Your questions...
Answered
1
What is a PEO?
A Professional Employer Organization (PEO), also known as a co-employer, provides comprehensive HR solutions for small to mid-sized organizations. PEO's utilize their size in the insurance markets to stabilize costs in regards to Medical Benefits, Workers Compensation Insurance, Employers Practices Liability Insurance (EPLI), 401(K), Life Insurance, Disability Insurance, Dental and Vision, and Payroll Solutions. In addition, PEO's provide HR compliance that helps companies stay abreast to the ever changing HR laws in our country.
2
Why should my company use a PEO?
By partnering with a PEO, you are able to significantly reduce Human Resource expenses related to payroll, benefits, insurance premiums and programs, compliance and risk mitigation, and consulting services as needed. PEOs offer small to mid-sized businesses the expertise of a fully staffed human resources team without the overhead or expertise in house. They are able to negotiate better rates and plans and will often advise on employee retention and best practices.
3
What is the benefit of using a peo?
Small to mid-sized businesses that use the services of a PEO will often times see an average annual return on investment of 27.2%. Businesses also experience a positive growth rate and are less likely to go out of business. They experience better employee retention by offering outstanding benefits, competitive plans and coverage. PEOs are also known to deliver better compliance and advise on risk management.
4
How much is it to contract with a PEO?
Every business is different depending on the specific services needed. According to the National Association of Professional Employer Organization, "The ROI of using a PEO (in cost savings alone) is 27.3%. So while the expense may be prohibitive in theory, most companies more than make up for it in value and cost savings.
5
Why should I use Onyx instead of going direct to a PEO?
There are currently over 700 PEOs in the nation. They all offer a variety of solutions at different open contract rates, and specialize in key HR areas. By partnering with Onyx, we will match your business to one of the top PEOs based on your specific needs. Through our data collection process we are able to customize your quotes while vetting a vast amount of the PEOs in the marketplace. We manage the entire process (including negotiation), making sure to save you money and time. We offer a comprehensive, fast, and easy three step process that provides you with the quotes you need to make the best decision.
