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If you’re considering entering into an agreement with a professionalemployerorganization (PEO) , chances are you have questions about how PEO pricing works. What is your employer overhead? Employer overhead (in excess of compensation) typically costs between 1.25% and 1.4% What kind of help do you value most?
Choosing the right professionalemployerorganization (PEO) for your company is a huge project. CPA-affirmed documentation that they remit employment taxes in a timely manner. Background reports of their individuals responsible for employment tax payments. Documentation that they have positive working capital.
As employment laws, tax laws and health care reform continue to change at a rapid pace, it can be difficult for business owners to keep up. If you are weighing the option of outsourcing human resource (HR) duties through a co-employment relationship, here are eight important things to consider when selecting a PEO: 1. The fine print.
It’s everything having to do with your team members, including your people strategy and management of the employment experience – from guiding the workplace culture to attracting and retaining the best talent, developing talent, enhancing employee wellbeing and inspiring morale, engagement and productivity. What is the purpose of HR ?
Insurance brokers and professionalemployerorganizations (PEOs) are supposed to be competitors, right? Under the co-employment model of a PEO , the PEO will offer benefits to individuals they co-employ through the PEO relationship. Furthermore, brokers themselves can benefit significantly from working with a PEO.
More geographical options for recruitment mean more opportunities to contain costs – though, companies will still need to assess local employment laws to capture the full cost picture of each new hire. A professionalemployerorganization (PEO) can help companies hone in on their optimal HR KPIs, as well as monitor and evaluate these metrics.
It’s one of the biggest challenges for company leaders for the foreseeable future: being an employer in an employee’s market. But when seemingly everyone has a narrowed focus on all things hiring and retention, it’s easy to understand why employers feel the pressure to shift their focus almost exclusively toward recruiting activities.
Employers have always faced a lot of business challenges. But if it seems like it’s harder to run an organization now than in the past, your perceptions are correct. Among the top business challenges for employers are those related to managing compliance and employment risk. Compliance and risk management.
Dealing with a variety of legal acronyms and employment laws across states and at the federal, state and local level can be incredibly complex. How a professionalemployerorganization (PEO) can help If your HR team is smaller or more general in expertise and focus, scaling up and overseeing an expanded HR function can be daunting.
For example, some employers are adopting health plans that cover, or at least provide some reimbursement for, reproductive health. Benefits that improve financial health Again, it is very common for employers to offer a retirement savings plan. Then, identify gaps between the benefits your organization offers compared to others.
When an organization needs to reduce its payroll due to financial hardship, there are two options employers may consider: furlough vs. layoff. A layoff is a way for employers to part ways with employees for reasons that have nothing to do with the employee’s job performance. What is a layoff? What is a furlough?
Employment law is ever-evolving, and 2019 is shaping up to usher in its fair share of changes. Employment laws tend to come in waves, with particular themes for each era. Today’s employment laws tend to be driven by perceptions of what’s fair to workers. Long ago, child labor was common and legal. Pay equity.
There’s no getting around it – employers pay a hefty sum to provide health care benefits for their employees. The average private-sector employer spends an average of $2.65 In 2021, employer expenses for health insurance are expected to rise by 3.9 How a professionalemployerorganization (PEO) can help with benefits costs.
Co-employment is the legal structure that professionalemployerorganizations (PEOs) and their client companies use to share HR responsibilities. As with any contractual relationship, it’s important that each party in the co-employment agreement fully understands all the nuances of the arrangement.
Employment laws continue to evolve, and 2018 will usher in some big changes in two of our most populous states, California and New York. The law was signed in 2016, giving employers a little over a year to accommodate this new requirement. Employers are required to obtain paid family leave insurance. Ban the box.
There are many misconceptions about professionalemployerorganizations (PEOs). The ProfessionalEmployerOrganization: Operational Solution and Strategic Partner for HR Departments in the Midmarket 5 strategic solutions provided by PEOs for growing businesses 1.
Are rumors about companies that have had professionalemployerorganization problems keeping you from hiring a PEO? And it’s natural to have a few concerns at first, especially if co-employment is a new concept to you. But rest assured — a PEO is employer for certain purposes only (e.g.,
Lots of applicants are ashamed that they don’t hold a degree, or they may have completed some college and figure that qualifies them for employment just as if they have a degree. As part of this process, your pre-employment screening company will verify their former employer and positions they held. Altered dates of employment.
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That’s why it’s important to understand the immense value of a professionalemployerorganization (PEO) in a crisis. Support you through any new employer-related administrative and compliance burdens. It’s common to see new legislation emerge during or after a crisis that affects employers.
