Professional Employer Organizations
Professional Employer Organizations (PEO) act as an outsourcing company which provides comprehensive human resource services of small to medium size companies. PEO’s provide cost effective and professional services of typical HR services, such as HR management, employee performance evaluation, payroll & tax solutions, top talent acquisition, and retention. Most PEO’s also offer extended services for healthcare ACA (Affordable Care Act) compliance, benefit package design, exposure of risk reduction, and healthcare insurance plan selection.
What Can Lions Financial Do for You?
Lions Financial helps clients find the suitable choice of a professional employer organization. We then advise our clients along each step of the way paying attention to detail to assure the best result. To best assist we apply Four-step SIRE process to create value for you.
- Survey: We will begin process with a questionnaire to have a general understanding of your business and identify the unique composition of employees compliance and benefit needs. We clarify your business objectives and gain understanding of the unique current issues that need to be addressed.
- Insight: To have a deep insight of your specific business, we will incorporate industry research, determine product offerings available from many sources, create an assessment and evaluation about your company benefits structural plan options.
- Recommendation: Then, we will come up with solutions for a Professional Employment Organization program that would be tailored to the needs of your company. As an independent firm we can present multiple providers to create a plan that helps create value in attracting and retaining talent in your company.
- Execution: We will implement the strategy your company would like to execute on based on the options provided and budget available. We help achieve a better result with our professional experience, integration of technology, understanding of your industry, and staying attuned to the compliance and regulatory requirements.
The Key Items to Consider in PEO Selection
- Which types of company need PEO:
- Established companies with 10-125 Work Site Employees
- Startups with one staff and growing within the year with funding
- Poised for rapid growth with a lean management team
- Stable, successful operating track record
- Average wage above $65K in white-collar fields
- Offers employer group benefits and 401(k) plan
- Seeks to attract and retain top talent
- Qualifies for healthcare and worker’s compensation programs
- Why should companies consider a PEO:
- The director of the company plans to focus mainly on business development, and less on the human resource responsibilities.
- The company has substantial and long-term needs in HR and is always seeking solutions.
- The employer values key employees and tries to retain the top talent with investment in HR solutions.
- The company considers benefits as an essential way to attract top talent.
- The company wants to partner with expert HR management skills, payroll & tax knowledge, and multiple resources in suitable insurance planning.
- The manager needs a tailored and comprehensive solution in the whole process of employee group benefit design.
- How to identify a good PEO service:
- Identify the business goal – handle specific HR challenge, such as difficulty in hiring and guiding employee productivity.
- Clarify HR compliance and business growth needs.
- Streamline payroll and paid time off (PTO) administration.
- Guidance and health care reform requirements.
- Get quotes from multiple PEO service providers and complete a comparative analysis based on your company’s needs.
Contact Lions Financial to find a better strategy and holistic plan for you. Lions Financial helps businesses executives, together with their tax and legal advisors, to develop the optimal financial solutions for success. Contact us for an initial consultation to help with your current business need.