Taking care of human resource-related tasks can be difficult for small businesses. That's when a Professional Employment Organization (PEO) can help. When you partner with a PEO company, the PEO becomes a co-employer and will manage your payroll, benefits, and any other human resource needs. Under the model of co-employment, your employees are on the PEO companies' books, but are still under your management.
PEO companies provide many advantages for small business employers and their employees, and this means small businesses can offer trustworthy administrative services and health benefits to their employees at affordable prices. They also will help with payroll tax regulations, offer workplace training, provide unemployment and workers compensation insurance coverage, and many other benefits for employees.
There are a variety of benefits when you use a PEO service to grow your business. First, you need to ensure the PEO service you choose is going to be the right service for your business. Consider the following items when you are looking for a PEO company:
● An associate of the National Association of Professional Employer Organizations
● Voluntary certification program for PEOs under the IRS, or are applying for it in the future
● Financials are evaluated and approved by an objective auditor
There are many Professional Employment Organizations, and the easiest way to find the best in your state is by researching and evaluating. Search for PEO company reviews on Retire at 21. Below are recommended PEO companies for 2020:
Oasis Outsourcing
Oasis is a large PEO company that offers services in risk management, payroll processing, benefit administration, and human resources. It focuses on HR solutions, employee benefits, payroll administration, workers compensation, and growth strategy. It is a good PEO company to partner with if you are a startup business, when you partner with Oasis, you'll enter into a co-employment agreement, which means your employees will appear on Oasis' books. Essential features of Oasis is the no employee minimum, personally tailored services, and access to a designated team of experts.
Insperity
Insperity is a PEO service for small businesses and provides personalized coverage and comprehensive service options. Small businesses that partner with the company have over 3,000 training resources, payroll processing, benefits administration, HR solutions, and risk management. Insperity also offers business that it's in contract with human resources, workers compensation, human capital management, payroll, employee onboarding, government compliance, and workforce optimization. Its key features are its online training resources, tailored service options, short-term contract, and per-employee pricing.
ADP TotalSource
ADP's key features are pre-employee pricing and no long-term contract requirement. ADP is a payroll provider and human capital management company. This PEO company offers support for businesses of all sizes, where companies can find services in risk management, benefits administration, payroll, and HR outsourcing.
Two ADP TotalSource features are is its payroll services, which is employee self-service, and HR service. It also can handle company data and help plan parts of your business. The ADP is accredited by the IRS and Employer Services Assurance Corporation.
TriNet
TriNet is a good PEO company for small businesses because of its flexibility. You do not need a minimum number of employees to qualify, and you can cancel at any time, if you provide a 30- day notice, because there is no long-term contract. TriNet's key features are short-term contracts, services that will grow with your business, and personalized support.
The company is certified as a PEO by the IRS and offers a range of services, such as workers compensation, payroll, human resources support, employee benefits, retirement plan options, and employee onboarding. You get advice from experts who are knowledgeable and have specific industry expertise in HR, payroll, interests, and compliance.
The most significant need for small business is usually payroll services. TriNet offers user-friendly payroll systems, and gives you access to payroll specialists for any questions you have.
