A PEO Can Do A Lot For Your Startup
The New Year is the perfect time to start a new business. It offers everyone a fresh start, as well as a great starting point for accomplishing goals. If you are starting a business in the New Year, it is key you understand the importance of human resources. All businesses, whether large or small, need a human resources department. For large companies, this is not a problem. It is easy to hire experts to manage daily HR tasks. However, for the average small business, this is not a viable option. Unfortunately, the HR responsibilities of a startup company can be extremely overwhelming and, at times, can keep a business from being successful. So, what can you do to help your startup?
Rather than going it alone, consider hiring a professional employer organization, or PEO. A PEO can help your startup by handling all HR responsibilities, leaving you to focus on the big picture. PEOs typically provide a comprehensive collection of HR services, including:
- Recruiting and hiring
- Best practices and policies
- Training and development
- Payroll procedures
- Workers’ compensation
- Government compliance management
- Performance management
By hiring a PEO, you will be establishing a separation from HR responsibilities and liabilities. While you will maintain daily management of your employees, the PEO will perform the HR administrative functions in the background. They will also share and/or absorb any employer-related liabilities. By choosing a PEO, the majority of your company’s HR responsibilities are taken off of your shoulders.
PEOs can also help your startup grow. Many startup companies will open with one or two employees. The main goal at this stage is to generate enough revenue to sustain the business. As profits become available, the money will be reinvested to grow the company. PEOs can help accelerate this growth process. PEOs can eliminate many distractions that plague management, allowing them to spend their time focusing on reaching company milestones. As the company grows, a partnership with a PEO will allow them to gain an immediate infrastructure, all without the need to hire an HR department. By allowing the owner and management to concentrate on providing the goods and services that the startup company was established to provide, a PEO makes a company more productive while also reducing its risks.
Optimum Employer Solutions is here to help you with your HR needs. We understand that starting a business can be difficult. Allow us to take care of the time-consuming HR responsibilities while you concentrate on growing your business.