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Outsourcing your Business, Payroll
I’m often asked what I do, and why. So, here I am: creating a blog to tell anyone, who wishes to listen, all about the life and times in the “HR” world. [I have spent many years in the “recruiting” world which falls under the same umbrella. Recruiting is a 2-glass-of-wine conversation, which I will reserve for later]. When I say to others “I represent a PEO“, the look on their faces is absolutely priceless…I know they are thinking “A p-e-huh?”; but their PC question comes out “What, exactly, is that?”
A PEO is a Professional Employer Organization. The most understandable way to describe the PEO is this: when you work with me, you become part of the “SEP Plan” (“somebody else’s problem” plan). I literally take on your “problems”: risk, compliance, personnel, Benefits Administration, insurance, payroll, taxes, filings, training…the list is long! One study I ran across showed when organizations outsourced multiple functions (listed above) to a single vendor, they saw an average 32% stronger cost efficiency than businesses using multiple vendors (thanks to PricewaterhouseCoopersLLP for their whitepaper on the costs of HR and Payroll). What would you do with that savings? Many people are familiar with the outsourcing of Payroll, but not many people understand the tax benefits and how much risk they can avoid by bundling everything with a PEO.
Feel free to reach me with questions, comments, or anything you deem appropriate.
Related articles
- How Can I Keep Up With Employment Regulations and Health Insurance Laws? (askiyiblog.org)
- 4 Ways A Small Company Differentiated Itself From The Big Boys (forbes.com)
- The Benefits and Pitfalls of Outsourcing Human Resources, Insurance, and Payroll (thehroblog.wordpress.com)
- How To Determine If Your Business Should Outsource Its Payroll (bleedartmedia.com)
