Many businesses are experts when it comes to their products and services, however many business owners are lost when it comes to managing employees and handling payroll and taxes. For those business owners seeking assistance, their fears can be put to rest when they hire a Professional Employer Organization or “PEO” for short.
According to Entrepreneur, a Professional Employer Organization is, “a company that technically ‘employs’ the workers of several other companies and oversees all HR-related functions. In addition to less paperwork for the owner, better rates on health care and worker’s compensation insurance are often offered.
In a PEO model, the business owner retains primary control over the management of the business and work performance of the employees. The owner pays the PEO for the costs of payroll, taxes, benefits, and administrative fees, and the PEO handles all the paperwork and the details.
To simplify the process of finding a PEO that’s right a right fit, we have identified the top five best PEO’s for consideration. For busy business owners, hiring one of these PEO’s will help take the stress out of HR and allow more time to invest in making their business the best it can be.
For businesses just getting their feet on the ground, Oasis Outsourcing is the way to go. Although the initial contract period is one year, businesses may cancel their contract within the first 90 days and receive a full refund if they aren’t satisfied. No employee minimum and the ability to mix and match services makes this option a safe bet for businesses who want a risk-free trial of a PEO.
Extremely Small Business
For extremely small businesses, TriNet is a great place to start. Offering short-term contracts and services that grow with your business, this is a great option that has the potential to grow with a company. There is no employee minimum, and the pricing structure is based on a per-employee basis.
For small businesses, Insperity is an affordable option. Offering the ability to pick and choose individual services is a great feature, allowing business owners to design their own system. No long-term contracts are required, and a team of experts is provided for collaboration and consultation.
For mid-size businesses, Paychex is a smart choice. Services are priced on a per-employee basis, regardless of how many employees the business obtains. This flat, pre-employee fee provides access to all of their professional services.
Best Overall Options
To save even more time, take advantage of Net PEO. Not just a single PEO, this company connects business owners with one of a number of PEOs that operate within their network. After an initial assessment, the company will be matched with the best PEO suited to their needs.
Best Customer Service
For great customer service, ADP TotalSource comes highly recommended. With their flexible pricing, no long-term contracts, and web-based payroll software, this company has a lot to offer in a PEO.