Will your company benefit from a PEO?
Have too much on your plate? No one runs your business better than you, so focus on that. Say goodbye to administrative burdens and say hello to cost-effect HR management with a PEO. A PEO or Professional Employers Organization is a much easier and more effective way of managing virtually every facet of Human Resources. Even businesses that are currently outsourcing one or two HR functions, such as payroll, through a conventional outsourcer have a lot to gain by consolidating other HR administrative functions with a PEO. Hand off the Headaches of Payroll, HR, and compliance to a PEO and focus on growing your business! Advantages of Businesses that use a Professional Employer Organization The Society for Human Resource management (SHRM) conducted a survey of hundreds of companies about their outsourcing habits and here’s what they found are the six most common reasons that companies outsource:
- 26% of companies outsource to save money – this isn't terribly surprising
- 23% of companies outsource to focus on strategy – spreading yourself too thin with all of the administrative tasks doesn't leave a lot of time for planning, so this makes sense.
- 22% of companies outsource to improve compliance – it is increasingly challenging to stay in compliance and increasingly risky to not meet requirements so outsourcing this risk is beyond smart
- 18% of companies outsource to improve accuracy – if you've got too much on your plate (and who doesn't?) accuracy may fall by the wayside, so this also makes sense.
- 18% of companies outsource due to a lack of experience in-house – knowing your weaknesses is as important as knowing your strengths, so handing off a task you know you can’t handle properly to someone with expertise is a great business decision.
- 18% of companies outsource to take advantage of technological advances – with big data worth tapping into, but costly technology needed to really delve into strategic analytics, outsourcing can offer solutions without a significant investment.
- 50% less likely to go out of business
- 7-9%faster growth
- 10-14% lower employee turnover