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Are you wondering whether a Professional Employer Organization (PEO) or payrollservice provider is the best fit for your company’s needs? What is a payroll provider? A payrollservice provider is a third-party company hired to process a company’s payroll. It’s not difficult to find payrollservice vendors.
They offer a comprehensive suite of services that helps companies manage and grow their workforce, reduce administrative burdens and improve operational efficiency. Their solutions include payroll, benefits administration, workers’ compensation, performance management, and more.
Looking into payroll companies in Massachusetts? But is a payroll company really all the help you need? Keep reading to find out whether your ideal solution is purely payroll, or if you might benefit more from a slightly different option (that still includes payrollservices): a PEO. East Coast Payroll.
In a nutshell, a PEO is an organization that enters into a co-employment relationship with your company, assuming many of your employer-related HR responsibilities, such as payroll and benefits. Working with a PEO can decrease your payroll-processing and related accounting costs. So, where are the savings? Retirement plans.
Most small businesses focus on their product/service team and sales staff in the early years, but someone still needs to run payroll and handle onboarding for new hires. This includes things like payroll administration, employee benefits , HR compliance, and talent acquisition.
On top of payroll and HR issues, employers also have to deal with taxes and an ever-growing maze of state and federal regulations. According to NAPEO, this often includes payroll, benefits, HR, tax administration and regulatory compliance assistance. That’s just for payroll. Why Use a Professional Employer Organization?
Is it worth it to pay a company to do payroll, benefits, and other HR tasks for us? In comparison, outsourcing to the right partner will equip you with a team of experts all focused on their individual fields of expertise, including compliance, technology, HR, payroll, benefits, and more. To help them grow faster.
Small businesses often can’t even justify or afford to have their own HR department, but payroll , performance management , and benefits administration all still need to happen. This is arguably the most full-service HR outsourcing option. A PEO acts as a co-employer rather than an external party.
Candidates weigh a variety of factors when deciding where to apply or accept a job; compensation, room for growth, company culture, and of course benefits. A 401(k) is a fairly standard piece of a full employee benefitspackage. Most employers work with a 401(k) service provider to offer a 401(k) and manage the plan.
A 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 benefitspackage to their employees. PEO services vary in scope. Most offer cornerstone services, handling things like: Health benefits.
Your employee benefits broker or outsourced payrollservices provider should be able to offer assistance in this area. Higginbotham can work with you to develop an employee benefitspackage that takes care of your workers. Get in touch with one of our employee benefits specialists to learn more.
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