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Published on Jun 17
Did you know that you can retain management control of your business while simultaneously reducing the administrative burden of employment-related tasks? Having more time to devote to your business seems too good to be true. Shared employment not only frees you to grow your business, it also lets you offer better benefits to your employees while keeping you compliant with employment regulations. Learn more about the value of shared employment and how it can help your business.
More Time to Focus on Your Business
Interviews, payroll processing, keeping track of hiring documents, processing payroll taxes…when you started your business, did you ever imagine so much of your time would be spent on things that didn’t generate profits? When you partner with a Professional Employer Organization (PEO), you can hand off many of those time-consuming administrative tasks – giving you more time to focus on your business.
As the employer of record in a shared employment partnership, your PEO takes over the tasks associated with employee timekeeping, processing payroll, maintaining accurate accounts of paid time off, and much more. Your PEO’s payroll processing system automatically calculates employee pay based on their rate of pay, hours worked, and tax burden, while also ensuring that Social Security, Medicare, federal, and state employer taxes are calculated correctly and paid on time. This system reduces the risks associated with not getting payroll processed on time and the potential penalties resulting from improperly tax withholding.
Additionally, your PEO can also perform many of the time-consuming onboarding procedures and tasks on your behalf. Your PEO representative collects and processes employment forms directly from your new hires, such as W-4, I-9, and direct deposit forms, while also verifying work authorization and reporting the employee’s information to state and federal agencies. Additionally, your PEO can even perform any background checks or pre- or post-employment drug screenings required by your company.
You’re still in charge of the day to day management, hiring, and firing decisions of employees. The shared employment partnership allows you to spend more time focusing on business growth by freeing you from the burden of non-income generating administrative tasks. Learn more about How the Shared Employment Model Really Works.
Access to Better Benefits
It’s no secret that benefits like health insurance, employer-sponsored retirement accounts, life insurance, and other supplemental plans can be financially out of reach for many small and mid-sized businesses (SMBs). The shared employment model provides your SMB with the opportunity to access Fortune 500-level benefits at a fraction of the normal sticker price.
Since your PEO is the employer of record for all of its clients’ employees, they are able to negotiate rates with benefit providers at much better costs than individual companies could on their own. In leveraging the collective buying power of a shared employment partnership, you give your employees access to top-tier health plans that are normally only available to large corporations. You select the range of benefits that you want to offer your employees and your PEO partner will handle all the enrollment and payroll withholding paperwork. Who knew that providing your employees with access to great benefits could be so easy? Check out The Benefits of a PEO: Group Healthcare Coverage to learn more about how your PEO can give you access to better benefits.
Lessen Compliance Woes
When you started your business, it was probably just you and a few others. Like many SMB owners, you probably don’t have a great deal of experience with employment law. As your business grows, however, the liabilities and potential risks associated with employment grow exponentially.
That’s where your shared employment partnership can really come in handy. PEOs are staffed with trained professionals who ensure that your business remains compliant with local, state, and federal employment-related regulations. From accurate and timely payment of payroll and payroll taxes, to keeping up with changes to labor laws and worker safety compliance, your PEO can help reduce your employment-related risks and liabilities.
Make sure that you choose a PEO that carries employment liability insurance, like Sheakley’s $3 million Employment Practices Liability Insurance policy, to protect you from employment-related litigation. Your shared employment partner should be able to back you up and provide assistance when you need it most. Read Critical Steps to Ensuring HR Compliance to learn more about how your PEO can help you stay compliant.
Attract Top Talent
Thanks to the experience and resources of your PEO, your company will be able to offer a more attractive benefits package and you’ll get the assistance you need to develop a strong, inclusive, and forward-thinking company culture, allowing you to attract and retain more top talent than ever before.
Having access to the top-tier benefits your shared employment partner offers can make all the difference when you’re recruiting. Your PEO can also help review your HR policies to ensure that they’re compliant with local, state, and federal employment law, while also developing and promoting a workplace culture that mirrors your company values and goals.
A Partner You Can Trust
Accredited by the Employer Services Assurance Corporation (ESAC), Certification Institute, and backed by a $3 million Employment Practices Liability Insurance policy, Sheakley’s 120 years of combined PEO team experience and expertise are unrivaled in the industry. As your company continues to grow and becomes subject to more stringent labor laws, Sheakley’s PEO services allow you to remain compliant and focus on the daily demands of your business.
Your free consultation with Sheakley’s PEO team is just a click away.
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