What Is A PEO that Specializes in Elevator Companies?
A Professional Employer Organization (PEO) provides employers of elevator companies with a wide range of human resources services. Business owners enjoy more time to focus on running their business and relief from the need to stay current on employment-related laws, reports, and tax deposits.
Using these services is a simple way to handle all of the administrative work that you either handle yourself, or outsource to multiple vendors. Because the PEO all of these jobs, you have one source for all of your needs. And when you outsource your HR, you’ll also enjoy:
- Workers' Compensation Claims Administration
- Family and Medical Leave Act Administration
- Risk Management
- Direct Deposit/ Check Printing
- Complete HR Administration, including safety and regulatory compliance
- 401(k) Savings Plans
- Drug Testing
How Does A PEO Relationship Work?
When you partner with a PEO company, your elevator business enters into a co-employment relationship. This means that 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, giving you access to the PEO company's HR, compliance, benefit, payroll and tax infrastructure.
You maintain the day-to-day operations of your business without losing control of operations or employees. You are still responsible for hiring and firing, training and management of your employees.
How Much Do PEOs Cost?
Many PEO providers base their service charges on the clients gross annual payroll and that averages between 2-4%. Outside of this, some programs offer more robust benefits such as, background checks, life insurance, employee counseling services and much more.
Some include these benefits in your administrative fee, while others charge as a la carte. Understanding your business history and needs where a professional employer organization will create impact is just one of the many ways we can help.
PEO Workers' Comp Advantages for Elevator Companies
PEOs partner with thousands of businesses, so their power in work comp premium provides huge savings up front. This allows elevator business owners to take advantage of immediate savings, while accessing effective risk management services. Additionally, the PEO's pay-as-you-go program helps employers avoid down payments, policy fees and eliminate audits.
Payroll services also provide an audit each period to insure accuracy. Every PEO has specific workers' compensation classifications they can/ cannot cover mandated by their Workers' Compensation insurance policy or other carrier arrangements.
Other 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
Why Use ELQ?
Choosing a Professional Employer Organization is a big decision and we treat it that way. We listen to your needs, ask questions and create solutions that produce a positive impact on your business. You'll save the time you would spend calling dozens of PEOs and filling out countless questionnaires- we do the work for you.
We'll use our expertise and leverage to make sure you're getting the best PEO at the best price. We've been helping business owners in the elevator industry find their unique PEO solution since 2001, and we would love to help you. Call us today or fill our our online form to find out how much you could be saving!