As a small business owner, you are constantly seeking new and innovative ways to increase your bottom line. Maybe that means selling more products, or maybe it means reducing employee turnover and training expenditures. Regardless of your particular objectives, studies show that your business will benefit if you enlist the aid of a Professional Employer Organization, or PEO.
Just what is a PEO?
In brief, a PEO is an entity that offers services of use to a broad range of businesses, such as payroll administration, recruiting, interviewing, hiring, assessing and distributing workers’ compensation benefits, training and development, and a wide array of similar tasks. Essentially, small businesses outsource certain tasks to the PEO and enjoy a variety of benefits as a result.
What Are the Benefits of Using a PEO?
Studies show that by enlisting the assistance of a PEO, small businesses experience faster growth, lower employee turnover, and are about half as likely as similar businesses not using a PEO to have to fold or go under. A PEO organization is essentially an off-site human resources manager, and having that clear division between your employees and those who pay and manage many administrative tasks can prove instrumental for the success of your business.
The infographic below details the various benefits small businesses experience by using a PEO. Explore them in detail, and then determine whether hiring a PEO is the right step for you and the future of your business.