What Does a New York PEO Do?
The high costs of employment are just one great reason that New York employers utilize PEO services. PEOs have been one of the fastest growing business trends in the last few decades, because they reduce costs and liabilities, while giving you more time to focus on growth. Just a few of the many benefits include:
Discounted workers' compensation insurance, on a master policy with no audits or down payments.
- Affordable group healthcare and other benefits such as supplemental insurance, dental and vision, 401(k) plans and more.
- Accurate and timely payroll tax reporting, quarterly and year-end reports, garnishment withholding and direct deposit.
- HR professionals for help with everything from workplace conflicts to unemployment claims and more.
Benefits of a New York PEO Service
Professional employer organizations and many HR outsourcing providers offer Fortune 500 benefits with competitive rates that are accessible for big and small companies. Human resource professionals reduce many employment liabilities by providing assistance with safety and employee handbooks, along with proper hiring and employment procedures.
Some of the most common PEO benefits include:
- Better Medical Benefits
PEOs offer a range of life and health insurance as well as supplemental policies.
- Payroll Administration
PEOs offer payroll services that generally include paper checks, direct deposit and visa paycards. They can also assist with tax reporting and wage garnishments.
- Retirement Planning
Many PEOS offer a variety of retirement savings plans including 401(k)s.
- Compliance Enforcement
Professional HR experts offer valuable assistance on compliance and employment related issues that reduce liabilities.
- Workers’ Compensation
Pay-as-you-go New York workers' compensation insurance, with little to no money down and no annual audits at discounted rates.
- Employee Assistance Programs (EAPs)
Some PEOs will offer EAPs to help with life/family needs
Advantages of Using a PEO for New York Workers' Compensation
PEOs have many benefits, but one of the biggest lies in the master workers' compensation insurance policies for their clients. Most businesses experience immediate savings on rates, while avoiding down payments and state fees. Payroll services also provide an audit each period to ensure accuracy. Every New York PEO has specific workers' compensation classifications they can/ cannot cover mandated by their Workers' Compensation insurance policy or other carrier arrangements.
Other New York PEO Workers' Compensation Benefits Include:
- Easy certificates of insurance
- Return to work programs
- Risk management and safety programs
- OSHA/ DOL compliance
- Improved cash flow with pay-as-you go plans
- Partnerships with A rated carriers
Cost of New York PEO Services
New York PEO companies either charge a fixed percentage of your total payroll, or a flat fee per employee. All professional employment organizations charge different rates. Your rate charged will also depend on the amount and type of administrative services needed.
Save Money by Using a PEO for Your New York Employees
Working with a PEO will also save your business money. Administrative costs when using a professional employer organization range between 2%-4% of your annual payroll. This amount is much less than the average 8%-15% ( evaluated by the Small Business Administrations) when managing similar tasks in-house.
How Does the PEO Relationship Work?
The PEO becomes your "back office" partner, allowing you to outsource work that takes time and doesn't generate revenue. Also known as employee leasing, PEOs provide complete payroll administrative services, human resource and governmental compliance experts that lower your employment liabilities.
Working with a New York PEO also allows companies to use the PEO’s lower EM (experience modifier). This can be particularly beneficial to companies with prior claims issues and high experience modifiers.
Why Choose ELQ For Your PEO Needs?
For over two decades, ELQ’s experts have helped New York business owners access a PEO solution that impacted their operations. Every PEO and every business working with a PEO is different. ELQ ‘s expertise ensures your New York business is matched with the right PEO. ELQ has been researching and vetting hundreds of New York PEO providers since 2001, so you don't have to! Professional employee organizations differ in their industry preferences, employee sizes, benefits, services and of course costs. For example, one may include background checks, or pre-hire drug testing in their management fee, while another charges on an a la carte basis.
Your business is unique to any other. ELQ understands each business has specific needs and requirements that need to be met. Whether you work in construction and need relief from high New York workers compensation rates, or own a medical practice where employee benefit help is essential, ELQ can help. We know the PEO market and how to help your operations save time and money. Request a New York PEO quote today!