PEO (Professional Employer Organization)
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.
A professional employer organization (PEO) is a firm that provides a service under which an employer can outsource employee management tasks, such as employee benefits, payroll and workers' compensation, recruiting, risk/safety management, and training and development. The PEO does this by hiring a client company's employees, thus becoming their employer of record for tax purposes and insurance purposes. This practice is known as co-employment.
Typical Services of a PEO:
- Payroll
- Benefits
- HR
- tax administration
- regulatory compliance assistance
Small businesses that work with a PEO:
- tend to have lower Service costs
- grow 7 to 9 percent faster
- have employee turnover that is 10 to 14 percent lower
- 50 percent less likely to go out of business
Businesses that PEOs work well for:
- high tech
- finance
- multi state employees
- younger employee age groups
- typical firm size of 19-40 employees
If you think your business might benefit from a PEO approach and falls into one of the categories above, please complete the form at the right, or download and complete the Request for PEO Proposal below and email it to us at info@peakinsuranceadvisors.com .
