Businesses across the country have been experiencing the impacts of not having the Human Resources necessary to mitigate and manage the countless challenges employers face today. Many companies have turned to a professional employer organization (PEO), which enables companies to save money while offloading and streamlining the burdens of employee administration and compliance with HR outsourcing services such as payroll, benefits, and workers’ compensation.
PEOs can also play an important role in helping businesses recruit and retain talented employees. Bringing all the advantages of the economies of scale, PEOs provide a company’s workforce with more robust and affordable benefits packages than a small or even mid-sized company offering HR services on their own.
Not All PEOs Are Alike
Of the thousands of businesses in the US that have trusted a PEO to handle their employee administration and compliance responsibilities, many are unaware that only 11.5% of them are IRS-certified.
PEO IRS certification matters because it requires annual renewal to ensure that a PEO is financially sound by, among other things, requiring evidence of business experience and audited financial statements and quarterly reports prepared in accordance with generally accepted accounting principles (GAAP) that reflect positive working capital.
More than anything, businesses should be able to trust that their management of Human Resources, Payroll, Health and Benefits, and Workplace Safety are being handled by an experienced PEO operating under the highest standards, certifications, licenses, and accreditations.
The Best Time to Begin Working With a PEO
There really isn’t a “bad time” to start working with a PEO, especially if your company has an urgent need for Human Resources management.
When just considering an annual business cycle, there are timeframes that make sense to begin HR management services with us:
1) Filing Federal and State Employment Tax Returns
Each quarter, businesses are required to file reports on employee wages, federal and state taxes, and unemployment insurance. To avoid splitting quarters, January 1st, April 1st, July 1st, and October 1st would be great times to begin service with us.
2) Major Medical Plan Renewals
Changing medical plans can be a major task. Since many new clients qualify for Employer Advantage’s Major Medical Health Plan, another ideal time to begin service would be just before your existing medical plan is set to renew. We take care of all the underwriting and will complete employee enrollments before your plan ends. If you choose to keep your existing medical plan, we can also assist with open enrollment and administer the monthly billing.
3) Workers’ Compensation Insurance Policy Renewal
Each Workers’ Compensation policy has an annual renewal and a payment schedule in which all the premiums are paid at the beginning of the policy term, or by making a large down payment along with monthly payments. Since many businesses qualify to be included on Employer Advantage’s Master Workers’ Compensation Policy, a good time to start with Employer Advantage would be at the end of your current WC policy. This would avoid the early termination fees the other insurance companies charge.
4) Internal Personnel Changes
If you have an HR manager retiring or a payroll specialist getting a promotion, you may be ready to look at outsourcing. Employer Advantage will assume those duties (and many more) so you won’t have to hire or train any replacements. Just as with any profession, the skill set required to perform the “business of employment” is beyond the capabilities of just one person.
Although we have seen an influx of clients needing our assistance in navigating their workplace through the COVID-19 pandemic, for more than 30 years, hundreds of businesses have left the perceived comfort of self-service HR to join the ever-growing advantages of Human Resources outsourcing and management provided by Employer Advantage.
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About Employer Advantage
A New Path to HR Bliss – Trusted for more than 30 years, Employer Advantage frees you from the administrative and compliance burdens of having employees so you can focus on your business success. Versatile enough for companies of all sizes, our unique service combines comprehensive management of your employee administration and compliance with the latest software solutions, tailored to meet your individual needs and company culture. Our full-service management of Human Resources, payroll, health and benefits, workplace safety, and more enhance your profitability while reducing the costs and risks associated with employment law compliance. We provide your employees with top-notch assistance and benefits that help you increase productivity, save time and money, and attract and retain a talented workforce. And for small and mid-sized businesses, we bring you economy of scale with access to Fortune-500-level benefits, specialty assistance, and savings that would not be possible to attain on your own. Headquartered in the Midwest and serving more than 500 companies and 10,000 worksite employees throughout the country, Employer Advantage is an IRS-Certified Professional Employer Organization (PEO) (CPEO). Experienced, certified, and trusted. www.EmployerAdvantage.com