When businesses begin to grow, they have more needs. Meeting the needs of a business means providing more resources, but first, you will have to identify what resources are needed. Providing the wrong resources will do more damage to the business than good as it can draw away from core competencies and divide your team’s attention.
Trying to identify the needs of the business is even more difficult when you are on the inside looking out. You need the unbiased and knowledgeable guidance of a PEO broker who will help you to form a partnership that will complete your business.
A PEO Could Be the Resource Your Business Needs
An Oklahoma City professional employer organization, or PEO, is a company that specializes in human resources and employee management. Depending on the needs of your company and the PEO that you choose to partner with there are a variety of tasks and duties that can be outsourced to them. Your partnership contract will state exactly who is responsible for what, but the PEO can handle one or more of these tasks.
Compliance with State and Federal Regulations
These professionals stay up to speed on the latest developments and changes to the laws and regulations that matter most to Oklahoma City employers and employees. Having your PEO contracted to handle compliance issues means you do not need to have a full-time in-house compliance department. Their services may not be used daily in your industry but they will be of great value when needed.
Labor laws and worker’s compensation laws are complex and variable. Having employees who focus purely on this aspect of the business can be beneficial in many industries but it is costly. Outsourcing these tasks can free up resources in-house.
Employee Payroll
For very small-scale businesses it is common to try to take on the tasks of a payroll department on your own. As the size of your business and your number of employees grows, these tasks quickly become much more complex. You must make decisions about how you pay and how often, and of course, you must not forget the taxes that must be paid.
A PEO can handle as much or as little as you decide. Payroll tasks that can be outsourced include time and attendance tracking, employment taxes, and management of expenses.
Benefits Packages
Employee benefits should not be overlooked as a source of adding value to your business. When employees receive benefits they are more likely to be happy with their job and they are much more likely to stay.
Employee benefits can be distributed or if needed, the PEO can create a benefits package that can include 401k plans, insurance coverage, bonuses, and vacation time.
Human Resources
The duties and tasks that are handled by the human resources department can be very different from one company to the next. The human resources capabilities offered by a PEO can vary widely also. This is why it is so important to thoroughly identify the business needs, it allows you to choose a PEO that fits just right.
Human resources tasks that PEO often handles include employee management, recruiting, hiring, onboarding, and training. They can define job descriptions and can also handle employee termination when needed.
The PEO You Choose Can Make a Big Difference
The options that are available from a PEO can go on and on. Your task is to decide which tasks and duties will best serve your business’s needs. This can prove to be an impossible task if you are focused on perfection instead of focusing on the bigger picture and the company as a whole.
When people try to evaluate themselves or something of theirs they tend to be so critical of the smallest things that they miss the big obvious signs pointing them in a different direction. There are many PEO firms now that all operate in various capacities and specialize in professionals for different areas of the business.
PEO Brokerage Firm Evaluation
When you need to make decisions about growth or other issues that can alter the direction of the company so dramatically you must have good sound information from people that you trust. It is also very important for you to have a completely unbiased point of view to see things as clearly as possible. That is where a PEO brokerage firm can benefit your company most.
How It Works
When you contact NetPEO we will set you up with a free evaluation of your business’s needs. Once we have considered every aspect of your company’s organization and structure and the resources at your disposal we will be prepared to advise you on what PEO your business can partner well with.
When You Should Consider Partnering with a PEO
Many companies will find that they are trying to fill too many positions at the same time, or trying to manipulate a few employees into too many job codes. Anytime employees seem to be generally unhappy in their jobs and the work they are paid to do, it is going to slow your business’s growth potential. Employees who are stretched too thin or whose attention is divided can be quite damaging to the business.
Is a PEO Responsible for Paying Your Business and Employment Taxes for Your Company?
This answer can be found in your partnership agreement which will determine which tasks and duties are the responsibility of the PEO. It is important to note that not all PEO are created equally. A CPEO, or certified PEO, is recognized for completing the accreditation process to become certified which attempts to ensure that both legal and ethical boundaries will be identified and observed.
Once a CPEO they are then held legally liable for all employment taxes of their clients. The CPEO will be held accountable by the IRS for mistakes, penalties, and lawsuits. NetPEO only works with CPEO.
NetPEO Wants to Be Your Oklahoma City PEO Broker
NetPEO is not a PEO, but a PEO broker. We provide employee payroll services, but our goal is to provide you with a sound business analysis and then connect you with the resources that your business needs most. Once the business analysis is complete we will discuss the findings and what those findings mean. We will work with you to select the PEO that aligns best with your business in the present and in the future.
Contact NetPEO today and schedule a free consultation on what we can do for your business as your Oklahoma City PEO brokerage firm.
