What Services Are Provided by an Idaho PEO?
A Professional Employer Organization (PEO) is a service commonly used by small to mid-sized business looking to outsource their employment administrative work and reduce business costs. 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 PEO. 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 the PEO helps to avoid penalties, fines or additional costs.
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.
You maintain the day-to-day operations of your business without losing control of your business.
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 ELQ?
Our team has been in the PEO industry since 2001 and are experts in the HR outsourcing market. We understand that PEOs are all different, and offer varied benefits and options. Their pricing can differ dramatically as well.
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 best possible price. What you can save depends on your current situation, so call us today to see how we can help.
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