PEO services can be a game-changer when you don’t have the time to manage HR comprehensively. These services help streamline HR tasks, reduce operational costs, and improve employee satisfaction.
In this article, we will explore what PEOs are, their benefits, the seven best PEO services, and tips on choosing the right one. Let’s dive in!
What Are PEO Services?
A PEO is a type of human resource outsourcing service that supports a client’s HR, payroll, benefits, risk management, and compliance. ADP refers to this as co-employment.
In this partnership, the responsibilities of the employer and PEO are defined in an agreed-upon agreement.
Business owners seeking HR assistance can outsource their HR administrative tasks when working with a PEO.
These administrative tasks include PEO payroll services, employee compensation, tax reporting, benefits administration, and human resource support. This allows business owners to save money and time, as well as reduce burnout.
PEOs can be useful for both small and large businesses. Here are some examples of businesses and industries that can work with a PEO:
- Engineering services
- Legal services
- Health services
- Real estate and property management
- Securities brokers and dealers
- Manufacturing
- Computer services and technology
- Insurance
- Accounting, auditing, and bookkeeping
- Management consulting services
Top 7 Best PEO Services Offered
There are many reputable global PEO companies, and you should be objective when choosing the best PEO for your business. Here is a list of PEO service companies with the best offerings.
1. Abhitech
Abhitech is an Indonesian PEO that has managed over 250 contracts with major Indonesian companies, such as Pertamina, Chevron, Orson, Axiata Digital, Petronas, and many others.
Abhitech is ISO 9001 certified, ensuring secure access to HR data management and analytics. Supported by the ABI platform, clients can access Abhitech’s services online at any time, making HR management more convenient.
Abhitech’s offerings cover the entire HR process throughout the employee lifecycle, including recruitment, legal documentation, administration, work equipment, payroll, and employee offboarding.
2. Velocity Global
Velocity Global is an Employer of Record provider headquartered in Colorado. Velocity Global facilitates recruitment in all 50 US states and more than 185 countries worldwide.
3. Rippling
Rippling is a PEO platform founded in 2016 and now available in 29 countries. Rippling’s strength lies in its ability to provide a single source of employee data across HR, IT, and finance departments. Rippling’s services include global payroll and EoR capabilities.
4. Multiplier
Multiplier is a global workforce platform that simplifies the recruitment and workforce management process in over 150 countries. Multiplier enables companies to hire a remote workforce without the need to establish a foreign legal entity.
5. Deel
Deel is used by both small and large businesses, with over 15,000 businesses worldwide. Deel enables global employee recruitment without the need to establish a legal entity, simplify HR, or consolidate payroll.
6. Papaya Global
Papaya Global offers a comprehensive suite of HR and payroll services to global organizations. Papaya Global excels in managing international payroll, benefits, and compliance, simplifying complexity and ensuring international regulatory compliance.
7. Oyster HR
Oyster HR was founded with the mission to eliminate barriers to global recruitment. The company provides comprehensive services that enable partner companies to recruit, payroll, and manage a workforce spanning over 180 countries.
Benefits of PEO Services for Growing Businesses
After learning what a PEO is, you might be wondering what benefits you can get from working with one. So, here are some of the benefits of PEO services for business growth.
1. Streamlining HR and Payroll Processes
PEOs help companies simplify HR and payroll processes, eliminating administrative hassles.
2. Access to Employee Benefits
Businesses of all sizes that partner with a PEO can access comprehensive employee benefits, including training, health insurance, and other perks.
3. Reducing Administrative Burdens and Costs
Outsourcing critical HR tasks to a PEO allows companies to complete them efficiently while reducing administrative burdens and overall costs.
4. Risk Mitigation
PEOs help mitigate various risks that could impact your company. Common risk management services include employment law compliance, tax management, litigation risk reduction, and employee data protection.
5. Payroll Accuracy and Timeliness
PEOs ensure payroll is accurate and delivered on time, fostering transparency, employee trust, and motivation.
How to Choose Right PEO for Your Business
To choose the right PEO, research the workforce market just as you would any other strategic business need. Here are some tips for choosing the right PEO for your business.
1. Factors to Consider
Choose a PEO that can help your company achieve its goals, such as streamlining administrative tasks, improving retention, and increasing productivity.
In general, the HR tasks outsourced to PEOs vary. Here are some of the most common PEO services you should consider:
- Payroll management
- Employee hiring, onboarding, and termination
- Employee benefits and 401(K) administration
- Staff training, development, and performance management
- Employee compensation administration
- Regulatory compliance
- HR technology
2. Questions to Ask Potential Providers
When choosing a PEO, it’s a good idea to ask the following questions:
- What services does the PEO offer?
- What is included and excluded in the PEO agreement price?
- What training and development is available for employees?
- What technology is available?
- How does the PEO handle taxes?
- What security measures does the PEO take to protect client data?
- Has the PEO been audited by a third party?
- How familiar is the PEO with my business?
- What accreditations should a PEO have?
3. Evaluating Cost and Service Quality
Think about the price and the quality of PEO services you will receive. You need to compare several PEOs to find the best balance between cost efficiency and service quality.
Abhitech stands as a trusted provider of the best PEO services
Abhitech is a trusted provider of EOR services for both small and large businesses seeking comprehensive HR outsourcing.
We help ensure your company’s specific needs are met, from legal compliance to improving workforce efficiency. With the support of our professional team, you can focus on your core business goals without being burdened by administrative tasks.
For personalized guidance, don’t hesitate to contact us, and don’t forget to explore more insightful updates on our blog!
