daily action items, and talent management, can hurt your business in the long run. For your company to grow and thrive, you need the time and headspace to tend to more critical tasks. When partnering with a PEO, you can hand off exhausting administrative tasks and free up your schedule. While your PEO handles time-consuming HR responsibilities, you can focus on what matters most: growing your business.
Simplify Your Business with peo.com
At peo.com, we make it easier to find the perfect PEO provider for your business. With access to some of the largest PEOs in the country, our agents provide high-performing options that will unlock your business’s true potential. If you’re ready to take your business to new heights, connect with our team today to shop PEO quotes and receive competitive pricing within 24-72 hours!