Feast or famine the PEO advantage will be there. All businesses go through points when it seems like you are hitting every obstacle possible all at once, and others when everything falls perfectly into place and nothing can stop you. This article explains how a PEO can be a strategic partner in either situation.
See also: What is a PEO and What it Means to You
One PEO Advantage During Both Good and Bad Times
Perhaps the most important advantage a PEO offers a business owner, regardless of the state their business is in, is the ability to be completely focused on dealing with the BIG issues in front of you while not being distracted by the small ones. As a business owner using a PEO you have the ability to focus on the BIG issues while allowing the PEO to take care of all of your small issues related to payroll, tax, HR management, workers’ comp, and other compliance issues. Freeing you up to take down the big problems with better focus and continue to grow and profit. Moving from bad times to good times more quickly, or keeping the good times rolling…
The PEO Advantage During Hard Times
During hard times business owners are faced with tough decisions. How can I streamline my business? How can I do more with less? How can I be more efficient without adding to my employee headcount? As the belt tightens HR headaches are common. Either the business owner attempts to take on some of their HR administrative duties or someone else with a different job title has to wear multiple hats they shouldn’t be wearing. As mistakes are made, employees are lost, fees are assessed, the bad times become worse. They may need to slim down their benefits offerings, but they fear losing high value employees as a result. Streamlining all costs becomes an issue. They fear one small workers’ comp claim could completely sink the business. During hard times the PEO advantages are:
- Scale- Keep the same HR man power that you have always had while being able to scale your employee count
- Maintain the same safety and workers’ comp program quality that you have always enjoyed
- If you have a workers’ comp claim — we have your back. Preventing claims, processing them for best outcome, and getting workers’ back to work more quickly
- Offer big business benefits even while your business is tightening all budgets
- Protection from tax and other regulatory surprises that could make things worse quickly
The PEO Advantage During Good Times
During good times, it is all about growing quickly and strategically. HR and compliance related growing pains surface during these times. Payroll headcount may be growing at high speeds and employment and compensation compliance details could start to fall through the cracks. The business expands into a new state with completely different compensation, Workers’ comp laws and regulations that you have to navigate. Maybe you hire an in-house HR professional, but they are only familiar with one dimension of the industry and do not have the breadth of knowledge needed to handle all of the issues that your rapidly growing business is coming up against.
- Scale – A national PEO like Employers Resource can instantly scale with your business
- Pick a state you want to place new employees, we’ll get you setup with workers’ comp and make sure your compliant with employment laws – it’s that simple
- Offer better benefits to attract top talent
- Make on-boarding smooth and standard for new employees
- Expert advice concerning constantly evolving employee classification and diversification
- Payroll processing that can keep up with a rapidly growing business (and stay compliant!)
- A second pair of eyes to make sure there are no major oversights in HR that may come back to bite you later and slow growth
With a PEO you can grow quickly without the growing pains in the HR and compliance area or scale back quickly and easily without having to completely restructure and take on HR duties as a business owner yourself.