Saturday, May 12, 2007

What are PEOs and how you can benefit from them

What is PEO?
PEO stands for Professional Employer Organization. It is also known by it's other name: Employee Leasing Companies. They are in the business of helping other businesses with payroll processing to staffing. PEOs are full pledge HR department.

A general overview of what PEOs offer businesses:
  • Payroll outsourcing and processing
  • Workers compensation
  • Governmental compliance outsourcing
  • Employee benefits and savings
  • Financial savings plans, 401K plans...
  • Small business group health insurance plans
  • HR outsourcing and human resource assistance
Why do businesses need PEOs?
PEOs get the job done fast, efficient and economical. PEOs handle the issues with employees leaving businesses to concentrate on running the revenue generation part of the business. No more worrying about workers compensation, for instance. But how does it work? Here's a good outline of how workers compensation is handled by PEOs from Get PEO Quotes website:

  • Improves Cash Flow: Most PEO's require no down payment or upfront cost to cover workers compensation premiums. This also eliminates the year end audit since you are on a pay-as-you go plan. No Surprises at years end!
  • Sharing the risks: By pooling your employees with thousands of other employees your company is able to share in the economies of scale. Imagine the buying power of a 25,000 employee company to yours.
  • Loss Prevention: Employee leasing companies have a vested interest in keeping your employees safe. They are very proactive in helping your company run a safer workplace to help reduce claims therefore, costs as well. Most PEO's have in-house safety engineers to assist you in making yours a safe workplace.
  • Certificates of insurance: In the event that your company needs a workers compensation certificate of insurance, they're just a call away. Most employee leasing companies have the ability to turn those valuable workers compensation certificates around quickly.
  • Extended Limits: Higher numbers of employees means higher limits of workers compensation coverage, adding another measure of security for your company.
  • Claims Administration: In the event of an "on the job" accident, simply call the number provided by the PEO and they take it from there. The PEO will make sure your employee gets the rapid quality care they need with helping them get back to work quickly.


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