What Does A West Virginia PEO Service DO?
The high costs of employment are just one reason that West Virginia employers utilize a PEO provider. 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:
- Timely and accurate payroll tax reporting, quarterly and year-end reports, garnishment withholding and direct deposit.
- Lower workers' compensation insurance costs 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.
- HR professionals for help with everything from workplace conflicts to unemployment claims and more.
Benefits With A West Virginia PEO Service
Professional employer organizations offer Fortune 500 benefits with competitive rates that are accessible for big and small companies. Human resource experts 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:
- Payroll Administration
PEOs offer payroll services that include paper checks, direct deposit and visa paycards. They can also assist with tax reporting and wage garnishments.
- Better Medical Benefits
PEOs offer a wide range of health insurance options, dental, life and supplemental policies.
- 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 West Virginia workers' compensation insurance, with little to no money down and no annual audits at discounted rates.
- Employee Assistance Programs (EAPs)
Many PEOs offer EAPs to help with life/family needs
Advantages of Using a PEO for West Virginia Workers' Compensation Insurance
PEOs have many benefits, but one of the biggest lies in the master workers' compensation insurance policies for their clients. Most businesses experience an immediate savings on their rates, while avoiding down payments and state fees. Payroll services also provide a precise audit each period for accuracy. Each PEO has specific workers' compensation classifications approved by their workers' compensation insurance carrier(s).
Other West Virginia PEO Workers' Compensation Benefits Include:
- Easy certificates of insurance
- Return to work programs
- Improved cash flow with pay-as-you go plans
- Partnerships with A rated carriers
- Risk management and safety programs
- OSHA/ DOL compliance
Cost of West Virginia PEO Services
West Virginia 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 West Virginia 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 West Virginia 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 almost two decades, ELQ’s experts have helped West Virginia 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 West Virginia business is matched with the right PEO. ELQ has been researching and vetting hundreds of West Virginia 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 West Virginia 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 West Virginia PEO quote today!