5 Ways a PEO Services Company Can Benefit Your Company
If you’re like most of us these days, we’re taking time and carefully evaluating what we need versus what we want, what’s necessary and what’s a luxury. This is happening in households, and yes, in corporate boardrooms across the globe. Things are changing, they’ve been altered, modified and there can be a price to be paid. One thing that has changed is how governments are scrutinizing businesses today. In North America, both U.S. and Canadian governments are cracking down on companies who have a misclassified workforce, and the penalties for misclassified workers or contractors are steep. These government initiatives may be putting your company at an increased risk. So the question becomes are you certain that your needs in this area are adequately met by your current practices or should you be considering PEO (professional employer organization) services?
With that in mind here are:
5 ways a PEO services company can benefit your company
- Standardize the processing of all legal documents- Is all of your company’s documentation in order and meeting all the current requirements? PEO’s will implement a program that ensures your company is not at legal risk (very costly) for incomplete agreements, intellectual property exclusivity, non solicitation etc.
- Strict on boarding and engagement processes for every contractor- How is your company’s new hire process? Is it ironclad? Or are there shortcomings? Misclassification of workers is being felt by companies like Fedex and Microsoft and the government penalties have been in the millions of dollars. PEO services mitigate or eliminate these risks.
- Process automation- Each contractor is processed through an automated system with built in safeguards that control approvals, rates etc. that streamline your operations saving time and money.
- Expense processing automation- How does your company manage this? Is it failsafe? How much valuable time is being taken up with this task? How much are errors costing? PEO services automate the process dramatically reducing the risk of error and saving the time and effort staff are currently spending on this matter.
- Record and payroll management- Can you imagine not having to address all of the questions and concerns of your contractor workforce? What about co-employment issues, has your company ever had to cross that bridge? A PEO manages all of these issues and there can be significant cost savings both in staff time and legal fees associated with many of the issues that come up.
If you have all of this well in hand, great! But if you have any questions or concerns, get them looked into, contact a PEO and see how they can help, with the risks and penalties that are associated with companies who are found to be non compliant in regards to their workforce classification, we believe this is a necessity, not a luxury!