It’s easy to get lost in the day-to-day administrative tasks that it takes to keep your business running and lose sight of your moneymaking initiatives.
With a professional employer organization (PEO), you can turn over many of your business’s HR tasks to a dedicated team of HR specialists, so that you can concentrate on your more profitable responsibilities.
Here are three ways a PEO can help keep you from getting side-tracked and support you in making your business the best it can be.
1. Help keep you in compliance
With the ever-changing landscape of government regulations and employment law only getting more complicated, it’s important to understand how they impact your business.
One of the biggest mistakes you can make as an employer is to miscalculate the importance of operating within the boundaries set by government regulation and employment laws. Often businesses don’t know there’s a problem until charges are brought against them. And then it’s too late. One error can lead to costly litigation and fines, not to mention the loss of time and production.
To avoid this disruption to your business, you must get ahead of these issues. But how do you do this when you have so many other to-dos already on your plate?
That’s where a PEO can help.
A PEO can:
- Administer payroll in accordance with federal and state laws, and properly report federal, state and local taxes
- Administer unemployment claims
- Respond to employment verifications
- Comply with many federal laws affecting PEO-sponsored benefits (e.g., COBRA, HIPAA and ERISA)
- Provide guidance with OSHA
- Assist with health care reform compliance
2. Develop a strategy for success
Engaged employees grow your business and improve your bottom line. You’re investing in your greatest asset when you take the time to create a positive work environment where your employees can thrive.
Likewise, when there is confusion, discord and lack of direction, your business will suffer – in more ways than you may think.
By working with a PEO, you will have the expertise you need to cultivate a positive culture that supports an engaged workforce who are committed to making your business a success.
It starts with taking a good look at how you’re running your business. Do you operate within a tactical HR structure? Or are you proactively managing your employees to maximize their success and the success of your business (a strategic approach)?
When you are proactively anticipating changes and challenges that your business may face, your business is less likely to veer off track when things happen. You save time and resources when you’re strategically prepared.
The end result is a collaborative relationship that provides a solid foundation for your business to thrive.
3. Prepare for growth
If growth is your goal, it’s important to plan ahead to keep your business moving in the right direction. A successful growth plan is deliberate and requires forethought.
Do you have the right people in the right places to support your growth or any potential changes? Do you have a training program that can prepare your current employees for future promotions? Do you have a goal-oriented performance strategy? Having a culture in place that promotes growth and personal development is key to growing your business.
When you work with a PEO, you have access to specialists who can take a broad look at your business, employee base and management structure and advise you on how to put your company on the best trajectory for growth.
Having a team of HR experts proactively directing your path can keep your business from taking a wrong turn and losing momentum.
A PEO can help you keep your business on the right track by taking on much of the cumbersome jobs of HR administration so that you have more time and resources to devote to running your business.
When the burdensome responsibilities of employer-related governmental compliance, HR strategy and growth plans are handled proactively, you have fewer employee relations concerns that can distract you from your core business objectives – opening the door for you to achieve success.
Cosmo Insurance Agency is an independent insurance agency serving surrounding communities in New Jersey. Cosmo keeps its promise to assure an efficient and creative approach to the services we offer. Each of our clients experience a personalized and long-term relationship with us. Our New Jersey based team of health brokers guides our clients in helping them choose the most cost-effective options. By incorporating the latest in technology-based tools and laws on healthcare, employee benefits, life insurance and finance, we keep our clients up-to-date with the plans that encompass all of their needs, whether it is individual or group insurance.
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