Starting a small business was challenging enough without even thinking about all the problems and tasks you would have to focus o
n to keep your business running smoothly. You started slowly growing but soon realized that the HR side of your business took a lot more of your time than you expected.
Many small business owners work up to 50 hours a week, and many of those hours are spent focused on HR tasks rather than working on the growth and structure of small businesses. With the help of a PEO, you could save time and money, allowing you to focus on your business, your employees, and help everything run smoothly.
At Rittenhouse Benefits LLC, we offer PEO services to help your business thrive and grow without you having to worry about your HR tasks. A PEO, or Professional Employer Organization, is an HR outsourcing options for small business to help them grow.
PEO programs will deliver:
- Outsourced Human Resources
- Payroll
- Employee Taxes
- Quarterly Reports
- Claim Management
- Employer Practices Liability Insurance
- Employee Benefits and Benefits Administration
- Workers’ Compensation Coverage
With these HR priorities being taken care of, you will have more time focusing on the needs of your business. Don’t get caught up in your HR department, this will cause your company to suffer in other areas that require your attention.
But what other benefits can a PEO provide to your company and employees?
A PEO can actually help your business grow, succeed, and keep employees. NAPEO states that in a study done by Laurie Bassi and Dan McMurrer, small businesses using a PEO generally grow about 7 to 9 percent faster than those business that don’t. They also found that the employee turnover rate was 10 to 14 percent lower when companies used PEOs and these businesses were 50 percent less likely to fail.
The employee turnover rate is most likely lower with PEO businesses because they get better and less expensive benefits. PEOs are able to offer these better benefits because they get group rates and can give your employees health benefits with lower premiums, by at least 10 to 15 percent. The benefits that PEO can offer to your employees generally include:
- Health care
- Dental
- Vision
- Long- and short-term disability
- Life insurance
- 401(k)
- Section 125
- COBRA compliance
PEOs work for small businesses because they allow employees to appreciate better benefits, owners to spend more time working on their business and helping it grow, and help the business to thrive. If you are not sure if a PEO is right for you business, take a look at the infographic. It describes why you should use one, why they are beneficial, and how they can help both you and your employees.
While this type of transition is hard, it could help your business thrive in the end. Starting your own business was hard enough—running your business with constant HR problems and worries is even more challenging. Give someone else responsibility over your HR department, lose no control over your business, and watch your small business become something big. For more questions about PEO and your business, contact Rittenhouse Benefits LLC. contact Rittenhouse Benefits LLC.