How Can A PEO Help?
Many employers sight the rising cost of healthcare and increasing employment compliance laws as their biggest obstacles for business success. PEO services have been around for over 40 years and provide a number of great benefits to help in these areas including:
- Human resource help with hiring, terminations and labor law compliance.
- Unemployment claims administration.
- Safety and loss control plans.
- Complete payroll administration.
- Reduced rates on Kentucky work comp insurance with no audits or down payments.
- Affordable group healthcare and benefit plans.
What Do PEO Services Cost?
As an average, PEO companies charge an administrative fee of 2-4% of your annual payroll. For example, if your annual payroll was $500k and the PEO provider management fee was 2% - that's $10k. These services include complete payroll administration, safety and HR services, as well as management of employee benefits.
With the Small Business Administration's studies showing a range between 8-15% for managing these employment issues in-house, working with a PEO company isn't just a good deal - it's a great deal!
How Do We Get Payroll From The PEO?
Reporting payroll wages for the pay period can be done by phone, email or in many cases through the PEOs secure online portal. There’s a number of options for receiving your payroll including:
- FedEx or courier delivery of checks.
- Direct deposit or Mastercard pay cards (most popular).
- Remote check printing at your office.
There over 900 PEOs throughout the US, providing services to 175,000 small and mid-sized businesses and employing 3.7 million people. The total employment represented by the PEO 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.
As the nation's leading PEO brokerage since 2001, ELQ is the easiest way to access the right company for your operations. For 20 years, we've done the research, interviews and vetting on hundreds of PEO companies understanding their industry preferences, services and costs - so you don't have to.
Outsourcing providers vary dramatically in pricing and services, so give us call to discuss what benefits could impact your Meads business the most.