Running a small business takes a lot of work on its own, let alone running a business during a pandemic. Enter COVID-19. Now, things become particularly complicated. You may have already been struggling to find the time and resources to handle HR and accounting tasks. Now, with a COVID-related decrease in income, you may find it impossible.
The good news is that help is out there in the form of a professional employer organization (PEO). A PEO can provide your small business with the support it needs not only to survive but to flourish during difficult times. A PEO can help you manage both your business and your employees. This takes some of the strain off you – a respite every small business owner can use.
If you are interested in learning more about a partnership with a PEO, connect with our NetPEO broker team. Call us at (678) 376-1212 for more information.
Why You Should Consider a PEO Partnership
Our clients often express their surprise upon partnering with NetPEO. They are amazed to discover just how many HR outsourcing solutions are available to them. We are excited to provide this help to small businesses during and after the COVID-19 crisis.
Below are some of the benefits you can enjoy from a partnership with a PEO – no matter what else is happening in the world.
We Get You Current
Right now, the last thing you want to worry about is whether your business is current with state and federal labor laws. However, it is still important that you are up to date with both. The failure to comply can cost you tens of thousands of dollars in penalties and fines.
When you partner with a PEO, the PEO takes on those responsibilities for you. Our HR professionals make sure your business is current with every applicable regulation.
Improved Benefit Packages
You may not be looking to hire anyone new right now, but that will change. When you do, you will want to ensure you have a competitive benefits package for your new hires. Similarly, you are also more likely to retain current employees if you improve the benefits package you offer.
Small businesses often bear the brunt of higher insurance premiums. This is because insurance companies price their group health plans based on the number of employees who take advantage of the plan.
A PEO can ease this burden by helping your employees count toward the PEO’s health insurance group. We also add in employees of partnered businesses. This results in a larger group taking advantage of the policy, which lowers the premium while giving your employees better insurance. It’s a win-win for everybody.
To sweeten the deal, your employees may also be able to enjoy retirement benefits with a PEO. You may not have been able to afford to give them these benefits before partnering with a PEO.
A PEO can also cover workers’ comp insurance and manage the related claims for you. This saves you a lot of time and energy so that you can focus on more important matters.
Extra Time
It may not make sense for your business to have a separate HR department. Or, you may have had to lay off HR employees when COVID struck.
So, who handles the HR responsibilities when you are unable to do so? Some businesses delegate their HR responsibilities to their employees, but this is not always efficient. This can take employees away from their other responsibilities, which can negatively and significantly impact your business.
In fact, 40% of businesses report spending over 80 hours a year managing their payroll and taxes. That is a lot of time to take away from the day-to-day needs of your business. Hiring a PEO to handle these responsibilities for you can help you reclaim that time and use it to handle more pressing matters – something crucial when you are working with a skeleton crew.
Finding the Right PEO with NetPEO
Finding the right PEO for your business can be a difficult task. There are about 1,000 PEOs in the U.S. as of this writing, and the first few you find may not offer the kinds of services you need, or they may be out of your budget.
You can’t spend a lot of time researching PEOs or your business will suffer, which is the whole point of searching for a PEO in the first place. How do you find the right PEO for your business without losing resources in the meantime?
This is where NetPEO comes in. We take the stress out of finding your new PEO by handling the search for you. Our PEO brokers have the training and experience necessary to match the right HR outsourcing solution to your business.
Our job doesn’t stop there. Once you select a PEO, NetPEO will check in with you to make sure your partnership is working. After all, you may think a PEO is a great match, only to discover later that it is not. If you encounter a problem with the PEO you select, we will work with you to help you find a solution – even if that means helping you find and partner with a new PEO.
For a free analysis, call NetPEO at (678) 376-1212, or enter your contact information in the form to the right. Let us show you the impossible and help your business thrive – even in these post-COVID times!
