What is a PEO and Why Should You Work with One?
- August 18, 2021
- PEO, Guidance, Growth, Relationship, Expert, Advice
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A Professional Employer Organization (PEO) provides comprehensive human resources solutions for small and mid-size businesses. If you are a business owner, chances are you need expert advice and guidance when it comes to employee payroll, benefits, tax administration, and regulatory compliance - especially these days! Trending human resource topics such as security, employee engagement, managing a remote workforce, and crisis preparation are not tasks you need to take on alone, and developing a relationship with a local PEO is a step in the right direction.
A PEO is more than a partner, and the right PEO will positively impact your bottom line. According to the National Association of Professional Employer Organizations (NAPEO), "small businesses that work with a PEO grow 7% to 9% faster, have employee turnover that is 10% to 14% lower and are 50% less likely to go out of business. The return on investment of using a PEO, in costs savings alone is 27.3%". Businesses focused on productivity and profitability greatly benefit from engaging a PEO.
Small to mid-size businesses benefit from a PEO's connections and relationships, allowing access to large-business employee benefits like 401(k) plans, medical, dental, and more moving a business into a more competitive space when attracting top talent.
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