For those considering whether or not to work with a PEO, thoughts usually begin with hopeful promise as they start the the research phase and descend into uneasiness about what the future looks like. When you are deciding to go with something so important for your business, the last thing you want to do is deal with a giant let down. We get it. Still, there are ways to help yourself not get to that place, even if you have no experience working with a PEO.
Buyerâ€™s remorse is such an ugly feeling. No one wants to feel like theyâ€™ve been taken for a ride by a slick salesperson who promised you sunshine and rainbows and delivered thunderstorms and tornadoes instead. How do you avoid this when it comes to a big decision like working with a PEO? Before you develop a tension headache reading PEO review sites (which are usually paid sponsorships instead of genuine reviews by the way), weâ€™ll go over a few ways to help ease the anxiety about whether or not you should be working with a PEO.
Fully Understand Co-Employment Before You Start Working With A PEO
We might as well cover the toughest concept to get over before we proceed any further. After all, this is the one that everyone gets wrong anyway. Co-employing employees sounds to too many like co-owning your business. Before you start to get a migraine over this one; itâ€™s not at all like some company now owns the rights to 50% of your company. We promise no one is going to tell you how to run your business at a PEO. What a PEO will help you with is all the HR compliance law and regulations you have to follow, whether you work with a PEO or not.
Do you know what all the local and Federal employment laws are? Most people donâ€™t but you can bet your bottom dollar there is a lawyer hired by one of your disgruntled ex-employees who does, and heâ€™ll be happy to remind you in the form of a lawsuit if you are not careful. Oh, PEOs help with nasty situations like that too. Itâ€™s called EPLI insurance and PEOs cover their customers with it. The whole point of co-employment is that a PEO shares the burden of employing your employees. Keeping you up to speed on employment law isnâ€™t just in your best interest, itâ€™s in theirs as well. Think of it as co-protection instead of invading your daily business functions.
Not All PEOs Are Perfect For Your Business
If you have done any research on PEOs you know there are lots and lots and lots of choices. Too many to be specific. Most small business owners stop right here. Their choices get too overwhelming and next thing you know they are going to â€˜get to this later.â€™ The top 5 alone are gigantic organizations that co-employ hundreds of thousands of employees every day. If they are good for all those small businesses, they must be perfect for yours, right?
You might also think that since you are using a certain payroll company for payroll processing and that has gone well that it surely will be just fine to upgrade to their PEO. Why not? Before you ask to speak to the PEO department at your favorite payroll processing company, you have to ask yourself what it is that you are looking for a PEO to do that you are currently not getting somewhere else.
Make your list of what a PEO needs to do for you and check it twice. Not all PEOs are naughty or nice. Your list of have-to-haves will be your basis for reviewing what PEOs will work for your individual business. Just because someone raves about their PEO doesnâ€™t mean it will work for you.
Work With A PEO Broker Before You Start Working With A PEO
What is a PEO broker? You can think of a PEO broker like you would think of your friendly neighborhood insurance agent. Just like working with an insurance agent helps you avoid all the time and aggravation associated with finding the right insurance carrier and policy options for you, a PEO broker like PEO Spectrum cuts through all the cloudiness of trying to do your own research and helps you get focused on which of the top 100 PEOs would be right for you to consider. Just like your insurance agent, you donâ€™t pay for a PEO broker to find you the right PEO either. The cost is free, the options are limitless and the stress is gone. Find out what PEO Spectrum can do to help you avoid buyerâ€™s remorse when working with a PEO today.