If you are a business owner, you may be familiar with the term “PEO” but not know what it is and how it could help your business. A Professional Employer Organization (PEO) is an organization that provides businesses with outsourced services such as payroll, benefits administration, and human resources management. A PEO provider can help companies to save time and money by streamlining processes and removing administrative burdens. Learn more about PEO providers and their services.
What is a PEO Provider?
A PEO provider, like Concurrent HRO, is a Professional Employer Organization that provides various HR-related services to small and medium-sized businesses. These services include payroll processing, benefits administration, workers’ compensation insurance, and compliance with labor laws.
PEOs allow businesses to outsource the management of HR functions, freeing up time and resources that can be better spent on other aspects of the company. PEO providers typically have a team of experts who are well-versed in HR, which helps businesses avoid costly mistakes and compliance concerns with ever-changing regulations.
There are many different PEO providers, so research is essential to find one that best fits your business’s needs. Be sure to ask about pricing, service offerings, and customer satisfaction rates before making your final decision.
What Services do PEO Providers Offer?
A PEO can help you with all aspects of your business, from payroll and HR services to insurance and accounting. The more you work with a PEO, the more you will be able to customize your plan to fit your needs.
Here’s what some of their most popular services include:
- Payroll management: With a payroll service provider, you will no longer have to worry about keeping up with employee paychecks or balancing the books.
- Employee benefits administration: You may already offer health insurance to your employees through a group plan or an individual policy. If not, this is one of the most popular services provided by a PEO. Your company can enroll employees in their employer-sponsored health care plan while saving money on administrative costs.
- Employee training and development programs In addition to offering training on new skills, a PEO offers resources to find qualified applicants for open positions across departments within your company. With expert HR professionals, they will provide your company with all your HR needs to support any in-house HR staff.
A PEO can provide a company with cost savings, improved compliance, and better company efficiency. By outsourcing these activities to a third-party provider, your company will reduce costs while still providing quality service for customers.
Contact us at Concurrent HRO today if you are considering using a PEO provider.