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The Power of a PEO

02/15/2017

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Short on staff. Not enough flexibility in the workforce. A constantly changing marketplace. The growing demands of keeping in compliance with new human resources policies and procedures. These are just a few of the reasons companies are enlisting the services of a Professional Employer Organization (PEO) like LBMC Employment Partners. A PEO is a great business option and a powerful tool for your employees to use and future candidates to see as a big benefit. 

Why Enlist a PEO? 

A PEO can make life easier for both employees and employers. Not only can a PEO provide the most quality, compliant and up-to-date HR services, it can save you the cost of hiring a number of individuals to handle these needs in-house. 

Since PEO’s manage a large number of employees, employers who enlist the services of a PEO (and their employees) can typically:

  • Qualify for special discounts on their personal insurance (like home insurance). 
  • Save on group healthcare and benefits 
  • Be included in other benefits, such as a telehealth service

What Can a PEO Do for My Business?

From the daily management of general HR tasks to wage garnishments to efficient payroll processing, a PEO can reduce liability and offer access to certified HR professionals. A PEO also gives small businesses the ability to offer competitive 401(k) and insurance plans that are typically expected at larger companies, which can give you an advantage in recruiting top talent.

According to recent McBassi & Company research, small businesses using PEOs have seen a 7-9% growth in employment, 20-30% decrease in employee turnover rates, and are 50% less likely to fail or go out of business. With this type of growth pattern and employee retention rate, your business will save money in the long run. 

The management of employees becomes more and more complex each day. Even if you have a dedicated HR employee or staff, you can alleviate the complexities of employee management by outsourcing your non-core business functions to a PEO, while you and your team focuses on revenue-producing operations. 

Want to learn more about LBMC EP’s PEO services and whether or not it’s a good option for your business? Contact us today!

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Posted in: PEO