Why Use A PEO?
Started and still also known as employee leasing - a PEO service can be a great solution for reducing employment costs and liabilities for your West Virginia business. Some of the benefits these HR outsourcing companies provide include:
- Discounts on West Virginia work comp insurance, with no down payments, policy fees and audits.
- Complete annual payroll administration for less than you could do on your own.
- HR services for reduced employment liabilities.
- Access to affordable employee benefit plans.
- Lower unemployment tax rates due to state experience rating.
PEO Workers' Comp Insurance Costs
Savings on West Virginia work comp rates provide a great opportunity to reduce costs and improve margins. A PEOs master comp policy, enables businesses to access immediate savings, with no down payments. Plus, outsourcing payroll combined with their paygo work comp plan produces a perfect audit each pay period.
Other Benefits Provided By A PEO Company
Time, is the biggest benefit you'll appreciate when using a PEO company's services. Like most businesses, too much time is spent on work that doesn't generate a dime of revenue. Outsourcing payroll, tax reporting, employee garnishments and so much more, unloads the stress while giving you the freedom to grow.
How Much Do PEO Services Cost?
Average administrative costs average between 2-4% of annual payroll. An example would be 15 employees with $450k in annual payroll at a 2.5% administration fee, equals $11,250 for all HR services.
Because each PEO is different and unique in their offerings - just like your business. Different in services, benefits, insurances and of course pricing. We've done the vetting, made the visits and understand which clients best fit a particular PEO program.
While some specialize in construction, or transportation for savings on workers' compensation premiums - others may target medical and legal professionals to improve employee benefit offerings. Call today and see how a PEO can benefit your West Virginia business.
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