Trying to find affordable health insurance as a small business is no easy task. Many a small business owner has spent too many hours combing the Internet in search of a solution that both meets the needs of their employees and doesnâ€™t blow the budget. PEOs are a great way to succeed in this challenge as a number of satisfied entrepreneurs can tell you. Did you know there are other ways PEOs offer small businesses opportunities to compete with larger companies in the search for great candidates?
Too many small business owners start interviews with apologies to candidates over the lack of benefits they are able to offer as a fledgling company trying to grow. What they donâ€™t know is that PEOs offer small businesses the kinds of things that their candidates want and at prices that really are affordable. Weâ€™ll take a look at the 3 main ones in hopes it leaves you feeling better about what the possibilities are for your business.
PEOs Offer Small Businesses Help With Payroll And Payroll Taxes
Do you like processing payroll every week? Trying to figure out how to tax everything and pay it accordingly is a full-time job all by itself. Most entrepreneurs are working 70 hours or more a week just trying to keep up with their growing business. Unless your business is offering accounting services, chances are the task of payroll and payroll taxes is daunting.
PEOs offer small businesses a full service of payroll processing and payroll tax payments so entrepreneurs can focus on what they do, rather than sweating over how to pay their employees. Since PEOs deduct payroll tax and make payroll tax payments to the IRS on behalf of their clients, payroll is done on time and without worry over calls from Uncle Sam. Who wouldnâ€™t love to have that off their plate?
PEOs Help Entrepreneurs Have Piece Of Mind Over Human Resources Management
The second largest headache entrepreneurs have in running their own business is Human Resources. To be sure, staying compliant with local, state, and Federal laws over employment is challenging. Laws change. How are you making sure that you are keeping up? Whether or not you stay on top of employment laws is irrelevant. The government holds small business owners responsible for their compliance whether they stay informed or not.
PEOs help small businesses by taking over their human resources management for them so they donâ€™t have to lose sleep over it. Since PEOs co-employ their clientsâ€™ employees they have an equal partnership in making sure employment law compliance is running smoothly. No one wants to face litigation over employment law. PEOs help entrepreneurs make sure they donâ€™t have to unnecessarily.
PEOs Can Allow Small Businesses Opportunities To Offer Benefits Packages That Matter To Quality Candidates
Are you able to offer retirement packages to your employees as a small business? There arenâ€™t many entrepreneurs who can. When candidates lob questions about health insurance, retirement plans, and other benefits across the conference table the panic starts. When you work with a PEO you donâ€™t have to get that familiar knot in your stomach over disappointing responses to the candidates you want to work for you. With a PEO, you can be confident that your benefits packages will squarely compete with your largest competitors.
When your business is small, hiring the best people matters the most. With the unemployment rate being the lowest it has been in years, you canâ€™t afford to place your ad for candidates without the right things to attract them. You canâ€™t hire the kinds of candidates you want if you canâ€™t offer them what they need to accept your offer or stay in the position you hired them for. Donâ€™t lose great people to competitors who woo candidates with better benefits. A PEO can get you what employees need to stay and what you require to be able to hire them in the first place.
How Do I Find The Right PEO For My Small Business?
Now that you are convinced that a PEO is the vehicle you need to get you better candidates for growing your business, how do you know which ones are the right ones for you to work with? How do you know you are getting the best rates for what you need? You could spend a lot of time over the next few weeks on Google trying to read websites and find reviews on the top 100 PEOs in the U.S. or you can work with a PEO broker like PEO Spectrum.
You have to decide if you want to spend a few weekends looking up PEOs or just 20 minutes on the phone with a PEO broker so they can find you the best 3 to choose from. Best yet, working with PEO Spectrum is free. Better candidates, great benefits and the right choices presented at no cost to you. The choice is clear.