PEO stands for Professional Employer Organization, can help businesses with managing payroll-related taxes, human resources, and any other employee-related administration tasks that are needed to run a successful business. below in this article, we will cover the How to Hire a PEO Service.
With PEO companies, your business enters into a co-employment agreement, which means you both will share liabilities. You would look after your day to day business functions and growing your business, and the PEO company will look after human resource administration, benefits, and payroll processing.
The best national PEO companies to work with are focused on smaller businesses that do not have resources to HR-related administration and payroll administration. Companies that should work with a PEO are businesses that want to reduce their risk of labor costs, or offer benefits to their employees. A small business benefits the most from partnering with a PEO company, and receives the perks that larger corporations can offer.
You will spend money to work with a PEO company, and there will be saving on benefits that are offered to employees, such as health insurance. You will need to research PEO companies, and their services provided to see which companies will be the best fit for your business. Here are the steps to hiring a PEO service:
The time frame you can expect for a PEO company to set up is typically 30 days from start to finish. Usually, this is the timeline that you can expect from start to finish when onboarding your company.
PEO services charge based on employees and can range from under a hundred dollars a month per employee to thousands of dollars per year.. If you are a start-up or small business and need help with payroll compliance, tax processing, and employee benefits, a PEO company might work for you.
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