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Professional employer organizations (PEOs) offer a cost-effective solution to this problem. Besides the cost savings, working with a PEO can yield many benefits to employers. NAPEO (National Association of Professional Employer Organizations) economists Laurie Bassi and Dan McMurrer conducted research into PEOs.
In this guide, we’ll explore practical strategies to streamline open enrollment and how a PEO can help busy SMBs make the most of their benefit election cycle. In this case, offloading the project to the benefits experts at a professional employer organization (PEO) may be worth it.
Quick look: As 2024 comes to a close, it’s time for HR professionals to review, reflect, and fine-tune their processes to ensure compliance, enhance employee satisfaction, and streamline operations. Additionally, human resources (HR) teams must tackle a variety of tasks to maintain compliance and streamline operations for the year ahead.
Tandem HR announced the acquisition of The QTI Group’s Professional Employer Organization (PEO) division on August 31, 2021. The QTI Group is a privately owned human resources and staffing organization providing staffing, recruiting, compensation consulting, and outsourced HR to businesses headquartered in Wisconsin since 1957.
Overall HR Tech M&A Trends and Insights Three big things to note: 1) Lots of movement in the PEO space. I haven’t really listed deals below on this, but there are so many payroll companies and smaller PEOs with leaders reaching retirement age that are selling off the company. We follow the team at HRTech.sg
Are rumors about companies that have had professional employer organization problems keeping you from hiring a PEO? But let’s take a close look at six myths about PEOs. But rest assured — a PEO is employer for certain purposes only (e.g., As a co-employer, a PEO works right alongside your business.
Let’s explore all the services that a full-service PEO partner can perform for your organization and why your business may want to consider this option for the most comprehensive, cost-efficient and time-efficient HR outsourcing. What is a full-service PEO partner? Among PEOs, level of service matters.
Quick look: A PEO partnership can help small businesses grow, stay compliant, offer competitive benefits, and retain valuable employees. However, some organizations shy away from a PEO out of fear that a co-employment relationship is the same as employee leasing. However, the PEO does not supply workers to their client.
According to the National Association of Professional Employer Organizations (NAPEO), 180,000 small and midsize businesses use professional employer organizations (PEOs).¹ Larger companies are also increasingly turning to PEOs. Rigorous vetting and requirements set CPEOs apart from PEOs. What is a certified PEO?
Namely, a modern HR system for midmarket firms, joined forces with Vensure Employment Services and PrismHR, two leaders in the PEO space. MitraTech, a 2022 HR Tech Award winner for its compliance software, nabbed high-volume hiring system TalentReef and background check company AssureHire. Compensation Management Technology.
Professional employer organizations (PEOs) : Organizations that enter into a joint-employment relationship with a business and provide comprehensive solutions for HR, payroll, risk and compliance, employee benefits, recruiting, and more. And the PEO industry is booming.
It’s a welcome problem that has an easy solution, that of a PEO. But what exactly is a PEO? What is a PEO: Professional Employer Organization. A PEO, also known as Professional Employer Organization, is an outsourced employee management service. Many business owners confuse PEOs with temporary staffing businesses.
In this article, we’ll pick apart these acronyms (plus several other related terms) so it’s clear what they all mean, and point out how each of these alternative human resource services compares to PEO companies. How PEO Companies Compare To 4 Alternatives. How PEO Companies Compare To 4 Alternatives. PEO vs. ASO.
Quick look: No business operates without risk, and managing workplace compliance, health, and safety can be overwhelming. Luckily, with a PEO partnership in their pocket, brokers can step in as trusted advisors and help their clients remain compliant. Are you sure you are meeting those local and state compliance requirements?
Level up your performance and talent management strategies with a PEO Daily responsibilities often leave small business leaders strapped for time, and as pivotal as performance and talent management are, they may fall to the wayside so more urgent matters can be addressed.
Designed to highlight critical industry developments, ExtensisHR’s 2024 Trends Report features insight from our professional employer organization (PEO) subject matter experts. AI-powered programs can also find skill gaps and patterns of bias in promotion and compensation, helping to create a fair and diverse culture.
Here’s how brokers who partner with a PEO can help clients avoid dishonest providers and offer their employees reputable virtual solutions. By partnering with a PEO, brokers can provide a trusted employee benefits package, including telehealth services, that has been vetted by a seasoned benefits administration and management team.
We can either be a point solution: Let us run payroll for you in Australia; Let us run EOR [employer of record] for you in Nigeria; Let us be your compensation system. Let us be your ATS [applicant tracking system]We can be that point solution for you or we can be that full-stack solution for you, and youre going to mix and match.
Here, we explore the importance of payroll, how PEO payroll services impact SMBs across the country, and all the other ways PEOs help businesses, too. Other companies offload their payroll responsibilities to a payroll service provider or a professional employer organization (PEO). Some PEOs, like ExtensisHR, are IRS-Certified.
A professional employer organization (PEO) provides a range of services to companies that want to outsource human resources administrative tasks. They are staffed by professionals specializing in human resources, taxes, compliance law, and accounting. PEOs and their clients are considered co-employers.
Remote is now rolling out a “US expansion package” that consolidates a wider array of products for this customer base, including professional employer organization (PEO) services, state compliance information, and US payroll, the company announced March 14. One-stop shop.
Employee benefit administration and analysis In today’s hyper-competitive market, employees consider their benefits a critical component of their total compensation. Risk management and compliance A culture of compliance is essential in today’s business world. In fact, nearly 70% of U.S.
