Is your business behind the curve when it comes to payroll, benefits or other HR functions? It might be time to shift the burden to a PEO.
Keep reading to learn what PEOs are and get some options for the best PEOs today.
Professional employer organizations (PEOs) help small businesses with various employer-related HR functions. For example, they might take over the payroll, tax processing and benefits. They can also manage the various vendors you use to carry out these functions today.
When you partner with a PEO, you enter into a co-employer relationship with the PEO. This means that the PEO becomes the employer of record. In other words, your employees become the PEO’s employees. And the PEO files payroll taxes for these employees through its own tax ID.
But you remain the employer on site. Employees continue to work at your premises, not those of the PEO. And you continue to manage the employees day to day.
A PEO is distinct from a payroll provider. A payroll provider only acts on behalf of your business. But your employees do not become the payroll provider’s employees.
Below are some benefits and drawbacks of PEOs.
Below are some options for top professional employer organizations.
ADP TotalSource. TotalSource offers Fortune 500-caliber benefits, custom HR strategies and data insights. It can help you with benefits, talent and risk management among other functions. It also claims to have more co-employed employees than its competitors. A bonus? TotalSource has the backing of ADP, a major HR management company.
Insperity. Insperity is among the best professional employer organizations for small businesses. A separate team handles each part of its PEO service. Its service include payroll, risk management and other HR functions. But it shines in the area of employee training. It provides access to thousands of online HR courses to beef up your employees’ skills.
TriNet. You can partner with TriNet without signing up for a long-term contract. There’s no set number of employees you need to use their PEO service. TriNet handles payroll, benefits, risk management and other HR functions.
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