By Mike Burgelin
If you're one of the thousands of business owners out there waiting for our elected leaders to offer you some help during the current economic crisis - keep dreaming! The fact is, those of us who keep driving forward, never even considering anything less than survival on our own will weather this cloud. We always do.
But I know you're looking at every way to work smarter, cut costs where you can and run a tight operation. If you haven't heard of employee leasing, also known as PEO services, here's your business rescue plan.
An employee leasing company handles all of the annoying headaches related to payroll management, workers' compensation, employee benefits and keeps you in compliance with all our on-going, never-ending governmental regulations. Now, before I get into the real "meat" of the benefits and services, realize not one of those tasks brings in a single dime of profit to your business.
So let's look at the benefits of these services for your business. A PEO will deliver on time and accurate payroll checks and reports. They'll deduct and electronically remit all of your payroll taxes.
File the quarterly tax reports and issue year-end W-2s. Remit child support payments and other payroll garnishments. Even deal with unemployment claims and appeals. Okay, what else- you ask?
Well, imagine if companies actually competed for your Workers' Compensation Insurance- instead of the state, an agent or some crazy formula controlling your costs?
An employee leasing company can provide you huge savings on your workers' compensation insurance (typically 15-40%) that traditional insurance carriers can't. You won't be paying any large up-front deposits that can run thousands of dollars. You're actually on a pay-as-you use plan, which means you'll never deal with the frustrations of another audit again! And employee benefits?
How about access to the same employee benefits of Fortune 500 companies? PEO services include group major medical and other health plans, dental and vision plans, 401(k) retirement plans, even life insurance coverage.
Many employers have seen their group health insurance premiums drop by as much as 30%!
Plus, you'll have help on compliance issues, such as EEOC/ADA/DOL/FMLA and all the other acronyms we have the time to keep up with. And in today's litigious environment, you can't just hire and fire someone without the worries of being sued, so you'll get help with that, too.
So what will you save? Well, it depends on your current situation but there's no doubt you'll save time and money when you outsource the time-wasters and experience the freedom to work on ideas that really matter - like growing your bottom line.
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Employee leasing is a very popular choice for owners of small- and medium-sized businesses who want to focus on the business, not the administrative burdens behind it. If you think employee leasing might be right for your business,
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