For people doing the work they love, hiring a PEO or professional employer organization can make the difference between success and failure as a small business. That's because PEO's manage tasks like payroll, health insurance, employee training, and human resources concerns that the average small business owner knows the importance of – but doesn't necessarily have time or expertise to handle.
What is a PEO?
The acronym PEO is short for "professional employer organization" - a company that provides human resources, payroll services, employee health benefits and training to small businesses. PEO services take the weight off of business owners and managers by allowing them to do what they do best – provide the goods and services offered by their business – while someone else takes care of the business administration.
PEO's are sometimes called "employee leasing" companies because most PEO organizations operate under a co-employment arrangement that makes the PEO the official employer of the small business's staff for legal purposes. According to Entrepreneur.com, the PEO becomes liable and responsible for human resources and administrative purposes, while the smaller company that outsourced work to the PEO retains control of daily operations of the business.
Most PEO organizations make money by charging businesses a percentage of payroll cost and a small percentage over the low group insurance rates they receive – still a lower price tag than most outsourcing companies would be able to find on their own.
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