How Do PEO Services Help Employers?
Professional Employer Organizations (PEOs) take employee paperwork out of your hands so you can focus on running your Louisville business. Tasks like payroll, employment compliance, risk management and more can drain you of the valuable time you need to keep your operation moving forward.
PEO Benefits Include:
- Big discounts on Kentucky workers' comp insurance, with a no money down, pay-as-you-go plan.
- Access to affordable employee benefit plans like healthcare, dental and vision.
- Payroll services, including tax deposits, quarterly and year-end reports, wage garnishments and so much more.
- Answers to employment related issues from the PEO company's HR service team for a fraction of the cost of hiring.
How Many Businesses Use a PEO?
PEOs provide services to 175,000 small and mid-sized businesses, employing 3.7 million people. With over 907 PEOs in the United States, the total employment represented by the industry is roughly the same as the combined number of employees for Walmart (United States only), Amazon, IBM, FedEx, Starbucks, AT&T, Wells Fargo, Apple, and Google.
What Costs Are Involved?
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 Choose ELQ?
Our team has been in the Employee Leasing PEO industry since 2001, and we're experts in our field. We'll be your best resource to provide a company to best fit your Louisville business. PEOs are different in their services, benefits and pricing. We save you the time required to interview each one as we've done the vetting and research for you - that's what we do!
Give us call and get answers to your questions - we're here to help. We pride ourselves on providing the best customer service in the industry. Read our success stories and start saving time and money today.
