What Is a PEO?
A business designed for Florence employers to outsource work that doesn't produce income and takes time away from things that do. PEOs manage employment administrative work like payroll, tax reporting, work comp audits, compliance issues and unemployment claims to name a few. From hiring to retiring, a PEO has HR experts to help you through the employee life cycle - all for less than you could do on your own!
What Are the advantages of Working with a PEO?
You'll spend less time each week on employment paperwork, payroll and benefits management, allowing you to spend more time building your business. Plus, a PEO service provides big discounts on South Carolina work comp insurance rates, with little to no money down - and no annual audits.
How Can a PEO Help My Florence Business?
A PEO doesn't just save you time - it saves you money, protects you from a number of liabilities and boosts your productivity. Also known as employee leasing, working with a PEO has been proven to increase profitability, as a 2013 report by the research firm McBassi & Company concluded.
The results showed that small businesses that use PEOs have higher growth rates than other small businesses, experienced 10%-14% lower employee turnover than comparable companies and were 50 percent less likely to fail from one year to the next.
What Are the Costs for PEO Services?
All businesses have/pay the same five cost factors 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 Us?
We save you the time and effort from interviewing multiple PEO companies, as we've done the work for you. Since 2001, we've vetted hundreds of HR outsourcing providers from across the country - that's what we do! From trucking companies to country clubs - every business comes with it's own set of unique challenges and needs.
So whether it's outsourcing payroll services, or reducing work comp rates, there may be only one PEO that can provide the impact your Florence business needs. Call today, ask questions and get answers - we're here to help.
