Richmond PEO Service Benefits.
There are a number of great benefits when working with a PEO. Gaining more time is one of the biggest reasons. Instead of being responsible for a never ending list of governmental compliance, tax requirements and dozens of other employment administrative work, Richmond employers can focus on profit producing activities to grow their business.
Other PEO Benefits Include:
- Complete Payroll Management.
- Big Savings on Kentucky Workers' Compensation Insurance.
- Unemployment Claims Management.
- Access to High-Quality, Comprehensive Employee Benefits.
- Professional HR Support.
How Much Do PEOs Charge For Services?
Most PEO companies charge an administrative fee that averages between 2-4% of your annual payroll. Compared to in house costs of 8-15%, based on statistics from the Small Business Administration (SBA) - PEOs are a bargain! But each PEO provider is different, with unique service and benefit offerings.
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. This is just one way we can help you through the process.
How Many Businesses Use A PEO?
Currently, PEO companies work with between 156,000 and 180,000 small and mid-size businesses, employing between 2.7 and 3.4 million people.
According to a recent study by noted economist McBassi & Company.
- 98% would recommend a PEO to a small business colleague.
- 50% are less likely to go out of business.
- Experience 23%-32% less turnover.
- 70% have reported their revenues have increased since using a PEO.
- 66% reported their profitable has increased since using a PEO.
Your Richmond business is unique to any other, with different needs and we get that. Whether you work in construction and need relief from high work comp rates, or run a medical office and want to improve your employee benefits - we know the industry and who specializes in each of these services. Call today, we make the search easy to get your perfect PEO.