You need to offer your employees the best possible benefits. Unfortunately, for many businesses itâ€™s hard to compete with the kinds of packages that larger rivals offer. You need the best benefits to attract good talent, but offering them might be too expensive, or involve added layers of HR complexity on the back end. But there is a way to provide competitive benefits without driving up costs: partner with a Tennessee PEO company.
A PEO is a Professional Employer Organization. Your PEO works like a partner company that handles benefits for your employees, offering the best possible prices for the most competitive packages. Your PEO can also handle all of your HR work for you, ensuring compliance and cutting costs. When you have a PEO, you can offer Fortune 500 benefits no matter what size business you have.
Benefit of a PEO include:
- Attracting the best new employees with top tier benefits
- Reducing the cost of your benefits organization-wide
- Having a professional, experienced HR departmentâ€”without hiring full time staff
- Breathe easy knowing you are compliant with Obamacare and other government regulations
Einstein HR has decades of experience and understands the PEO industry in Tennessee. Let us offer you a free quote based on your companyâ€™s needs. Fill out the form to your right or contact us and get your free quote today.
What is a PEO?
A PEO is a third-party entity that acts like your partner for certain purposes. Technically, the PEO becomes the â€śco-employerâ€ť of your staff. Co-employment allows the PEO to act legally as your employees are their ownâ€”such as for the purposes of qualifying for discounted benefit packages. This is how mid-size companies get access to the same benefits as leading corporations.
You remain in full control of your company at all times. You keep the power to hire and fire your workers, and you manage them and their work plan. The PEO only has responsibility for human resources and managing benefits.
Whatâ€™s the difference between a Tennessee PEO and outsourcing HR?
Contracting with a PEO is far more powerful than simply outsourcing your HR needs. In an outsourcing arrangement, the HR provider is still a separate company and they have limits on what they can do for your benefits. They cannot extend their own benefits to your organization, nor do they have any legal authority in disputes with employees.
A PEO can do much more for you. Because your employees are technically their employees, they can extend their own cost-effective benefit packages to your staff. An established PEO may provide benefits to tens of thousands of staff at different companies, and you get the same discounted rates as if you were an organization of this size.
How does co-employment work in Tennessee?
Co-employment gives both parties a specific role:
- You control the business. You remain the primary employer of all your workers, and the PEO follows your directions. You are the one who controls employeesâ€™ work and you hold the executive power.
- The PEO handles administrative work. You can choose which specific duties fall to your PEO. Typically, the PEO will take care of payroll, benefits, tax withholding and compliance. You may also ask them to assist with training, recruiting, performance reviews and more. If there is a dispute with an employee, such as a discrimination claim, your PEO is legally empowered to represent you and resolve the dispute.
In many cases, bringing on a PEO results in an immediate drop in employee turnover, saving you money and helping your organization run more smoothly.
What can a Tennessee PEO company do for me?
A PEO gives you everything you would expect from an experienced professional HR service. They are an all in one provider, so that administrative work is off your plate once and for all.
Typical PEO services include:
- PEOs help you get better benefit packages at lower prices. You will be able to offer the dental, vision, and health packages your employees want plus a retirement plan and dozens of perks.
- Obamacare/ACA compliance. The world of employee benefits has been completely transformed by the Affordable Care Act (ACA) or Obamacare. Let your PEO manage all ACA compliance for you.
- Payroll administration. Payroll does not have to be a source of constant headache. You can give your employees direct deposit, online pay stubs & W2s and much more. At the same time youâ€™ll see a reduction in payroll errors, lower payroll costs and instant reports.
- Claim resolution. Any kind of employee claim can be costly and complicated, from a workers comp case to allegations of harassment in the workplace. Your PEO can manage your claims for you, seeking the best possible resolution at a lower cost.
- Recruiting services. The best PEOs offer full recruiting services, including headhunting, applicant screening, new hire onboarding and training.
- Performance reviews. If you choose, your PEO can streamline your performance evaluation process to get the best possible results, driving good performance and helping supervisors optimize their use of staff.
Above all, a PEO provides across the board HR support and helps you reduce risk and liability across your company.
What kinds of companies use PEOs in Tennessee?
PEOs are useful in almost any industry. Einstein HRâ€™s clients include:
- Small businesses (less than 10 employees)
- Medium businesses (10-100 employees)
- Large companies
How is Einstein HR different from other Tennessee PEOs?
Before founding Einstein HR we built our careers in the human resources outsourcing and PEO industry. What we saw over and over is that many HR companies make bold claims and then fail to deliver the kind of service their customers need. We felt that the industry was ready for a PEO that offers comprehensive, attentive service and adapts to your companyâ€™s changing needs. Thatâ€™s how we created Einstein HR.
At Einstein, we drive our services based on two metrics: the evaluations our clients give us, and our customer retention rate. As a result we offer some of the best service in the industry and have strong client loyalty.
Offer Better Benefits Today
Our goal at Einstein is to make it easier for you to run your business. We provide the best benefits packages available and cost effective HR services to meet your needs. Let us show you what we can do for you. Fill out the form to your right or contact us and get a free quote today.