What Is A PEO?
Professional Employer Organizations (PEOs), have been reducing business costs for decades. One of the biggest reasons is because they eliminate payroll, paperwork and compliance issues. PEOs allow you to focus on work that makes money, versus work that doesn't. Using a PEO costs less than you can do on your own with great benefits.
- Huge savings on workers' compensation insurance rates
- Complete payroll management
- Access to great employee benefit programs
- No workers' compensation audits
- Unemployment insurance claim management
Workers' Compensation Savings With A PEO
Obtaining workers' compensation insurance at reasonable rates is one of the biggest challenges for en employer in the structural steel industry. Thankfully, PEO companies can help. These programs improve your cash flow by reducing or eliminating the down payments that are usually required with the purchase of workers' comp insurance. Plus, depending on the size of your business, your premiums may be paid on a pay-as-you-go pay basis.
More Ways a PEO Can Help with Work Comp:
- Providing discounted workers' compensation premiums by negotiating competitive programs with insurance providers
- Resolve claims efficiently
- Risk management and safety programs to prevent injuries
- Implement a return-to-work program
- OSHA compliance
How Much Does A PEO Cost?
PEOs charge an administrative fee based on your annual payroll, that averages between 2-4%. Compared with in house costs of 8-15%, based on a Small Business Administration (SBA) statistic - PEOs are a bargain! But each provider is different, with unique service and benefit cost offerings. This is just one way we help you through the process.
What Do Employers Say About Using A PEO?
PEO services first started in the 1970s, and millions of employees are covered under a PEO company. According to the National Association of Professional Employer Organizations (NAPEO), employers say they have:
- Competitive benefits and health insurance. PEOs leverage their purchasing power to negotiate more affordable benefits and insurance offerings.
- Greater return on investment. Employers see an average annual ROI of 27.2% when using a PEO.
- Faster growth rate. Businesses who use a PEO grow 7-9% faster and are 50% less likely to go out of business.
- Greater employee retention. Businesses in a PEO arrangement have 10-14% less turnover.
Why Choose ELQ?
Our team has been in the PEO industry since 2001 and we know the industry top to bottom. We'll be your best resource to provide a company that can best help your unique situation.
PEOs are different in their specialties, terms and pricing- and we save you the time and effort required to interview each one. Plus, our negotiation and leverage in the industry ensure you get the BEST pricing. Give us a call and let's find out how your business can benefit.