7 Reasons to Hire a PEO Consultant for Your Business

As a small or medium-sized business owner, you must juggle and oversee what feels like an endless list of responsibilities. In order to keep your operations running efficiently and effectively, there may be times when you need to take on any role with only a moment’s notice – such as CEO, CFO, HR manager, marketing director, and more.

Managing Human Resources operations and compliance often requires a full-time commitment. However, HR managers typically command a high salary, plus benefits. This additional overhead can surge payroll costs and affect your bottom line.

This is where a PEO consultant can provide true and tangible value for your business.

What is a PEO Consultant?

A PEO consultant is an expert who specializes in HR and can help you identify areas where a professional employer organization (PEO) can benefit your business. If the consultant operates their own PEO, they can administer these services for you.

Why Work with a PEO?

A PEO can help streamline and optimize the HR operations for your small or medium-sized business. Some examples include:

1: Reducing Overhead for Administrative Tasks

By working with a PEO, you can outsource tedious and time-consuming administrative tasks such as payroll processing, employee onboarding, and benefits administration. This will create more valuable free time so that you can focus on other important aspects of running your business. Most PEO providers also operate on a monthly fee basis. Instead of having to pay additional taxes and benefits, you can maintain a more stable cost over time.

2: Maintaining Regulatory Compliance

Local and federal employment and labor laws can change quickly as well as regulations specific to your industry. For many, it can feel like maintaining compliance is a constant game of catch-up.

As an HR-dedicated service, a PEO team remains ahead of the legal curve on any legislation that could affect your compliance requirements. They will also work with you to develop and implement policies that protect your business from any potential liabilities.

3: Streamlining Your Payroll Processes

An excellent payroll process contributes to a great employee experience. It should be simple, efficient, and accurate to ensure that your employees are getting paid on time and in full.

A PEO can help you streamline your payroll procedures by automating the process and handling all tax filings for you. They will also work with you to design a custom payroll solution that meets the specific needs of your business.

4: Managing Insurance Policies for Your Business

Beyond offering employee insurance benefits, your business will likely have to maintain plenty of its own protection. Two common examples include workers’ compensation and employee benefits.

A PEO can help you get the most comprehensive coverage for your business at the best possible price. They will also assist with handling all the paperwork and red tape that comes with maintaining these policies.

5: Providing Better Benefits Administration

Employee benefits are an essential part of attracting and retaining top talent. A PEO can provide and oversee an attractive catalog of benefits for your employees, including health insurance, retirement plans, and more. They will also handle all the administrative tasks associated with these benefits so that you can give more attention to other aspects of your business.

6: Identifying, Managing, and Mitigating Potential Risk

No business is immune to risk. However, by working with a PEO, you can mitigate potential risks before they happen.

A PEO will perform a comprehensive assessment of your business to identify any areas of potential risk. They will then work with you to develop and implement policies and procedures to minimize liability.

7: Offering Training and Development to Your Employees

An outsourced HR provider can assist you with training and developing an excellent team for your business. From management training to employee relations, document preparation, investigation, and handbook creation, there are multiple tangible benefits that a PEO can offer. They can also help identify any gaps in your current training program and work with you to develop a plan to address them.

Work with a PEO Consultant for Your New York SMB

At TBM Payroll, a professional employer organization in NY, we provide consulting for small and medium-sized businesses (SMB) throughout New York and the Tri-State area. We strive to bring top enterprise-level HR services to your SMB to help you streamline your internal operations, maintain regulatory compliance, and reduce risk.

Working with us, you’ll have access to a full suite of HR solutions and a team of true HR experts that are ready to assist you every step of your business’s journey. To learn more either request more information, request a quote or contact us anytime to speak with someone from our team.