How Can a PEO Help Your Business?
PEO services, also known as "employee leasing" have been helping Lewiston companies for almost 40 years now, offering the following benefits:
- Big savings on Maine workers' compensation insurance, with little to no money down and no audits!
- Payroll outsourcing for less than in-house costs.
- Professional HR help for everyday employment issues.
- Access to great employee benefits options like group healthcare, vision, dental and 401(k) plans.
How Many Businesses Use a PEO?
There are currently over 900 PEO services in the US, serving 175,000 small and mid-sized businesses, employing 3.7 million people.
PEO Advantages for Business
Having more to time to focus on growth and revenue producing opportunities is the biggest advantage when using a PEO. But, there are a number of other great ways that a PEO company can money back into your business. For starters, the average savings on Maine workers' comp premiums is almost 20% on a PEOs master work comp policy.
Plus, many providers offer discounted state unemployment rates (suta), saving employers thousands of dollars in taxes. Zero setup fees on company 401k plans, benefits administration, safety meetings and much more make utilizing a PEO a bargain.
What's on a PEOs Proposal?
All businesses have/pay the same five cost factors (as a minimum) below when having employees. The right PEO can save you thousands of dollars on workers' comp insurance premiums, and time saved outsourcing payroll administration.
- FICA: Federal Insurance Contributions Act (FICA) is a Federal payroll tax imposed on both employees and employers to fund Social Security and Medicare.
- FUTA: The Federal Unemployment Tax Act (FUTA) tax is a payroll or employment tax paid solely by the employer.
- SUTA: The State Unemployment Tax Act (SUTA) is also a payroll tax paid by the employer and set by each state.
- Workers’ Comp: Insurance providing wage replacement and medical benefits to employees injured in the course of employment.
- Administration: Accurate and timely payment of wages along with dozens of other responsibilities.
Why Choose ELQ?
As a nationwide PEO brokerage since 2001, we've done the vetting and research for you - that's what we do! Understanding their differences in pricing, services and benefits is just one of the many ways we help our customers access the RIGHT PEO partner. Give us a call, ask questions and find out how your Lewiston operations will benefit.