With Obamacare as a one example, small businesses face greater challenges in managing their workforce in coming years. The massive amount of changes going into effect is providing challenges for businesses of all sizes.
Jay Starkman is the founder and CEO of Engage PEO argues “since the ACA enactment, businesses have been working overtime to comply with the steady stream of new requirements, especially getting ready for the changes that arrive on January 1, 2014.”
As he points out, from monitoring changes in the law and keeping up with regulations, penalties, and revisions, it’s no surprise business owners are looking for answers. Companies with fewer HR resources and new found responsibilities under the law are finding it more challenging to keep up.
Starkman cites statistics which show thousands of small and mid-sized companies are turning to Professional Employer Organizations (PEOs) to outsource administrative HR and compliance, alleviate headaches and minimize risk.
In addition to providing support in navigating the ACA, PEOs also provide a wealth of services beyond compliance — from payroll, legal services, workers comp and more. By using a PEO, business owners have access to expert knowledge while reducing administrative expenses, allowing them to focus on their core business.
Professional Services: Fact: Studies show that employees of businesses with best-of-class HR services are more engaged, contributing to improved business performance. Whether you have 20 or 200 employees, a PEO can provide benefits for a business.
PEOs allow small and mid-sized companies to gain access to:
- Workers’ compensation, safety and risk management
- Best-of-class payroll technology
- HR best practices
- Tax administration
- Fortune 500 benefits
- Health, dental and life insurance plans
- 401(k) plans
- Compliance expertise
Endless Resources: When a company works with a PEO, they are ensuring compliance with the labyrinth of regulations employers face today. A relationship with a PEO is a way to take advantage of assets by bringing additional administrative resources to the table to help sort through the ACA, legal challenges and more. PEOs provide personal, professional service from a team of experts that understand small- and medium-sized business needs.
Contribute to the Bottom Line: Ultimately, for business owners, health care reform is about more than just insurance. Companies should rely on informed, efficient professional partners to help navigate through the ACA. When employers are able to focus on their core business, they are able to contribute more to their bottom line. When it comes to working with business owners, not all PEOs are the same. With the right amount of research, partnering with a PEO can bring benefits to the business owner, its employees and the PEO.
Jay Starkman is the founder and CEO of Engage PEO, www.EngagePEO.com.