Dinsmore Steele Business Blog
Gain valuable insight into small businesses' challenges and how to solve them.
Should you be in a Professional Employer Organization?
Did you get a bad renewal this year on your health insurance? Does your workers’ compensation keep increasing? If answered yes to either of these questions, then you should probably look at a Professional Employer Organization. Not sure what a Professional Employer Organization is, that’s ok. By the end of this exactly what a PEO is.
What is a CPEO?
The Affordable Care Act legislation introduced the need for companies with over 50 employees to provide health insurance to all of their workforce to avoid tax fines. This, of course, means that medium to large companies are experiencing significant increases in overheads as health insurance premiums continue to rise year on year. As a result, the popularity of Professional Employer Organizations (PEOs) have soared in popularity as a method of reducing costs.
Three Things To Ask a PEO
You’ve made the decision to start investigating PEOs and you’re ready to compare all the different plans that PEOs have to offer. There are lots of things to consider, but you should begin analyzing every PEO with three critical questions that cover the basics about disclosure regarding fees, cancellation, and taxes.
Don't be stupid. Use a PEO Broker.
Finding the right Professional Employer Organization is a lot like building a house. There are over 700 PEOs to choose from. Some are great matches; most won’t be the right fit. How can you decide which PEO offers the services you need at the best price? You have two options: do it all yourself or work with a PEO broker who can set you up with the right PEO.
Is your Broker costing you money?
Chances are your broker costs you money. Enter Daniel, a friend of mine, who also happens to be a broker. Over drinks last week, he inquired about exactly what Dinsmore Steele does. Now you are probably thinking, how does your friend not know what your company does, especially considering he is a broker - fair question. It is because I do not poach my friends for business and I make it a habit not to do business with my buddies, but that is another blog for another day.
How a PEO can help you with Human Resources
Human Resources can make or break your company - in my opinion; HR sets the tone and culture of your company. Getting your product/service, business model, and HR right, in the beginning, are vital to your business’s survival. Over the years, I’ve seen companies that had incredible products/services be sidelined because their HR was reactive instead of proactive and I’ve seen businesses that were slow to start but had a solid HR infrastructure thrive.