This strong return may explain why many states, like California, require employers to have a written safety program. An industry-specific template – Some online companies sell downloadable safety program templates designed for different industries for approximately $100-$150. Join a PEO. Want to learn more about how a PEO can help you?
You probably know that a professionalemployerorganization (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. But that’s not all it has to offer. Compensation services. pandemic concerns, DEI, etc.).
Your employees will inevitably face distracting personal problems and responsibilities during their employment at your company. Typically, EAP plans are entirely subsidized by employers. Typically, when you join a professionalemployerorganization, your employees get access to extensive benefit options, which often include an EAP.
This strong return may explain why many states, like California, require employers to have a written safety program. An industry-specific template – Some online companies sell downloadable safety program templates designed for different industries for approximately $100-$150. Join a PEO.
It’s important to keep in mind that it’s not up to the employer to determine whether an injured employee has a valid claim. Each workers’ compensation claim is subject to an investigation that complies with state employment law. How can your organization promote workplace safety when your people are remote?
It could be: Voluntary (resignation) Involuntary (layoff or firing for performance, conduct and behavioral issues) A mutual agreement that the employment arrangement isn’t a good fit for either the employee or company. Therefore, we are terminating your employment. Termination means any separation from a company, for any reason.
You’ll also want to collect some more information about the employee’s workload or consider hiring a professionalemployerorganization, or PEO , to dig deeper into your organization’s processes for managing workflow. Talk to each employee one-on-one to find out the scope of the problem.
From employment issues and complicated compliance updates, it’s easy to get overwhelmed. This is where a professionalemployerorganization (PEO) can come in as a partner to assume many of your employer related HR responsibilities, freeing up time for you to focus on bigger-picture goals.
workers better prepare financially for retirement, at every stage of their employment journey. In requiring employers to take actions that can improve their employees’ financial wellness, the SECURE 2.0 employer-sponsored 401(k) plans. Act also allows employers to offer many optional financial benefits to their employees.
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. Together, this equates to greater peace of mind that present and future HR needs are met.
Using a professionalemployerorganization (PEO). A professionalemployerorganization, or PEO , not only provides payroll services, but also offers a full suite of HR services and access to comprehensive health and retirement benefits. Quality and level of support vary depending on the vendor.
If you need help getting your house in order to attract investors, working with a professionalemployerorganization (PEO) is a great option. Download our free e-book: HR outsourcing: a step-by-step guide to learn more. Are you compliant with all the labor laws affecting your business and proactively avoiding mistakes?
The Equal Employment Opportunity Commission offers a guide on best practices for managing workers with caregiving responsibilities. It’s also wise to consult outside legal counsel to craft a comprehensive policy that protects your organization from legal liability. These regulations are often cited in caregiver discrimination lawsuits.
But by ignoring your employer responsibilities to employees, you could cause a rift in your workforce and create potentially costly legal battles. Fortunately, many of these concerns can be alleviated by outsourcing to a ProfessionalEmployerOrganization (PEO). Here are seven scenarios where a PEO can come in handy.
If you use a professionalemployerorganization or PEO, they can adjust your payroll for your new location. In this case, it might be time to consider how a PEO can help you with employer responsibilities. How will you navigate HR regulatory compliance in a new location? What if they decide not to move?
And yet, when employees leave their company, the feeling that so many experience from their soon-to-be-former-employer can be, “ Don’t let the door hit you on the way out.” Part of being a great employer of choice is treating all employees with respect and care, both at the beginning and the end of their employment.
Employment laws are constantly evolving. As such, it’s critical for your business to stay current about changes and updates to applicable employer-related laws and trends. On an annual basis, make sure all employees review your employment policies and guidelines. Literally, walk them through it. Review and update annually.
That’s why you should consider hiring a PEO (professionalemployerorganization) for your nonprofit. A lack of experienced HR professionals. Thankfully, leaders have an option for dealing with the budget, expertise, and liability issues their nonprofits face: professionalemployerorganizations (PEOs).
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From employer-sponsored health insurance to retirement savings plans, an attractive benefits package can help you hire the best employees and ensure you retain them for many years to come. This can go a long way toward positioning your company to excel in the marketplace and securing your reputation as a stellar employer.
How about having a trusted set of advisors to guide your company on employment issues? They are when you outsource your heaviest HR burdens to a professionalemployerorganization (PEO). PEOs do more than just save time and headaches by handling many employer responsibilities. What exactly is a PEO? HR compliance.
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When the mandates of the Affordable Care Act hit the marketplace in 2013, for example, insurance brokers nationwide were challenged with delivering additional value to their customers to offset rising healthcare costs for employers. A strategy for success.
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