Running your New Mexico company’s day-to-day needs is a time-intensive, complicated matter. Taking care of employees and their needs is among those complicated matters.
Management and proper administration of employee payroll, benefits, and other various staff responsibilities are essential to the success of the business. Partnering with a PEO means the struggle of managing employee benefits and payroll is no longer on the employer’s shoulders. Change your focus to identifying the best New Mexico PEO for the business.
Find out more information about PEOs and New Mexico PEOs in particular by reading the below information:
New Mexico businesses can benefit from PEOs in various ways, though there are a few common threads. Day-to-day HR needs for an employee are actively managed across the board, regardless of employment status and capacity. Primary PEO services include benefits procurement and administration, payroll processing, quarterly tax filings, managing workers’ compensation, risk mitigation and management, and both state and federal compliance.
Many New Mexico PEOs also offer expert recruiting services, expense reporting, employee onboarding, and offboarding policies and procedures, employee safety training, and more. By partnering with a PEO service provider, businesses will be able to command better health insurance and workers’ compensation insurance rates, positioning your business an employer of choice, while making HR much easier to manage.
When looking at PEO providers in the state of New Mexico, there are many factors to consider. The main services a PEO provides are vital consideration points, and therefore must be evaluated when considering your New Mexico PEO service provider. PEO.com has reviewed the following items and services when researching each PEO:
Choosing the right PEO for your business in the “Land of Enchantment” state depends on your industry and business needs.
Regardless of which Professional Employer Organization you choose, PEO.com wants to make sure your business is properly served with the business solutions that meet your needs.
Insurance Cost Savings
PEOs are usually hired to save companies money, with the majority of the savings coming from reduced health insurance benefits costs. Professional Employer Organizations can leverage a large pool of clients to negotiate cheaper rates for your business. This means enterprise-level products and services without the inflated costs.
You save more time, do less paperwork, and focus more on growing the business. A PEO will keep the paperwork for you and your business at a minimum.
Compliance and Legal
A PEO will manage all employee-related (and some non-employee-related) compliance and legal issues. PEOs systematically handle all related problems and assist with emergencies easily and effectively. Your chosen PEO can also provide support regarding local and state regulations.
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 New Mexico?
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 New Mexico 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 New Mexico. Make sure your PEO is also familiar with local laws.
If you need PEO services in New Mexico, there are numerous options. The information above is a beginning on how to evaluate PEO service providers. Choosing the right PEO for your New Mexico-based business can be exhausting. At PEO.com we want to help you find the best fit for your business.