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A Professional Employer Organization , or PEO, allows businesses to outsource their administrative needs to a third party that specializes in these duties. This can include (but is not limited to) managing human resources, taking care of payroll, overseeing workers’ compensation issues, and offering employee benefits.
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.
From groundbreaking mergers and acquisitions to the introduction of innovative solutions that redefine talent management, payroll, and employee experience, 2024 has proven to be a year of transformation. Overall HR Tech M&A Trends and Insights Three big things to note: 1) Lots of movement in the PEO space. With the U.S.
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., payment of wages and payroll processing).
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.
From recruiting employees and handling payroll to ensuring compliance with labor laws, HR tasks require constant attention and expertise. Some businesses choose to outsource their entire HR department, while others only seek external help for certain tasks, such as payroll processing or recruitment.
Outsourcing HR functions like payroll administration offers business owners more time to focus on customer service and growth. According to the National Association of Professional Employer Organizations (NAPEO), 180,000 small and midsize businesses use professional employer organizations (PEOs).¹ What is a certified PEO?
A glimmer of hope flickered as you were reminded of this curious thing called a professional employer organization (PEO) – and maybe, just maybe, it’s exactly what you need if you ever want to have another serene moment again. Rest assured that a PEO is the employer for certain employer purposes (e.g.,
Thankfully, market trends are pointing toward a continued need for benefits and PEO brokers, and the right HR outsourcing partner can help them continue to meet those demands. ExtensisHR does all that and more with its: Breadth of HR services , including payroll and tax administration , HR road mapping, and dedicated HR guidance.
A professional employer organization (PEO) provides a range of services to companies that want to outsource human resources administrative tasks. Many PEOs employ certified employee benefits specialists and certified payroll professionals. PEOs and their clients are considered co-employers. Recruit, hire, and fire staff.
ExtensisHR’s PEO Premier® delivers HR services with an edge, complete with a personalized approach, saving time, costs, and sanity. Rather than being left behind on the latest in HR compliance, trends, and operations, why not offer clients the benefit of a professional employer organization (PEO) partner with its own premier solution?
A Professional Employer Organization (PEO) allows its clients to outsource many of their human resource functions, share employment liability, and, oftentimes, gain economies of scale to bring an improved benefits package to their employees. How can PEO services help my company? Payroll tax compliance. PEO Health Insurance.
When an organization needs to reduce its payroll due to financial hardship, there are two options employers may consider: furlough vs. layoff. Like layoffs, furloughs are a way for employers to reduce payroll costs when employee performance isn’t to blame. Are you in search of a PEO? What is a furlough? PTO payout.
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. Additionally, one-third of small businesses spend over six hours monthly on payroll alone.
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.
Professional Employer Organizations (PEOs) provide comprehensive HR solutions for businesses by handling payroll, benefits administration, compliance, and risk management. By partnering with a PEO, businesses can outsource essential HR functions, allowing them to focus on their core operations.
Brokers who partner with a professional employer organization (PEO) provide their small- and medium-sized business (SMB) clients access to premium benefits at approachable costs, which are typically reserved for larger companies. It also requires finding a balance between meeting employees’ needs and aligning with a business’ budget.
This collective call for support gives brokers and PEOs an opportunity to work together to help clients ease their HR burden and prolong business growth. Add to it the responsibilities of recruiting, retention, payroll, and compliance, among others, and the signal for help has become necessary to maintain a company’s success moving forward.
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.
EOR is a popular business model that helps employers manage their workforce by taking on certain responsibilities related to human resources and payroll. An Employer of Record (EOR) is a third-party entity that assumes certain responsibilities related to human resources and payroll for another company.
Quick look: The first week of September is National Payroll Week, a time to recognize the dedicated payroll professionals who ensure timely and accurate payments for their companies and employees. Making this happen on a consistent basis is no easy task, but it’s made easier with the help of a PEO partner.
These experts are also responsible for administering all benefits and retirement programs, helping onboard new hires, monitoring marketplace trends, and managing the open enrollment process. PEOs help businesses manage various aspects of their HR, recruiting, employee benefits, payroll, and risk management.
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. Common employee benefits include health, dental, vision, and life insurance, and retirement savings plans. That’s when a professional employer organization (PEO) can help.
A strategic way brokers can encourage business growth is by connecting clients with a professional employer organization (PEO) to save costs, stay competitive, and keep the focus on core operational activities. A PEO partner serves as a complement to guide SMB leaders through their challenges and questions.
