Trying to grow your business can be a challenging task for a variety of reasons, especially if you are a startup or small business owner. Limitations such as resources, time, expenses are often reasons which inhibit the expansion of such businesses.
As startups and small businesses begin to grow, administrative tasks such as payroll and employee contracts, as well as recruiting the best talent, demands important time. Time is often scarce when running your own business, and therefore such tasks become a burden. This is where a PEO is able to help.
A Professional Employer Organisation (PEO) specialises in human resources, benefits, recruitment and more for your company, enabling you to expand your business without having to navigate complicated compliance laws and regulations. There are various ways in which outsourcing to a PEO can advance your business to the next level, and we’re going to explore those benefits in this article.
Cost-Efficient Package Services
Taking care of your employees is a necessity in all businesses, but this importance is magnified where small businesses and startups are concerned. With fewer employees, the reality is that every employee’s role is integral to the success of the company.
With that being said, it’s therefore crucial that your employees feel they are being supported substantially, and offered the best benefits available to them in the workplace. In some cases too, PEOs are actually able to access better-value benefits for your employees at lower costs. Learn more about the benefits PEOs can offer your employees here.
Not only this, but high-quality HR services can also be a make or break decision for your employees. Structure and compliance is extremely important to employees, no matter what the size of the business. If both of these aspects are neglected, the chances are that your employees will consider seeking employment elsewhere.
With the help of a leading PEO partner such as ourselves, we are able to provide your company with a comprehensive solution to these time-consuming tasks, meaning you are afforded more important time to spend growing your business. We provide a bespoke employee management software to help streamline this process, benefitting both the employer and employee alike. Take a look at our recent article to discover more about this important system!
Additionally, this is a cost-effective option for all the important services in one place, rather than outsourcing to each service individually.
Expand Your Employee Pool Internationally
Find The Best Talent
In the future, you may want to expand your business globally, with bases in various different countries. While that may not be an option right now as a small business or startup, you can still start to target new markets through expanding your talent pool internationally.
With the exponential rise of remote working, this makes the idea of a global workforce even more accessible. A country-specific PEO enables your business to source the best talent, suited to the demands of your company. This means that being in a different country is no problem, with tricky international compliance laws, taxes, employee contracts, payroll and more being handled exclusively by a PEO.
Gain Important Global Insights
Global employees have unique insights which have a multitude of benefits when it comes to expanding your business, including a country’s culture for example. Meaning, your eventual transition into new markets will be as successful as possible. There are plenty of ways you can keep your global team motivated too, so you don’t have to worry about your employee feeling out of touch.
Mitigate Risk Of Non-Compliance
As many small business owners will understand, the risk of non-compliance with various parts of business management could be the end of your business journey. Working with a PEO means having access to expert knowledge which will help to protect your business from possible risk factors.
Whether it be an error related to payroll, resulting in an unhappy employee and possible legal trouble, to non-compliant employment contracts, owning a business can sometimes be a legal minefield if handled incorrectly.
PEOs allow this weight to be completely lifted from your shoulders, reducing the risk of non-compliance within your startup or small business, ensuring the happiness of your employees and giving you valuable peace of mind.
Although we have only covered a small number of the various benefits of a PEO for small businesses and startups, there are so many other advantages which will enable your business to thrive.
If you’d like to discuss the benefits of a PEO in more detail, or you’d like to enquire about how Leap29 can help you, contact us today. We are the leading PEO company, with no hidden costs, looking to help you develop your business.