As a small business owner, you have a lot to keep track of. Some of these items are critical to be kept in-house, while others may be able to get outsourced to free up your team to focus on the tasks which are most essential to the growth of your business. While HR matters may be easily handled by your team at first, your company may eventually experience enough growth to where this becomes a sensible area to outsource.
Partnering with a professional employer organization (PEO) is an easy way to ensure your HR matters are handled correctly without tying up valuable in-house resources on these tasks. For many small businesses, a PEO company can provide the HR support that is typically only possible at large companies. You can experience a wide range of benefits, including:
While you can reap a wide range of benefits from working with a PTO company, it’s crucial that you choose the right partner. If your PEO company isn’t the right fit for your company culture or isn’t financially stable, it can have a devastating impact on your business. For this reason, you should always spend time researching your options and carefully evaluating any potential PEO companies prior to working with them.
The following steps will help ensure you get this important decision right.
Reputable, high quality PEO companies complete a variety of state and federal licensing and accreditation. When researching a PEO firm, check for the following:
It’s always a good idea to ask for references anytime you partner with another company. This will give you a sense of the level of service you can expect to receive. Ask for the contact information of several current clients you can use as a reference. Make sure this list includes both newer clients and long-term clients. This will give you a sense of what to expect when you first start working with the PEO company as well as how this relationship develops over time.
Some potential questions to ask these references include:
Spend some time looking into the PEO’s history and background to get a better understanding of how they will align with the culture you’ve established at your company. Some items to research include:
Some PEO companies focus on specific areas, such as payroll management or employee benefits. Others provide more comprehensive HR consulting services that can address a wide range of needs. Make sure you choose a PEO company whose breadth of services aligns with your specific needs.
Your PEO company will be responsible for accounting tasks and managing financial packages such as retirement plans. Researching the financials of the company is an important step to limit your risk of choosing a company that may not be financially viable long term.
Check the following:
PassioHR is a full service PEO company dedicated to helping your business grow and thrive. Our unique Elevated Engagement Plus® Approach is focused on enabling you to create a more successful and inspired organization. We accomplish this by taking the time to understand the unique needs of your business, your overarching goals and the company culture you’ve created. This information helps us create a custom program to achieve the ongoing growth and success you desire.
With a broad spectrum of PEO services, you can choose the specific items most critical to your success. We can assist you with all of the following:
Contact us today to find out how PassioHR can help your business.
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