What Services Are Provided by an Idaho Professional Employer Organization?
A Professional Employer Organization (PEO) is a service commonly used by small to mid-sized business looking to outsource their Human Resources and provide benefits to their employees. The relationship between a client company and a PEO is called co-employment, and enables the PEO to provide important advantages for the company partnering with them.
- Complete Payroll Processing
- Payroll Tax Filing
- Workers' Compensation Administration
- Employee Benefit Administration
- Unemployment Administration
- Risk Management
Why Use a PEO Provider?
There are many advantages to using a Professional Employer Organization. One of the biggest benefits is allowing the PEO's trained HR professionals to fully perform the payroll and human resource tasks that usually fall to the business owner. This frees up the time it takes to handle these issues, allowing the employer to focus on growing his/her business.
PEOs use these experts to keep your company on top of the tremendous number of changes in labor laws, regulations and health care. These changes happen every year, and if the necessary actions are not applied, the company may face penalties or additional costs. Until your company reaches a size that allows for a full-time HR professional, enlisting a PEO is a cost-effective alternative.
How Does an Idaho PEO Company Work?
The PEO assumes parts of your employer responsibilities, such as tax remittance, payroll processing and benefits administration. Your employees become co-employed by both you and the PEO, giving you access to the PEO company's HR, compliance, benefit, payroll and tax infrastructure.
You maintain the day-to-day operations of your business without losing control of your business. You are still responsible for hiring and firing, training and management of your employees.
The co-employment relationship between a PEO provider and an employer means they have a shared responsibility to face many types of threats. This is a great way to reduce the impact of regulation changes and compliance requirements.
Additionally, the risks of employee health insurance and workers' compensation are significantly reduced from rising dramatically. PEOs manage this risk internally and underwrite companies for appropriate fit into pools that reduce risk while screening out companies that might increase this risk.
Get Lower Work Comp Rates with a PEO Service
PEOs help reduce workers' compensation insurance costs by utilizing their size to achieve economies of scale. Most PEO will have insurance with the large, nationwide workers' compensation insurance companies and can provide their clients with saving of up to 40% off state rates.
PEOs also improve the employer's cash flow by eliminating down payments that are commonly required with the purchase of workers' compensation insurance. Depending on the size of the employer, the PEO may allow the employer to pay work comp premiums on a monthly basis similar to a Pay As You Go program provided by some work comp insurers.
Employers with a high experience modification factor because of accidents or claims find relief with a PEO provider because the employer takes on the E-mod of the PEO.
Why Choose Employee Leasing Quotes?
Our team has been in the PEO industry since 2001 and are experts on everything concerning Professional Employer Organizations. We understand that PEOs are all different, and offer varied benefits and options. Their pricing can differ dramatically.
Finding the PEO that best fits your business takes time and research. When you use our expertise, you can rest assured you are getting the highest quality PEO services at the lowest cost. What you can save depends on your current situation, so call us today to see what we can do to help your business.