Group Planners Inc can help you find the right PEO
Top 9 reasons to consider a PEO for your business
- Reduced cost of services for HR, payroll, WC and benefits improves the company financials.
- Increased benefits for their employees may lead to better retention.
- Access to specialists helps reduce time and risk associated with HR issues.
- Increased reporting functions help analyze business efficiency.
- Human Resources Information Systems (HRIS) at a PEO allows for significant report generation to analyze costs and internal efficiencies.
- Reduced risk of non-compliance because of improved systems and procedures.
- Single source management of HR, payroll, benefits and WC reduces relationship management for the business owner and increases efficiency.
- Increased infrastructure to help small businesses expand quickly.
- Increased confidence in their HR services.
What is a PEO?
A professional employer organization (PEO) provides comprehensive HR solutions for small and mid-size businesses. Payroll, benefits, HR, tax administration, and regulatory compliance assistance are some of the many services PEOs provide to growing businesses across the country.
Small businesses that work with a PEO grow 7 to 9 percent faster, have employee turnover that is 10 to 14 percent lower employee turnover, and are 50 percent less likely to go out of business.
PEOs provide services to between 156,000 and 180,000 small and mid-sized businesses, employing between 2.7 and 3.4 million people.
The PEO industry has grown significantly. In each of the last 30 years, the industry has added, on average, roughly 100,000 worksite employees and 6,000 net new clients. For perspective, that means that every five years, the PEO industry has added the employment equivalent of the entire utilities industry in the United States.
Why do employers opt to belong to a PEO?
Through a PEO, the employees of small businesses gain access to big-business employee benefits such as: 401(k)plans; health, dental, life, and other insurance; dependent care; and other benefits they might not typically receive as employees of a small company.
Since PEO's are large employers, the businesses that join a PEO can benefit from insurance pricing as a large employer, as well as, benefits and carriers that may not be offered on the small group market.
Employers with 50-99 employees in NY are now considered small employers. Many have lost the ability to renew the plans they had prior to healthcare reform.
We are pleased to partner with many of the most admired PEO's in the business.
Please contact GPI today and speak with an advisor to see if a PEO is the right solution for your company.