How can a PEO reduce my workers' compensation cost?

How can a PEO's workers' compensation program benefit me?

• Lower costs: A PEO can leverage its large pool of employees to negotiate better rates and discounts with leading insurance carriers . You may also save money by avoiding large upfront payments and opting for a pay-as-you-go plan that adjusts your premiums based on your actual payroll.
• Easier administration: A PEO can handle the complex and time-consuming tasks of workers' compensation claims management, such as filing reports, communicating with adjusters, and coordinating medical care . You can also benefit from the PEO's expertise and experience in dealing with workers' compensation laws and regulations in different states.
• Improved safety: A PEO can help you identify and reduce workplace hazards by conducting safety audits, providing safety training, implementing drug testing, and offering employee assistance programs . A safer work environment can lower your workers' compensation claims and premiums, as well as improve employee morale and productivity.

What are some of the benefits of working with a PEO?

• HR Administration: PEOs can handle various HR administrative tasks, including payroll processing, tax withholding and reporting, benefits administration, and employee recordkeeping. By outsourcing these functions to a PEO, businesses can save time and resources, allowing them to focus on core business operations.
• Employee Benefits: PEOs often offer access to a wide range of employee benefits, such as health insurance, dental and vision coverage, retirement plans, flexible spending accounts, and employee assistance programs. PEOs can negotiate favorable rates and packages due to their collective purchasing power, which can provide more comprehensive and affordable benefits for employees.
• Compliance and Risk Management: Employment laws and regulations can be complex and constantly changing. PEOs have expertise in HR and employment regulations, helping businesses stay compliant with various laws, including those related to wage and hour, discrimination, and employee leave. They can provide guidance on compliance matters, assist with policy development, and handle employee relations issues, reducing the risk of legal penalties and disputes.
• Payroll and Taxes: PEOs handle payroll processing, including calculating wages, tax withholdings, and issuing paychecks to employees. They also handle tax reporting and remittance, ensuring businesses meet their tax obligations accurately and on time. PEOs can assist with year-end tax forms, such as W-2s, relieving businesses of the administrative burden and potential errors associated with payroll and tax compliance.
• Employee Relations and Training: PEOs can provide guidance and support on employee relations matters, such as performance management, disciplinary actions, and termination procedures. They can assist with developing employee handbooks, policies, and procedures, fostering a positive work environment and helping businesses handle employee issues effectively. PEOs may also offer training programs for employees, covering topics such as harassment prevention, workplace safety, and compliance.
• Recruitment and Onboarding: PEOs can assist with the recruitment and onboarding processes, helping businesses find and attract qualified candidates. They may offer applicant tracking systems, assist with job postings, conduct background checks, and handle the necessary paperwork for new hires. This support streamlines the hiring process and ensures compliance with employment laws.
• Employee Development: Some PEOs offer training and professional development programs for employees, including online learning resources and skill-building workshops. These programs can enhance employee skills and contribute to overall workforce development.
• Scalability and Flexibility: PEOs can support businesses during periods of growth or downsizing. They can handle the administrative tasks associated with hiring new employees, managing benefits enrollment, and processing terminations. PEOs provide flexibility to businesses, allowing them to adapt to changing workforce needs without significant administrative burdens.