Can I Really Save Money By Partnering with a Tampa PEO Company?
This is one of the most common questions we’re asked. And yes, generally a PEO company can help your business save money.
The reality is that PEOs save you time, frustration…and money.
How Will a Tampa PEO Help My Company Save Money?
It’s important to note that PEO firms are designed to help you have money. Our goal everyday is to make your human resource management more efficient and more beneficial to your employees. A large part of doing that is ensuring that we find low cost, affordable plans.
By partnering with an experienced firm, you’ll experience saving in:
- Not Hiring HR Staff
- Better Medical Benefits
- Payroll Administration
- Retirement Planning
- Compliance Issues
- Workers’ Comp
- Potential Lawsuits
- Employee Recruiting
*Not all companies need help in every area. Be sure to ask your PEO what services are most beneficial to your organization.
Outsource Your HR Department
For many smaller companies, human resources is considered an afterthought. If a company does not have a designated HR person, those tasks are either managed by the business owner or share among various employees.
Value PEO acts as your ‘off-site HR department’ by offering consultation in a number of key areas…and importantly, you don’t have to hire — or pay someone — to manage HR.
Benefits Administration
One of the most important benefits your employees care about other than their salary or hourly wage is their access to affordable and comprehensive health insurance. As a business owner, shopping ‘for the best deals’ is very time-consuming and can be frustrating. Because of this, many business owners don’t shop around for better programs for themselves and their employees.
A PEO company will work for you, assessing your businesses specific needs and then finding a health insurance program that best meets those needs. Once a plan is chosen, the PEO will communicate the plan to employees, handle enrollments and manage the questions your employees are sure to have about the plan. Generally, by being part of a larger group, you have a better and less expensive plan.
Save on Payroll Administration in Florida
One of the key concerns for all employers is how they properly manage their payroll. Will it be paid on time? Are paychecks accurate, in terms of payment and withheld taxes? Are local, state and federal taxes filed and paid correctly? Who is keeping an account of vacation and sick days for every employee?
It’s these details that bog down a business owner and their admin staff. Outsourcing these functions — and the responsibility that goes along with it — is a key benefits to hiring a PEO company.
Save on Retirement Planning
A PEO is knowledgeable about the best ways to structure retirement plans for your employees. Setting up 401ks and educating employees about how to best contribute will help you both attract and retain quality employees.
Save on Compliance Issues
Missed deadlines. Improperly filed paperwork. These are common occurrences for companies who are focused on other aspects of their business — and not on payroll and HR. An experienced PEO can help you successfully navigate state, local and federal compliance issues.
Reduce Costs of Workers’ Comp and Unemployment
While many companies won’t have to deal with work injury claims or unemployment issues, there are many business types that will. Restaurants, manufacturing companies and other ‘blue collar’ or ‘service industry’ category businesses (where employees are continually performing physical tasks) are more likely to experience these types of claims.
A PEO company will help you identify and mitigate risk upfront. They will also handle claims, administration and quick resolution…the goal being to lessen the costs associated with these claims.
Avoid Lawsuits and Legal Issues
Firing an employee is not enjoyable. Dealing with unemployment or workers’ compensation issues is even less fun. An experienced Tampa PEO can help you structure policies that help you avoid lawsuits from employees and provide assistance if legal issues do arise.
Save Money on Recruiting
Hiring quality employees can be costly and time consuming. Allowing your PEO firm to help you in this process can reduce the burden on your time as well as bring to the table a wealth of experience in identifying and selecting the right candidates for your business.
Save Money, Time and Frustration — Outsource Your HR
The reality is that many businesses across Tampa find it difficult to ‘manage everything’ and are more effective and more productive when they can outsource their employee administration.
The services we provide to small and mid-sized businesses in Tampa Bay and throughout Florida, include:
Learn more about our PEO services
At Value PEO, our customized programs can offer tremendous cost savings when compared to the expense and frustration of self-administration. Ready to learn more about how we can help? For more information, please contact us at (888) 936-5983.