Your business has moved past the startup phase and its finally growing. You’re ready to take take it to a new level, but how? How do you attract more customers? Hire more skilled workers? Compete with larger companies in new markets? When you’re in the middle of running a business, how do you step back and plan for growth?
A PEO is an expert in Human Resources and can be a valuable partner to help a business grow.
Research shows there is an economic advantage to partnering with a PEO. According to a recent study, 70 percent of companies that use a PEO report revenue growth twice that of comparable non-PEO firms. And a recent National Association of Professional Employer Organization (NAPEO) study found that the ROI for PEO clients—based on cost savings alone—is 27.2 % per year.
In addition, the study found:
Here are a few areas where a PEO adds value.
How can you take care of your employees and lower costs without cutting productivity? Partnering with a PEO can help you make more cost-efficient HR decisions. According a NAPEO study, PEOs provide access to more HR services at a cost that is close to $450 lower per employee, compared to companies that manage their HR services in-house.
READ MORE: Get Back to Your Passion
To move your business forward, assembling the right team with the right skills is essential. A recent survey found that 73 percent of employees reported increased loyalty for their employer when offered the right benefits. However, due to costs, small businesses often find high-quality benefits out of reach.
A PEO can help employers have access to better health insurance options with stable and affordable rates. This is because of the PEO’s ability to pool employees together into one group to negotiate better health plans at lower rates.
As your business grows, your HR staff may not be equipped to keep up with all of the HR-related compliance issues. Partnering with a PEO is much like gaining access to a full-service HR division, with a team of experts who are knowledgeable and up to date with changing employment laws and new regulations.
Small business owners often spend too much time chasing paperwork and dealing with internal issues instead of focusing on building the business. While the PEO takes care of filing, processing, and managing HR-related responsibilities, employers have more time to invest in growing their business.
Whether your business is a startup or more established, partnering with a PEO brings a new perspective to help employers unlock their competitive advantage and grow their business.