Sheakley Updates

Feeling Stressed Out?

Ella Baker
Feeling Stressed Out?
Reading time 8 Mins
Published on Sep 17
Share

Six ways a PEO partner can take some of the stress out of running your business

You spend your day running your business and your nights worrying about your business. As a business owner, you have many responsibilities and people depend on you to get things done. Running your own business is never going to be completely without worries, but you don’t have to go it alone. It’s time to leave some of the stress behind and fall in love with running your business again. Here are six ways your PEO partner can take some of the stress out of running your business.

What is a PEO?

A PEO is a firm that provides comprehensive HR solutions to employers. PEOs partner with small and mid-size businesses to provide outsourced HR management, including employee benefits administration, risk management, compliance with regulatory issues, and training. Through the co-employment model, PEOs are able to provide businesses with:

  • Human Resources (HR) Management
  • Benefits Administration
  • Payroll Processing
  • Time and Labor Management
  • Tax Administration
  • Better rates on Worker’s Compensation
  • Safety and Risk Management
  • Employee Relations Support
  • Ensure ACA Compliance
  • Ensure Labor Law Compliance

The rebound of the small and mid-size business sector coupled with the rise of greater regulatory issues, like the ACA, have led to an increase in the use of human resources outsourcing. Serving approximately 156,00 employers and representing 2.7 million worksite employees, a professional service organization can help your small business grow and succeed.

Payroll and taxes

With employers spending an average of six to ten hours per week on payroll processing, the task is one of the single greatest drains on time for business owners. In addition, payroll processing and payroll tax can prove costly to businesses in other ways. Frequent change in the tax code can result in stiff penalties and fines as the result of incorrect reporting or withholding. When you work with a PEO, you enter into a co-employment relationship in which the PEO becomes the employee of record for your employees. You remain in control of your team, while sharing employment related costs and liabilities with the PEO, shielding your business from potential liabilities.

Sheakley’s Human Capital Management application comes complete with Payroll Processing Services, Time and Labor Management, Employee Onboarding tools, ACA Management and online Benefits Enrollment. This complete payroll administration solution offers everything from basic payroll processing to electronic tax filing, while helping you manage costs and stay compliant. The Human Capital Management system allows employers and employees to access and update employee information at anytime from anywhere. W-2s are automatically available to employees at the end of the year and employees can access up-to-date PTO accruals at any time.

Recruitment and termination compliance

It’s a task that might seem easy at first glance, but your hiring and termination practices are more fraught with potential liabilities and time-consuming than you may think. With the US Equal Employment Opportunity Commission (EEOC) receiving 84,234 charges of workplace discrimination charges in 2017 alone and with the average cost of an employee lawsuit standing at $250,000, it has never been more important to make sure that you have a strong HR outsourcing partner who can adequately administer your hiring and termination processes.

The hiring process involves far more than posting a job, waiting for candidates to apply, and selecting someone to fill the role. From issues with how the job is described or where its posted, finding and obtaining the right talent for your company can be more difficult than you think. Lost time looking through resumes from candidates that aren’t a good fit and posting to dozens of job boards means lost productivity for your office. Then there are the liability issues related to not establishing and using appropriate equal employment opportunity hiring practices.

Then there are terminations. While Ohio is an at-will employment state, employers must still be aware of the issues that can come into play when terminating an employee. From proper wording of termination notices to severance practices to handling unemployment claims, termination is a delicate process that must be handled with care and delicacy to avoid potential litigation.

Sheakley’s human resources outsourcing experts will be able to help you navigate all of these potential pitfalls to reduce potential liability for your company and to help you attract and retain the right talent. Sheakley works with you and your managers to ensure adherence to proper employment practices that can ensure you avoid turnover and lawsuits.

Workers’ Compensation support

Worker’s compensation premiums can be one of the single largest costs of doing business in Ohio. From cost saving strategies to workers’ compensation claims support, your PEO partner will be able to provide you with a strong backing in the area of workers’ compensation.

Through the co-employment relationship, PEOs are able to access many of the Ohio Bureau of Workers’ Compensation money saving opportunities on your behalf, like Group Rating, Group Retrospective Rating and Self-Insurance. Additionally, your co-employment partner will conduct a thorough review of your existing workplace safety environment, helping you to develop or maintain your existing standards to ensure fewer workers’ compensation claims. In the event of a claim, your partner will also monitor the worker’s treatment, maintain contact with the carrier and ensure that appropriate return-to-work procedures are followed.

Representing more than 16,000 employers, Sheakley is one of the state’s most experienced third-party administrators for workers’ compensation and can help you navigate the complicated world of workers’ compensation. Sheakley’s worker’s compensation experts will work with you to develop and implement a tailored plan of action that allows you to make the best decision for your company.

Employee benefits administration

Professional employment organizations utilize the collective bargaining power of the 3.4 million employees they represent to negotiate Fortune 500 level benefits for small and mid-size companies. The costs associated with offering health insurance, dental and vision benefits, life insurance, and retirement benefits are prohibitive for many business owners.

With a growing number of employees viewing healthcare benefits as standard, the importance of providing these coverages is becoming increasingly more important in attracting and retaining top talent. By entering into a PEO co-employment arrangement with Sheakley, you can provide your employees with affordable, high quality benefits.

In addition, Sheakley’s PEO team administers your benefits plan. Sheakley makes is our business to ensure that your employees are informed of the benefits available to them, reducing your benefits costs, and keeping your company compliant with government health care laws.

Risk management

For most small businesses, one lawsuit could spell the end. By developing risk management programs that are integrated into the daily operations of your company, Sheakley’s PEO team is able to protect your bottom line – ensuring fewer lost days of work and production.

Whether instituting the most recent OSHA compliance reporting guidelines or managing your drug testing program, PEOs are able to mitigate and lessen the impact of known (and unknown) risks to your business. Reach out to Sheakley’s PEO team today for a comprehensive review of your risk management strategy.

Growing pains

As your company continues to grow, a larger staff means greater HR responsibilities and tasks. If you are on the cusp of or have recently undergone an expansion, it may be time to start thinking about how you are going to manage a larger staff.

Allowing your managers to focus on their daily job functions and improving their teams creates more opportunities for staff development. Since lack of professional development prospects is a frequently cited reason for many employees’ lack of job satisfaction, these opportunities can allow you to reduce turnover rates amongst your employees. This retention and greater employee engagement can translate into better customer service and increased sales for your company.

The HR support of a PEO can help you manage your staff and quickly scale your HR functions for rapid growth in the future. Sheakley’s PEO team can help you save time and reduce your growing pains, helping you reach your growth goals more quickly.

Let Sheakley help relieve your stress

Accredited by 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 experience and expertise are unrivaled in the industry. As your company continues to grow and become subject to more stringent labor laws, Sheakley’s PEO services allow you to remain compliant and focused on the daily demands of your business.

Schedule your free consultation with a Sheakley PEO professional today. For more in-depth information about PEOs, download our What is a PEO e-book today. Stay up-to-date on all things Sheakley by subscribing to our blog and following us on social media. Join in the discussion by commenting below.


You may want to read

See all articles
X
X
X
X