Compliance With Labor Laws The first benefit of hiring an EoR is complying with existing labor laws. Various laws may have specific requirements for staff recruitment and compensation. According to a study, 40% of remote workers are likely to work more hours than in the office.
Co-employment is a contract and sharing of employer responsibilities between a PEO and its client, an employer. Benefits of the co-employment business model used by PEOs include giving client companies access to a broader spectrum of employee benefit plans, sharing employer risk, and shifting fiduciary liability of 401(k) plans to the PEO.
Business owners planning to outsource some or all of their HR tasks will most likely look at both PEO and ASO options. The ASO vs. PEO comparison is important because either model may be the best choice, depending on the organization’s needs. What is a PEO? Compliance reporting. Workers’ compensation coverage.
They assist with offer negotiations, ensuring that compensation packages align with industry benchmarks and meet both employer and candidate expectations. Additionally, they oversee pre-employment checks, background verification, and compliance requirements to minimize hiring risks.
Total rewards include compensation, benefits, well-being initiatives, and recognition, and help companies increase productivity, retention rates, and talent acquisition success. Here’s how to design an impactful total rewards plan, and how a PEO can help time-strapped SMBs reap the benefits of a well-appointed program.
Professional Employer Organizations (PEOs) help businesses manage essential HR tasks like payroll, employee benefits, and compliance. By partnering with a PEO, companies can focus on growth while outsourcing time-consuming administrative work. One major advantage of working with a PEO is access to high-quality employee benefits.
They can choose either a standard payroll service provider (PSP) or a professional employer organization (PEO). Here we’ll compare and contrast PEO vs. payroll services alone. What is PEO? Those that are certified PEOs offer additional PEO advantages. Over time, however, PEOs may be more cost-effective.
Our second most-read blog in 2024 discusses other perks of HR outsourcing, including: The ability to leverage comprehensive HR expertise Assistance with compliance and minimized risk Access to the latest HR technology Tools to better hire and retain talent And more Read more > 3.
Unfortunately, many Professional Employer Organizations (PEOs) hesitate to provide HR administration to the cannabis industry due to its complexities and lack of federal acceptance. PEOs can ensure payroll and benefits are accurately classified to minimize the impact of 280E on their business. And that’s where we can help.”
A Professional Employer Organization (PEO) is a firm that provides comprehensive HR solutions to businesses by handling payroll, employee benefits, regulatory compliance, tax administration, and other workforce management functions. You may read more about PEO statistics here. How Does A PEO Work?
A PEO can be used as the sole solution, or to augment internal HR staff with additional expertise and functionality. An Attractive HR Department Alternative: PEOs. For companies that don’t need an HR department, there are other options for fulfilling this function, including PEOs, HROs, ASOs, and staffing companies.
This is where partnering with a Professional Employer Organization (PEO) can make all the difference. Here are some reasons why working with a PEO is a strategic move for businesses in 2025. A PEO helps you stay compliant by: Providing expert guidance on state and federal employment laws.
To meet employees’ growing demands and help employers maximize their investment, brokers play a key role in designing benefit packages and find partnering with a PEO delivers the ideal support. Therefore, it’s important to choose a PEO partner wisely as big-box PEOs often apply a one-size-fits-all approach to benefit plans.
Quick look: Professional employer organizations (PEOs) typically offer similar services, but it’s the customer service approach which makes all the difference. Partnering with a PEO is a competitive advantage for brokers who want to expand their offerings and deliver ongoing client value.
Additionally, workplace safety and the risk of worker’s compensation claims and lawsuits are top priorities in many industries. These challenges can be daunting, but working with a Professional Employer Organization (PEO) can help.
What is a PEO? One of the most distinguishing features of a Professional Employer Organisation or PEO is that they become the employer of record when you partner with them. PEOs provide a wide range of HR-related services, namely benefits, payroll, safety, and risk management. Unlike PEO, ASO isn’t the employer on record.
As a business leader, you may have heard the term “PEO” before, but you may not know what they are or how they can help. PEO stands for Professional Employer Organization. And businesses who partner with a PEO 7-9 percent faster, have 10-14 percent lower employee turnover, and are 50 percent less likely to go out of business.
Partnering with a PEO helps you to save money, conserve valuable resources, and take care of your employees all while giving you more time to focus on more important tasks. Partnering with a PEO is a great way to save money on your employee benefits, payroll, and human resources expenses. Here’s how: . Save Money .
Quick look: National PEO Week (May 19-25 2024) has been federally recognized to celebrate the impactful contributions of the professional employer organization (PEO) industry. It’s no surprise to see SMB interest in using a PEO increase significantly over the past few years.
Fisher Phillips : A law firm specializing in labor, employment, corporate compliance and governance, data security, employee benefits, and more. PEOs feature a co-employment relationship and also offer SMB employers access to competitive benefits through the PEO’s purchasing power and economies of scale.
Quick look: As a small business, it can be challenging to manage day-to-day operations while maintaining focus on growth, which is why it’s helpful to partner with a PEO. PEO customers have a 2x higher growth rate When compared to non-users, SMBs working with a PEO reportedly grow twice as fast. annually, compared to 1.9%
Unlike a Professional Employer Organization (PEO) , which enters into a co-employment arrangement, an ASO allows companies to maintain full control over their workforce while outsourcing administrative burdens such as payroll processing, compliance management, benefits administration, and HR support.
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