With over 20 years of experience, Dave has positively impacted hundreds of small businesses in our community by finding unique solutions to the benefits, payroll, human resources, and risk management challenges that companies in Utah and Wyoming face. PEO stands for Professional Employer Organization.
To support this shift and lessen the impact on businesses, brokers have begun to partner with professional employer organizations (PEOs) on a more frequent basis. Working with a PEO automatically expands a brokers service offerings by providing clients with tailored HR and benefit solutions.
Quick look: 401(k)s are the most popular retirement plans in the U.S. When people think of a retirement savings plan, many think of a 401(k). 401(k)s help employees prepare for a comfortable retirement and grow their nest egg faster than if they were to put away funds in a traditional savings account. Who has a 401(k)?
This leads some to long for a trusted, skillful extra set of hands, and thats precisely what a professional employer organization (PEO) offers. Discover how in-house HR experts and PEOs can unite to streamline talent acquisition, maintain compliance, manage daily administrative tasks, and more. What is the role of a PEO?
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. Key Functions of an ASO 1.
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%
If you’re considering entering into an agreement with a professional employer organization (PEO) , chances are you have questions about how PEO pricing works. To help you understand how PEO pricing works, let’s discuss these items first. To help you understand how PEO pricing works, let’s discuss these items first.
To honor National Employee Benefits Days 2025 theme of building future financial stability, we review how brokers and PEOs can equip clients with comprehensive benefits, intuitive platforms and tools, educational sessions, and more. As such, many employers are taking action to help their staff improve their economic standing.
HR software helps HR leaders at small businesses to manage key tasks like hiring , onboarding , payroll, and performance management —all in one place. If you’re spending too much time calculating payroll, struggling to track team member progress, or having trouble fielding time-off requests, it’s time to consider implementing HR software.
A PEO also referred to as a professional employer organization, has continued to gain recognition mainly due to its benefits to small and medium-sized organizations within the United States. So, what does PEO stand for in HR, and what benefits does it bring to an organization? What is a PEO. Difference Between PEO and HRO.
If you outsource your company’s payroll, what type of service are you using? A Professional Employer Organization, or PEO, can provide you with payroll services and many other HR advantages. Here are five reasons to outsource your payroll through a PEO. Retirement. Outsource Payroll the Smart Way.
With ExtensisHR’s PEO Premier®, our personalized approach to HR management saves your business time, work, and stress. ExtensisHR’s PEO Premier® is one such investment, designed to make HR easy by doing core tasks for you. Here are seven reasons why choosing PEO Premier® saves your business time, administrative work, and hassle.
Partnering with a Professional Employer Organization or PEO for HR solutions will save you hours of human resource administration. Because you are sharing resources with other small and mid-sized companies, a PEO can be an affordable solution. Finding the perfect PEO may seem like a daunting task.
From ghosting remote employees to overlooking artificial intelligence (AI), here are seven common HR mistakes and how partnering with a PEO can help companies avoid these terrors. This is why some businesses partner with an outside source, like a professional employer organization (PEO) , to manage their risk and compliance needs.
Expected Social Security cuts and continual inflation means the time is now for this segment to prioritize preparing for their retirement. workforce, and with the oldest millennials now in their 40s, it’s the right time for their employers to focus on how to help them prepare for retirement. 4 ways to help millennials prepare.
A Professional Employer Organization (PEO) acts as a co-employer that provides various services for businesses. Since PEOs are co-employers, it is best for them to be close by so that they can truly be involved in your company. Also, in Arizona, the basic minimum wage per hour is $13.85
One of the biggest challenges is managing the employer-employee relationship, and this is where Employer of Record (EOR) and Professional Employer Organization (PEO) services come in. But what exactly is the difference between EOR and PEO? What are the Similarities Between EOR and PEO? Difference Between EOR and PEO 1.
A Gallup survey reports: 75% of medical costs are accrued mostly due to preventable conditions $322 billion of turnover and lost productivity due to employee burnout 15% to 20% of total payroll in voluntary turnover costs, on average, due to burnout But it doesn’t have to be this way.
Working with a PEO partner is beneficial for both employers and their employees to ensure everyone is well-informed and set up for future financial success. Costly medical expenses and confusion about benefits language are leaving employees feeling discouraged about their healthcare and retirement options. Why the rise in HSAs?
You probably know that a professional employer organization (PEO) can help you with benefits and payroll. Many PEOs offer several services that can be just as, if not more, beneficial to your employees and organization. Below are five little-known PEO services to consider before you choose a company. Strategic planning.
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