Hiring a professional employer organizations broker may just be the key to unlocking an increased potential lying dormant within your small business.
Outsourcing specific business needs has become increasingly popular among small business owners. Many are even choosing to optimize how they take care of their HR requirements. This in turn has seen a corresponding rise in the demand for professional employer organizations (PEOs). However, as you might expect, these organizations often come bundled with a thick amount of details and paperwork. That might just be the very thing you are trying to run away from!
Thankfully, a PEO broker can help you decide how to best outsource several aspects of your small business. This saves you time and ensures that your business keeps running smoothly. The outsourcing trend can include health services, payroll, retirement accounts, tax administration services, and long-term savings accounts.
sSix Advantages of Working with a Professional Employer Organizations Broker
Choosing a suitable PEO should be weighed very carefully. To help you decide, hiring a PEO broker is a great option. A professional employer organizations broker can help find you the best deal on the market. If you’re thinking about hiring a PEO broker, here are six good reasons to move forward.
1. A PEO broker helps create a buyer’s market.
Partnering with PEO brokers allows you to create a buyer’s market. Brokers achieve this by creating a mini-market where they can get the attention of PEOs. They’re also in a position to hire locally, regionally, or nationally. Leveraging these expanded options, you’re now in a position to choose a PEO that promises to deliver quality results. The PEO broker also improves your bargaining power. You don’t have to spend nearly as much money paying the PEO as you’d have to if you hadn’t hired a broker.
2. It’s much easier to compare PEOs.
Whenever you’re out shopping, you spend most of your time closely examining prices. You want to be sure you’re getting the best value possible.
The same principle applies when scouring the market for a potential PEO. When conducting your search, the primary factor that’ll be guiding your decision-making process is pricing.
You’ll need to set aside a considerable chunk of your time reading over quotes issued by different companies. The entire process involves dealing with endless paperwork and uses up a lot of your energy. It’s no surprise since PEO proposals are usually not only long but also fairly complex. Because of this, you’ll need to take your time. You need to carefully read through all details to avoid making a costly mistake.
All this sounds hectic and difficult because it is. Hiring a PEO broker helps you outsource these issues. Your PEO broker will give you numerous quotes for review. This makes it a lot easier to pick a PEO suitable for your needs while still offering you great value.
3. Your business gets competitive pricing.
While hiring a PEO broker will cost you money, you end up saving more. A PEO broker eventually helps you save by cutting down how much you’d have to pay the PEO. The PEO consultant can do this as they have the experience and knowledge to negotiate for better rates. Also, they can use connections established over the years to help you get a cheaper deal.
The opportunity to save money should be a sufficient motivation to hire a broker, assuming you still had some skepticism about this practice. After all, your goal as a small business owner revolves around saving money by trying to cut down business costs as much as possible.
4. Your paperwork load is greatly simplified.
Piling up the paperwork can make you feel like giving up prior to searching for an ideal PEO. To get an exact quote from the PEO, you’re required to collect a vast amount of company data. This includes healthcare requirements, worker’s compensation history, insurance policies, and staff salaries, to mention a few. Because you’ll be seeking to get quotes from various PEOs, you’ll need to repeat this entire process every time you’re searching for different needs.
To save yourself from dealing with this hectic process, multiple times, a PEO broker might be the right call for your small business. Working with a PEO broker, you’ll only be required to provide the appropriate data once. The broker will then assess your company data and recommend the right PEO depending on your needs. This helps you make an informed decision without having to deal with lots of paperwork.
5. You get greater peace of mind.
Running a small business is stressful. You need to make sure everything’s running according to plan. The search for a PEO only adds to this level of pressure. You’re expected to make sure the business remains on track to achieve its goals.
When evaluating different PEOs, you’ll want to compare how much they charge for their services and interview each of them. All of this added work quickly becomes overwhelming. It might even impact productivity or prevent you from making the right decision as to which PEO to hire.
PEO brokers reduce the work on your end. Your consultant will deal with all of the heavy lifting involved in the search for the right PEO. Since the broker has years of experience establishing a relationship with many PEOs locally, regionally, and nationally, they’ll know which matches your needs. As a result, you get to focus on more important matters, the ones your small business was established to handle. You’re making a good choice but not adversely affecting overall productivity.
6. A professional employer organizations broker looks out for your best interests.
If you’re out shopping for a product you don’t know much about, it’s all too easy to be misled by sales representatives.
To get the best advice, it’s far better to talk to a neutral party when seeking reliable information. PEO brokers are neutral parties. Their main goal is to help you get a PEO who’s the perfect match. Their integrity can be trusted as they don’t have anything to gain financially if you choose to pick one PEO over another.
However, if you consult a PEO directly, they will do their best to convince you that they’re the best pick. That might not always be the case, so hiring a broker would be a safer route.
Hiring a professional employer organization allows you to focus on matters more important to your business. Any good PEO can help maintain smooth operations as you no longer need to worry about compliance issues and complex HR paperwork. However, knowing which PEO to hire can a challenge. There are many options available. To help you out, hiring a PEO broker might be your best bet for wading through all the choices.