Employee Leasing - PEO Professional Employer Organization - Staff Leasing - Outsource Employees
A solution for the business owner who is buried under mounds of paperwork and employee related hassles that are associated with a growing business.
(PRWEB) May 26, 2005
First, I am not trying to sell you anything. I am just trying to give out some good information that most business owners and human resource departments might want to take a closer look at.
I started here about three years ago at which time I was told that I would be working for a PEO short for Professional Employer Organization. I had no idea what that meant or even heard the term PEO or Professional Employer Organization. I'm sure you are sitting there reading this and thinking the same thing. Being the curious person that I am, I started researching the field I was about to blindly plunge into.
After many weeks of research and reading of articles previously released by our company and competitors, I was blown away by what I was finding out and I am sure you will be too. This information, should you feel the same as I, will literally save your staff countless hours and save your business a pile of money.
To be as brief as possible I will try to get right to the meat of this article. First, I will give you some PEO industry facts published by reputable PEO industry Associations and media publications.
According to the Harvard Business Review the PEO industry is "the fastest growing business service in the United States during the 1990s". Napeo an industry association posts that "The PEO industry employs about 2-3 million employees and has grown by at least 20 percent each year for the past six years". I could go on, but I won't. One last statistic I think you will be interested in is that some sources say that one third of American workers will be in a PEO or similar relationship by the year 2015. This is a staggering statistic.
Ok, now that I have given you some statistics that are almost unbelievable, I'm sure you are asking yourself how this pertains to you or your business. So letÂ’s get right to the point.
A PEO or Professional Employer Organization takes all of your current employees and hires them. The PEO then groups them together with other employees previously hired by the PEO. I'm sure youÂ’re starting to get the picture now! It is very similar to buying household products in bulk. The more you buy the better price per unit you get. Example, If you buy the small box of cereal (12 Oz ) you will pay a premium price lets say $3.00 but if you buy the bigger box ( 24 Oz ) you would pay lets say $5.00. In short you saved one dollar by purchasing the bigger box. The concept of the PEO or Professional Employer Organization is very similar.
A PEO purchases products like workers compensation and health benefits in volumes that your company could not possible accomplish. By buying products in bulk a PEO can then pass the savings on to its clients.
A PEO can further your savings by processing employee paperwork for your business such as, payroll calculation and processing, employee handbooks, filing and pay employee related taxes and much more. The end result is that you work on what you went into business for and let the PEO handle all the paperwork and hassle that came along with a growing business.
This type of business service can be called many different things such as; PEO, professional employer organization, staff leasing, employee leasing, outsourcing employees. All perform the same function which is to save your business time and money by using the buying power of volume. Should you want more information about these services PML Holdings Group or planmarc. com has a good website that will give you some good industry information as well as services that they offer.
Thanks for taking the time to read my article. I hope this information will help with your business decisions with regards to PEOs proffessional employer organizations, employee leasing, staff leasing and outsourcing employees. You can also copy and past any of the previous terms into your browser for additional information.
# # #
