The past few months have been like nothing our country has ever experienced. Businesses are beginning to open as owners continue to guide their business through the uncertainty that has followed the Coronavirus. If you have found yourself in this position, a Professional Employer Organization (PEO) could be a long-term asset for you and your business.
There has been no better time for businesses to work with a PEO. Small and mid-size businesses are the backbone of America. This year has brought a wave of uncertainty and hardship for many local businesses. The Novel Coronavirus may not be done with us yet, but this shouldn’t stop business owners from taking a proactive approach on the future of their business.
The future of each business looks very different. However, there are a few key areas business owners can direct their focus as they navigate their business through the post-pandemic workplace. Time is of the essence. Many business owners have enough on their plate as it is. But, when your business is at stake, dedicating time and resources cannot be avoided. This is when outsourcing to companies like PEOs become even more attractive. Business owners who work with a PEO gain the peace of mind from having a full-service Human Resource, Payroll and Benefits team in their “back office.”
How can a Professional Employer Organization help?
Keep your business in compliance. Now is not the time for businesses to run into compliance issues. Running a business means following strict policies and procedures from the time an employee is hired through their termination. These requirements are in place to protect both the employee and the employer. Protections are in place, as long as business practices are in compliance.
As if maintaining compliance wasn’t tricky enough, now business owners have to deal with the added stress of COVID-19 related compliance issues. It may sound like to much to juggle, which is when working with a PEO can have a huge impact. A PEO’s team of HR professionals can help ensure businesses stay compliant. Who better to handle the compliance side of things that a team or HR professionals?
Take care of your team. Now more than ever, employees crave access to high-quality benefits at an affordable price. Businesses that partner with a PEO gain access to fortune 500 caliber benefits at a fraction of the cost. Pre-pandemic, offering a robust suite of benefits showed employees that their potential new employer was invested in their health and well-being. Today, a rich benefit offering is even more essential. Especially to those who have been impacted by COVID-19.
A competitive benefit offering may include the following;
- Health Insurance
- Dental Insurance
- Vision Insurance
- Life Insurance
- Long-Term and Short-Term Disability Insurance
- Employee Wellness Program
- Employee Assistance Program
- 401(k) Retirement Savings Plans
- Hospital Indemnity Insurance
- Flexible Spending Accounts
- Health Savings Accounts
Give valuable time back. Time is valuable. Especially the time of those in leadership positions. When a business owner partners with a PEO, they gain access to a wealth of knowledge and support. Think of the PEO as an extension of a business’ back office. The PEO is available to assist the business with the administrative tasks of running a business. PEOs remove the burden of human resources, payroll, and benefit administration from the shoulders of the business owner.
Regaining much needed time is especially beneficial to businesses navigating their way through the post-coronavirus workplace. Business owners gain their time back and can give their business and employees the extra TLC that is needed during these unprecedented times.
Consistent and accurate payrolls. A consistent paycheck is an even bigger motivator now that many Americans are dealing with financial hardships. One of the key benefits of using a PEO is the ability to outsource payroll processing. The PEO becomes responsible for filing taxes, forwarding garnishments, managing all other deductions, and distributing checks or direct deposits. Some PEOs will also facilitate quarterly reports and filing, and finish with W-2 processing at year-end.
How is this possible?
The unique relationship between a PEO and a business owner is based on the co-employment relationship. This unique relationship is formed between the PEO, the business owner, and their employees.
- The Business Owner maintains the day to day control of decisions and operations. Business owners continue to own their business. That never changes.
- Employees gain access to high-quality benefits often at a more affordable price point. This is an added benefit that is not always available to employees of small and mid-sized businesses.
- The Professional Employer Organization becomes the employer of record for tax and benefits purposes. The PEO is trusted with keeping the business compliant with laws and regulations.
Your next strategic business move.
PEOs give business owners access to one source for their business needs. Outsourcing is made simple by bundling business services into a single PEO package. With a PEO, the hassle of coordinating two or more third-party outsourcing companies is a worry of the past. Business owners can focus on their core business, with peace of mind knowing the PEO is taking care of the administration, HR, payroll, and benefits administration. The PEO is there to lend a helping hand to the business owner and their team every step of the way.
Iowans Helping Iowans.
Focus OneSource is Iowa’s premier Professional Employer Organization. Our team is on a mission to help local Iowa businesses grow and succeed. We help our fellow Iowa businesses increase productivity and profitability through our PEO and a la carte services.
We understand the PEO model may not be the right fit for every business. As we notice changes in local business trends, we adapt. Focus OneSource is happy to offer our valued customers the ability to pick and choose the services that have the best fit with their unique business needs. Focus OneSource has local businesses covered from being the broker of record to the full-service PEO, and everything in between.
With Focus OneSource, not only do business owners gain access to large company benefits and support, but a trusted business partner.