What is a PEO?
A PEO (Professional Employer Organization) is a strategic partner that provides comprehensive HR solutions for small and mid-size businesses. It is simply an outsourced solution for HR, payroll, benefits, workers’ compensation, and compliance which allows you—the employer—to focus on your day-to-day work. A PEO will also support your employer-related compliance needs for payroll taxes, employee tax forms, and reporting forms. Vested HR is a privately-owned PEO based in Florida, that will provide you with all these advantages of having a professional HR team and world class benefits.
How does a PEO work?
PEOs leverage a legal arrangement known as co-employment. Under co-employment, the PEO acts as the “employer” of your employees for special situations. You retain full control of your company, your employees, and your hiring and firing decisions; but when it comes to benefits and HR, the PEO experts step in to consult and guide you.
This arrangement is powerful—and is substantially more useful than just outsourcing Human Resources. When you outsource, your HR team is a contractor working for your company. They cannot bring your employees under their own benefit network, and they have no legal power in disputes and claims. They are really just one more “employee” of your company.
A PEO is different because they act as an employer. With hundreds of clients, they count as a very large company with access to customized or competitive benefits packages, whether you have hundreds of employees or less than a dozen.
Key advantages of having a PEO include:
- Providing your employees with comprehensive and top-quality benefits
- Getting complete HR services without hiring staff
- Decreasing your payroll-processing and related accounting costs
- Reducing risk, efficiently managing claims, and providing safety training
- Ensuring health care and Affordable Care Act compliance
Want to Hear More?
Find out how our Human Focused approach can help your organization and employees thrive. Contact us to partner today!