During this COVID-19 pandemic, many small and mid-sized businesses faced hard times. However, one of the most impactful factors that has seen most small businesses through is the decision to partner with PEO. Even though the pandemic affects most businesses, here are six benefits of PEO.
1. Rapid Law Changes Compliance
Overwhelming regulations and requirements have mounted small business owners over the period. A PEO company has a team of experts who await these regulations and updates and help their members implement these processes keeping small businesses compliant.
2. HR Excellence
Studies show that businesses in a PEO arrangement are likely to grow 7-9% faster with less employee turnover. This is because PEO provides access to more HR services at a lower cost per employee than in-house HR services. Consequently, this has helped businesses to sustain themselves through the covid-19 period.
3. Management of Remote Workers
The pandemic has caused many workers to work remotely. However, transitioning to remote management has been a burden on small businesses. But, with the assistance of the PEO, employers have been able to manage the remote workforce effectively.
4. Supported Business Continuity
Continuity refers to the ability to continue even in a crisis breakout like covid-19. An HR service is one of the relevant aspects of this continuity. A PEO company helps its members with the HR services that ensure that businesses do not run out because of disruption of procedures.
5. Assistance In Worker Compensation Claim
Covid -19 has made scenarios of hiring, safety retention, and employee management difficult for small businesses. PEO can help you get a lower workers’ compensation rate using your policy. Additionally, they can assist in answering questions that your members have concerning the compensation claims.
6. Better And Cost-Effective Benefits
Quality benefits for employees seem out of reach for most small businesses. The coming of the pandemic has made the situation even worse. A PEO can assist employers in having access to quality employee benefits such as affordable and stable health insurance options. This is enhanced due to the ability to pool many employees together and negotiate better rates for them.
Covid -19 does not allow employers to do it. With a PEO, small businesses have an easy time obtaining and offering these employee benefits.
Finally, PEOs are an excellent way for small businesses to survive and thrive during the pandemic. They have many perks that make them a perfect choice for business owners. However, when choosing a PEO in Boulder, CO, look for one that offers proper expertise and comes with experience.