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What is a Professional Employer Organization?
A professional employer organization (PEO) is a firm that enables employers to outsource many of their HR responsibilities including:
Employee Benefits Administration
By partnering with a PEO, business owners worry less about HR tasks and can focus all of their attention on growing their company – all while reducing HR costs.
Hear from Shawn Orenstein, CEO of Kistler Tiffany Benefits, as he discusses PEO and the value they can provide to business owners.
Why Choose PEO Services?
PEOs help their clients streamline their HR and enhance employee benefit offerings, helping to overcome recruiting and retention difficulties.
Additionally, employers can save on HR and healthcare costs through a PEO partnership. A report from the National Association of Professional Employer Organizations (NAPEO) showed that PEO clients can save 35% on HR administration costs.
But this isn’t the only benefit to working with a PEO:
A PEO can help small businesses grow 7% to 9% faster
Partnering with a PEO lowers employee turnover by 10% to 14%
Stay in Business
Small and midsize companies using a PEO are 50% less likely to go out of business
66% of PEO clients report increased profitability
PEO Client Profile
According to NAPEO, the average size PEO client has around 23 full-time employees. But this isn’t the only characteristic that determines if a company can benefit from PEO services:
1) Number of Full-Time Employees
Different sized companies work with PEOs – from startup companies with as few as 1 full-time employee to medium-sized employers with upwards of 1,000 employees.
2) Growth Goals and Strategies
Working with a PEO allows owners and leaders to focus solely on growing their business instead of on HR administration tasks. Employers who are growing or want to grow can benefit the most from these services.
3) Employee Benefit Improvements
Businesses that work with PEOs are able to offer their employees the same quantity and quality of benefits as Fortune-500 organizations. Enhancing employee benefits helps to improve retention and recruiting efforts.
Services Offered by PEOs
Below are a few of the services and products most commonly offered by professional employer organizations:
- HR Management
- Payroll and Tax Services
- Training and Development
- Performance Management
- Recruiting Services
- Time and Attendance
Employee Benefit Services
- Tailored Health Insurance Benefits
- Dental and Vision Benefits
- Life and Disability
- 401(k) and Other Savings Plans
- Voluntary Benefits
- Complimentary Benefits
Risk Management & Compliance Services
- Workers’ Compensation Management
- Workplace Safety
- ACA Compliance
- Leave of Absence Management
- I-9 Verification
- OSHA Support
- Employee Policies and Notifications
- Return-to-Work Programs
- Employee Handbook Assistance