In todayâ€™s competitive marketplace, it can be difficult for smaller businesses to attract high-quality talent for their employee pool. This is often because of the vast difference between the quality of benefits and human resources services that larger corporations and smaller companies are able to provide.
If you are the owner of a small-to-mid-sized business, one way to get around this difficulty is to enlist the services of a professional employer organization (PEO) like Einstein HR. PEOs work with your business via an arrangement called co-employment. While you remain an employer of your employees and retain control of your business, the PEO is also listed legally as an employer of record for your employees. This allows the PEO to have legal authority to administer various services, such as handling payroll, supplying employee benefits packages, and more.
How Co-Employment Helps You
Some business owners may be worried about entering into a co-employment relationship with a PEO, but the arrangement is actually beneficial for several reasons. In fact, working with a PEO is similar to simply outsourcing your HR needs, but there are a few ways that co-employment may be an option better suited for your company.
Increased Bargaining Power
Since the PEO often joins with several businesses, its employee pool is much larger than any single companyâ€™s. This means that it has much more bargaining power for securing services like employee benefits packages, providing top-tier benefits at prices that are some of the best in the industry.
More In-Depth Services
As an employer of record for your employees, a PEO has the ability to provide more in-depth services than an HR outsourcing company. When an HR outsourcing company is used, it can provide administrative services. However, a PEO is able to go beyond that and offer more services due to its status as a joint employer.
Retaining Your Control
While some business owners may balk at the term â€śco-employment,â€ť seeing it as a diminishing of their ability to control their company, the fact is that the business owner in a co-employment relationship is designated as the executive. The executive has power to:
- Dictate the services provided by the PEO
- Provide the final say for all decisions
- Maintain control over the direction of the company
Use a PEO to Expand Your Business Opportunities
PEOs like Einstein HR can be used to outsource many different kinds of services. This can free you up as a business owner to focus more on growing and expanding your business than on haggling with complicated human resources issues. As experts in the industry with decades of experience, Einstein HR is better equipped to handle these services.
Additionally, using a PEO often costs less than hiring a full-time, in-house staff. While it is saving you time to focus on what matters most, the PEO also saves you money on overall payroll. Plus, with the range of services provided by a PEO, employees are often happier and tend to stay with the company for a longer amount of time. This saves money by cutting down on costly employee turnover rates.
Services Provided by a PEO
Services offered by PEOs span the gamut of human resources needs. If your Long Island company is looking for HR solutions, you can enter into a co-employment relationship with a PEO for these services, including (but not limited to) the following:
- Payroll Administration
- Management of Employee Benefits
- Handling of Workersâ€™ Compensation Claims
- Compliance with Federal and New York Regulations
- General Human Resources Services
At Einstein HR, we have decades of experience providing PEO and HR outsourcing solutions to clients across the country, including Long Island, NY. By using our expertise and knowledge, we can help lower your overall risk when you enter into a co-employment relationship with us as your PEO.
Industries that Use PEOs
Using a PEO is a strategy that can work in practically any industry to save business owners time and money, lower their risk, and help grow their business. Some of the companies that we have served include companies in such industries as:
Our services as a PEO are available to Long Island companies that serve clients locally, regionally, state-wide, or even as part of a larger multi-national initiative. We can help non-profits as well, and have served business with as few as five employees and as many as 500.
The size and style of your company does not matter. What matters is that you can benefit from using Einstein HR as a PEO.
Get Your FREE Quote Today
If you are the owner of a business looking for a Long Island PEO company to provide you with HR solutions, start the process today. Get in touch with Einstein HR by filling out the form on our contact page. One of our representatives will get back to you within 24 to 48 hours to provide you with a FREE quote on our services.