A Professional Employer Organization (PEO) partners with small to mid-sized businesses so they can offer their employees top tier benefits and human resource and compliance services that are typically only available from large corporate employers. A PEO delivers employee-focused services by establishing and maintaining an employer relationship with the employees at the client’s place of business and by contractually assuming certain employer rights, responsibilities, and risk. This shared employment relationship is called co-employment.
Prestige PEO provides your company with solutions to help grow your business by eliminating the need to focus on the business of employment. Prestige has over 20 years of experience providing outstanding PEO services to companies both locally and nationally.
Prestige helps businesses like yours
Prestige PEO provides the following core services:
- Human Resource Services & Support
- Payroll Services
- Large Company Benefit Offerings
- Risk Management & Compliance
It is difficult for business owners to offer a full-time staff devoted to human resources and employment issues, accounting, payroll, benefits or risk management. When companies partner with a PEO they receive the dedicated expertise of professionals in each of these areas. They can offer all the above services to their employees while focusing on their core business.
Enhances Profitability
By pooling the risk of small to mid-sized businesses together, PEOs are able to obtain more favorable pricing on medical insurance, workers’ compensation and other employee related benefits that employers can retain and potentially share with their employees. PEOs enhance profitability by eliminating day to day transactions and focusing on the bottom line.
Advantages to Partnering with a PEO
Companies utilizing PEOs report that..
- They grow 7-9% faster
- Their employee turnover is 10-14% lower
Key Facts
- Businesses that use a PEO are approximately 50% less likely to go out of business
- Businesses that use PEOs can expect an annual median revenue growth of about 40% greater than that of comparable companies that do not partner with a PEO
- 98% of business owners who partner with a PEO would recommend a PEO to a small business colleague
- PEOs provide an estimated savings of about 21% in Human Resources Administration costs
Source: NAPEO.org