PEO Terms Show
Over the last 20 years Professional Employer Organizations (PEOs) have searched for a common definition that was uniquely identifiable to the public. Terms include:
PEO Services Some industry members have tried to define each of these terms differently in an attempt to differentiate their company's offerings. Unfortunately, this has left consumers of PEO services confused about the PEO arrangement and its value for business owners. At StaffMarket we define a PEO as any company offering to assist businesses with:
Types of PEO ArrangmentsEmployer of Record Responsibilities "Classic" PEO PEO with "Carve-Outs" PEO - ASO Workers’ Compensation Insurance "Classic" PEO PEO with "Carve-Outs" PEO - ASO Safety and Risk Management "Classic" PEO PEO
with "Carve-Outs" PEO - ASO Health Plans "Classic" PEO PEO with "Carve-Outs" PEO - ASO Employee Benefits "Classic" PEO PEO with "Carve-Outs" PEO - ASO Human Resources "Classic" PEO PEO with "Carve-Outs" PEO - ASO Regulatory Compliance "Classic" PEO PEO with "Carve-Outs" PEO - ASO HR outsourcing comes in many flavors. Let's find your best solution. A professional employer organization (PEO) provides comprehensive HR solutions for small and mid-size businesses. Payroll, benefits, HR, tax administration, and regulatory compliance assistance are some of the many services PEOs provide to growing businesses across the country. Small businesses that work with a PEO grow 7 to 9 percent faster, have employee turnover that is 10 to 14 percent lower, and are 50 percent less likely to go out of business. The return on investment of using a PEO, in costs savings alone, is 27.3 percent. You found our list of the best professional employer organizations. Professional employer organizations are companies that work with small businesses and mid-sized organization to handle HR functions. For example, the organization may handle payroll, workers compensation and healthcare benefits. Because these organizations work in such a vital capacity with clients, they are often called
co-employers. The term “professional employer organization” is commonly shortened to PEO. A PEO is an example of HR outsourcing, and often includes HR software. PEOs can help administer employee benefits. This list includes:
Let’s get to it! When you are a small business, you may not want to devote a ton of time to HR. If this restriction is the case for your organization, then consider partnering with a PEO to handle payroll and benefits. 1. JustworksJustworks is a PEO that lets both employers and employees navigate payroll, benefits, HR, and compliance. The company prides itself on being personable, which means that if you have a customer service question, Justworks will answer you via phone, email, Slack or even text. The company offers a comprehensive solution, easy to navigate dashboard, and numerous other benefits. Check out Justworks. 2. ADP TotalSourceADP TotalSource is an accredited PEO that specializes in delivering Fortune 500 level benefits and world class customer service. This PEO assigns a strategic HR specialist when clients sign on, and these businesses are not locked in a long-term contract when they do. With ADP’s specialists on hand, businesses can have peace of mind in their employment processes, especially when they are working across a variety of regions. Learn about ADP TotalSource. 3. TriNetTriNet is an accredited PEO that provides HR consulting, benefits, risk mitigation, and payroll services. TriNet’s goal is take care of the administrative HR work that is so important to functioning well, and let companies focus on their actual missions. This PEO also has different HR solutions depending on the size of the company, including for larger organizations with 500 to 1000 or more employees. Take a look at TriNet. 4. Paychex FlexPaychex Flex has a primary focus on payroll. While features may be limited, Paychex Flex promises to make sure that paying your employees goes off without a hitch. Also, this PEO offers transparency by letting your team look up their own payroll information, such as their pay stubs and W-2’s, which means that colleagues no longer have to go to HR with these requests. Paycheck Flex can help save your team time and energy to focus on other important processes. Discover Paychex Flex. 5. ZenefitsZenefits is a PEO that consolidates a company’s onboarding, PTO tracking, payroll, and benefits into an easy-to-use platform. This platform provides a more full service HR experience by handling organizational charts and performance reviews. Zenefits is a comprehensive solution ideal for companies that do not want to spend a lot of time on HR. Explore Zenefits. 6. Oasis, a Paychex CompanyWhile Paychex focuses on payroll, Oasis helps with payroll, and other functions, such as HR services, benefits, and risk management. Another accredited PEO solution, Oasis also personally tailors their services to your business by providing access to a team of experts that can give you practical advice. Working with these experts can help mitigate costly challenges down the line. Peruse Oasis. 7. InsperityInsperity is an accredited PEO that supports payroll services, employee administration, onboarding, performance reviews, time and attendance monitoring, and HR resources. With all these features, Insperity claims to be there for you and your team every step of the way, even until retirement. While this promise is a bold one, you can review the company’s site and testimonials for a full picture of their capabilities. Try out Insperity. 8. GenesisHRWith roots in Massachusetts, GenesisHR is a PEO that revels in providing excellent customer service and the best benefits to small businesses. As an accredited PEO with 25 years in the industry, GenesisHR will also work with you and change your HR solution as your business grows. With these features, GenesisHR hopes to help organizations attract and retain top talent, which is a major competitive advantage. Learn more about GenesisHR. 9. ScalePEOScalePEO provides payroll services, integrated benefits, compliance, and HR expertise. An accredited PEO, this company helps businesses grow by taking care of their HR needs, so they can focus on their goals. By simplifying how to run your business, ScalePEO helps you stay in business longer. Examine ScalePEO. Final ThoughtsRunning a business of any size is challenging, and payroll processes and compliance can be at the top of that list. Outsourcing to a PEO can give you peace of mind in knowing that your employment processes are handled by experts, plus save time and money. Just remember, before deciding on a PEO, check for accreditation, as well as the features that they offer. Next, check our our list of the best applicant tracking systems and these time tracking software tools for work. We also have a list of the best employee management software, one with task management tools, and one with employee scheduling software. FAQ: Professional Employer OrganizationsHere are some common asked questions about professional employer organizations and PEO software. What is a PEO?A PEO, or professional employer organization, is a company that manages the HR needs of small to medium sized businesses. By outsourcing human resource functions, small to mid-sized businesses are free to focus on their company mission, instead of addressing HR issues. What is the best PEO?The best PEO are often accredited companies that offer the most features and benefits at an affordable price. Stellar customer service is also a welcome plus. Is using a PEO a good idea?Using a PEO is a good idea if you feel your company spends too much time on HR or if your current HR team is overwhelmed by tasks. Also, if you are a small business, you may not be able to offer as comprehensive health coverage or benefits as you would be able to once signed to a PEO. Press "CTRL + D" or "Command + D" to bookmark this page for updates. You can follow us on LinkedIn for team building tips! Share this article:  CEO of teambuilding.com. I write about my experience working with and leading remote teams since 2010.
What are the types of PEO?Professional Employer Organization - PEO. Employee Leasing Company. Staff Leasing Company. Human Resources Outsourcing Organization - HRO.
Who are the largest PEOs?ADP Totalsource – the largest PEO
According to Yahoo Finance, ADP is the largest PEO in the US, with more than 400,000 worksite employees. They are also estimated to generate about $192.42 million in sales.
What is the meaning of PEO?A PEO, or professional employer organization, is a type of full-service human resource outsourcing known as co-employment. In this arrangement, the PEO performs various employee administration tasks, such as payroll and benefits administration, on behalf of a business.
What is a professional employer organization quizlet?Professional employer organization. Company releases employees to PEO that then manages the administrative needs associated with employees. PEO handles salaries, pays workers compensation premiums, payroll-related taxes, and employee benefits.
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