October 19 2015 / PEO Fundamentals
PEO, or a professional employer organization, provides a vast array of services that can be immensely beneficial to your business. A PEO can help your company evaluate its current situation in terms of payroll, workers compensation, employee benefits and general human resources compliance.
However, in order to select the best PEO for your company, you need to go through an extensive and often exhausting period of negotiation with different companies. Generally, an employer will have to obtain individual proposals from each PEO, as well as provide essential information such as credit backgrounds, pay rates, insurance policies and overhead costs. Apart from the obvious risks, associated with providing such sensitive and confidential information, going to the PEO on your own still does not guarantee that the selected company won’t decline your offer.
The best thing to do in this case is contact a PEO broker. Insurance agents and brokers have gotten involved in PEO, as the two fields are becoming more and more interconnected in recent years. A PEO broker is an individual that can represent many different PEOs, as well as brokers for different companies and can negotiate with PEOs on your behalf, thus greatly reducing your workload. Moreover, by going to a PEO broker you only have to provide the sensitive information, needed for a quote, to a single, carefully-selected PEO company. Most PEO brokers work in a niche that is tightly connected to the small and medium business. So, why should you consider working with one?
The main benefit of the PEO broker is that they’re familiar with the strengths and weakness of each PEO company. This means that they can make a more informed decision and connect you with the right PEO company in a much shorter period of time. Unlike most PEO companies, the PEO broker acts as an unbiased counsellor and can provide you with a more objective opinion.
Moreover, your PEO broker will generally have broader connections and already established relationships with different PEO companies. When working with a PEO broker, you’ll also experience a much more simplified and standardized process, which will save you both time and money in the long-term. Most PEO brokers will provide their clients with an RFP questionnaire that’s applicable to all PEOs. Additional benefits of working with a PEO broker include better rates, as they’re working closely with different PEO companies and are therefore able to offer you competitive prices. In fact, PEO brokers often find themselves on the verge of losing clients to a PEO, which causes them to offer better deals and offer a benefits package that you won’t be able to obtain otherwise.
So, if you’re looking to hire a PEO broker, don’t think twice! Apart from helping you find the right PEO company for you, PEO brokers can also offer you increased flexibility and greatly reduce your administrative fees. Their large network of connections and unbiased approach to comparing PEO providers ensures that you’ll find the best PEO company for your business in a much shorter period of time – and at a much more affordable price!
October 19 2015 / PEO Fundamentals
PEO, or a professional employer organization, provides a vast array of services that can be immensely beneficial to your business. A PEO can help your company evaluate its current situation in terms of payroll, workers compensation, employee benefits and general human resources compliance
October 12 2015 / PEO Definitions
Dealing with employee paperwork and administering payroll can be a challenging and stressful activity even for a seasoned entrepreneur or company’s leader. HR-related issues are amongst the largest problems a business can experience and can hinder your progress in term of growth and revenues.