GROWING YOUR BUSINESS WITH A PEO PARTNERSHIP
Running a small business is tough. BPlans, a business planning site owned by Palo Alto Software Inc., points out that only half of new businesses survive for the first five years and only one-third of new businesses are able to survive for 10 years. Based on the US government’s Small Business Administration (SBA) research, the website added that a growing number of organisations are finding it harder to run their businesses due to increasing statutory regulations. Research by Bloomberg also shows that out of every 10 businesses, eight fail within the first 18 months.
So, how can you increase your company’s chances of success?
The best way to increase your chances of success is to allow more time focusing on strategy, cultivating customer leads and nurturing your business relationships. A PEO will help you achieve this. A PEO (Professional Employer Organisation) assists organisations manage complex employee-related matters such as employee benefits, compliance, workers’ compensation, payroll tax compliance, and unemployment management.
When you use a PEO, instead of deploying in-house resources on HR administrative tasks, you can invest that time for your core business strategy. According to a recent report by National Association of Professional Employer Organizations (NAPEO), organisations that utilise a PEO are 50 percent less likely to go out of business. They also grow seven to nine percent faster than those who do not use a PEO, the report added.
So why are more businesses noticing the value of a PEO partnership? A study by a leading HR company Genesis HR Solutions shows that:
1. PEO clients are often able to offer a broader array of benefits to their employees than companies that don’t use PEOs.
2. PEOs remove the heavy burden, distractions, and worries of HR management, allowing you to focus on what you do best.
3. Clients often receive savings on certain employee benefit plans by leveraging the relationship with a PEO.
4. PEO clients have higher growth rates than other small and medium-sized businesses.
5. The employee turnover rate for PEO clients is 10-14% lower per year than that of comparable companies, depending on data specification.
6. Using a PEO as a single-point-of-contact for your company’s insurance and benefit coverage lowers internal costs.
At Propay Partners, PEO forms our key expertise. We fulfill tailored solutions for our clients and their team to ensure maximum support in their new base. Our PEO services will assist you right from on-boarding to permits, record maintenance, tax compliance, and exit formalities. Our team of chartered analysts will also assess regulations binding international employee transfer. As a legal employer, our team at Propay Partners will manage all statutory requirements to ensure your business remains compliant.
Depending on the size of your business, opting for a PEO over an in-house HR department might be a beneficial move for your small or mid-sized company so that you can focus on managing your employees and running your business.
