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How Does a PEO Add Value to My Company?
If you own a business and have limited experience working with PEOs, you’re not alone. A lot of small and medium size business owners are vaguely familiar with what PEOs are, but are unsure of how they operate or how they benefit SMBs.
PEOs can handle a wide range of important business functions, from human resources to payroll, risk management, benefits, and more. Surrendering all of these important operations to an outside company can be a bit intimidating. It involves a lot of trust on your end. So how can you be sure it’s worth your while?
We’ve broken down all the key ways that PEOs boosts efficiency and enables growth.
1. Streamlining Labor Intensive Processes
HR, accounting, and risk management all demand time and brainpower. You could spend your entire career focusing on just one of those three things, and still have your hands full. Handling these functions internally requires you to develop processes, find competent employees to manage them, and then hope that some unforeseen hiccup doesn’t disrupt your process. Add to this the fact that all of these are vital functions that, if mismanaged, could be detrimental to the health of your business. Instead of building these departments from scratch, many businesses choose to bring in outside help.
Professional Employer Organizations are specialists, not generalists. HR and risk management aren’t merely facets of our business, they’re the business itself. This is what makes Innoworks a cost-effective solution for managing these processes. We’ve streamlined these services, and draw on a wide pool of resources, which develops naturally after spending so much time in the game.
In addition to effectively managing vital functions, the beauty of a PEO is the additional time and manpower it frees up. Time not spent balancing accounts and onboarding employees is time that could be better spent elsewhere. Instead of struggling to keep your head above water, PEOs enable you to focus on actually growing your business.
2. Risk Management
Most industries are inundated with bureaucratic red tape. For businesses operating in highly regulated sectors, it may seem like there are new laws and guidelines popping up on a near daily basis. Staying compliant can be tricky. As your business attempts to navigate the treacherously uncertain waters of government regulations, you may find yourself in need of a lifeline, to keep you insulated from the pitfalls of noncompliance.
Innoworks offers resources for compliance and risk management, to keep you from running afoul of the law. This includes seminars, to educate personnel about regulations and best practices, and consultation, to help management refine business processes to maintain compliance.
For some industries, the threat of injury or damage is always present. Sectors like manufacturing are notorious for their inherent risk. yet that risk can be dramatically reduced with the right protocols in place. Safety training, hazard awareness, personal protective equipment, and disaster plans all go a long way toward minimizing liability, and these are all things Innoworks can provide. You’ll be able to rest assured that you’ve done everything in your power to prevent an accident.
3. Employee Morale
Good morale is at the heart of every successful enterprise. What better way is there to boost employee satisfaction than with quality benefits, reliable pay, and a healthy work environment?!
Benefits, like insurance and childcare, go a long way toward improving employees’ quality of life. By partnering with a reputable PEO, you can secure better benefits for the people who keep your enterprise afloat. This level of commitment to employees’ well being isn’t just philanthropic either. By offering premium benefits you’ll attract top talent to bolster your organization.
Payroll inconsistencies are the bane of employee existence, and can be devastating toward morale. Professional services for payroll management help make sure payroll is correct and on time. There can also be legal ramifications for not paying employees on time, so it’s best to just do it right the first time.
Cultivating a better workplace culture is key to keeping employees productive and happy. A full-service PEO will take on key human resource needs like employee onboarding and harassment training. When workers are confident knowing what’s expected of them, and what they can expect from others, their productivity won’t be disrupted by the pitfalls of uncertainty.
It’s easy to find yourself overwhelmed with the day-to-day hassles of running a business, and then become disillusioned with the entire prospect of being a business owner. That doesn’t have to be the case. By partnering with Innoworks, you can reclaim some of the freedom you enjoyed at an earlier stage in your business, and focus more on the big picture.
Disclaimer: Not Tax, Legal, Financial or Accounting Advice
Innoworks and its affiliates (collectively, “Innoworks”) do not provide tax, legal, financial or accounting advice. Any material made available to you by Innoworks, via any portal, including www.innovemp.com or via email or other correspondence from and with Innoworks and its representatives, has been prepared for informational purposes only, and is not intended to substitute, and should not be relied on for tax, legal, financial or accounting advice. You should consult an independent tax advisor, lawyer, financial advisor, and/or certified public accountant before engaging in any transaction. Neither Innoworks nor any of its corporate affiliates are fiduciaries with respect to any person or plan by reason of providing the material or content herein.
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