As a small business owner, you know the frustration of spending more time on administrative duties than generating new business, serving your customers, or creating great products. When this is the case, most small- and medium-sized businesses outsource part of their clerical functions, like accounting, marketing, Human Resources, and IT.
From accounting, payroll, and human resource management to benefits and compensation, business owners can spend up to 40% of their day on these necessary, but time consuming, tasks. The solution is to outsource these activities to a PEO like Talent HR Solutions.
But what is a PEO?
A PEO is a company that is responsible for a business’ Human Resource department. Responsibilities managed by a PEO can include job recruiting, risk and compliance management, tax and payroll administration, and employee benefits such as 401(k) and health insurance. By outsourcing to a trusted PEO like Talent HR Solutions, your business can avoid penalties and focus on generating revenue and new clientele.
When should I outsource to a PEO?
To answer this question, analyze your business’ needs.
Consider which services will be most valuable to your situation.
Most PEO companies offer a wide variety of plans that are flexible enough to work with the needs of any business. Your business may need only payroll and tax administration. A PEO can grow with you, adding more services as the business develops.
Evaluate the size and scope of your business.
Each business is different, but when administrative tasks start slowing productivity, and your revenue is enough to pay for the service, it may be time to outsource to a PEO.
Consider how your organization offers benefits to your employees.
If your business only offers benefits to certain key employees, then your business will not benefit by outsourcing to a PEO.
How much does a PEO cost?
Rates vary between PEO companies, but before focusing on the costs, .consider the services offered and how they suit the needs of your company. Why spend more money than you have to on a company that doesn’t quite fit in with your business vision?
Is outsourcing to a PEO right for me?
By outsourcing to a PEO, you gain the support of a firm with experience; infrastructure; applications; a well-coordinated, established system for handling all aspects of HR management; as well as subject-matter experts who are highly-trained and well-versed in their service areas. A PEO company like Talent HR Solutions acts as a direct partner to the client company. If you’d like to manage all aspects of the business, and are not open to changes or recommendations from the PEO, then your business will not benefit from the service. However, if you are open to suggestions and want to have your Human Resources department managed by a professional company, then the PEO will develop a plan to achieve your short- and long-term business goals.
Is your business ready to take the next step?
TalentHR Solutions is a Human Resources Outsourcing firm located in Honolulu, Hawaii that provides a wide range of Outsourced Human Resources services for mid-sized and enterprise companies. For more information, call us now at (808) 354-0498 or visit www.talenthrsolutions.com.