Employee Benefits Administration for Small and Medium Businesses

Organizations providing outsourced HR services, also called PEOs (Professional Employer Organizations), offer employee benefits administration for small and medium businesses all over the nation.

What Makes Benefits Important

Benefits are one of the most important motivating factors for staff. They are also a vital tool in the job market to attract talented and experienced professionals to the organization. But since handing out an attractive benefits package is expensive, it isn’t affordable for small and medium-sized companies. As a result, the best out there go elsewhere. The ones who can make a difference would stay away from these relatively small companies. However, the flexible and adaptable services of a professional employer organization enable even these small concerns to manage their human resources, including providing a comprehensive benefits plan.

PEO-assisted Benefits Program

PEOs provide employee benefits administration for small and medium businesses. Their services cater to the latter’s specific needs and the PEO’s relationship with leading providers of insurance and other unique coverage plans enables client companies to acquire great plans for competitive and stable rates. Thereby the client organization, be it medium-sized or small, doesn’t put too much of a strain on its financial resources.

Some of the elements of a benefits program that the PEO helps even small or medium-sized client organizations offer consist of:

• Life insurance
• Employee assistance including work/life program
• Personal accident insurance
• Long term and short term disability
• Supplemental cancer, accident, hospital and other plans
• Flexible spending account plan
• Individual coverage
• Prescription drug plans
• Credit union
• Adoption assistance
• Educational assistance
• Retirement services

Employee benefits administration for small and medium businesses enables them to attract the best brains in the industry, and yet maintain their profitability through reduced costs and streamlined business processes. The experts at the PEO understand the individual requirements of their client organizations and offer the right solutions to ensure better performance and judicious use of resources.

 

Employee Benefits Services for Business Profitability

Professional employer organizations (PEOs) offer employee benefits services for business profitability. Benefits administration involves managing the benefits and perks that are offered to employees in return for their service to the organization.

Employee Benefits—Important Factors to Attract the Right Professionals

The importance of benefits can never be overemphasized, as they are the factors that attract prospective employees to the organization. The best and most talented professionals can come your way only if your firm has the reputation and a comprehensive benefits package that would help them lead comfortable lives. If your firm is new or small, it can’t offer too many benefits as they would interfere with the cost planning of the company. But employee benefits services for business profitability, offered by a PEO, can ensure your company offers a decent benefits list that could make the difference in the job market and possibly contribute to increasing the retention of your staff.

PEOs Offer Cost-effective Administration of Employee Benefits

A PEO ensures that its client company offers attractive benefits and also that it complies with federal and state regulations. The PEO also offers cost-effective administration of a comprehensive benefits package. Benefits offered to employees include the following:

• Employee health benefits & insurance plans (PPOs, HSAs)
• IRA solutions (Individual Retirement Accounts)
• Retirement planning
• Dental and vision care
• Long term and short term disability insurance
• Cancer, accident, hospital and other supplemental plans
• Education saving plans
• Adoption assistance
• Cafeteria plan
• Flexible spending accounts
• Individual coverage
• Employee voluntary benefits programs
• Prescription drug plans

Employee benefits services for business profitability ensure comprehensive benefits are offered in order to attract skilled and experienced professionals for the task.

PEO Payroll Services and Administration

A PEO (Professional Employer Organization) can efficiently take over the HR esponsibilities of businesses. It simplifies HR processing, enabling businesses to focus on their core responsibilities. Employers can focus more on profit generating tasks such as increasing productivity and reducing costs, rather than setting apart a large amount of their resources for hiring, training and managing the workforce, administering their benefits, processing payroll, assessing their performance, and administering Workers’ Compensation. PEOs establish a co-employment relationship with the client company by which they share the employer responsibilities.

Multiple Advantages of Outsourcing Payroll

Small and medium-sized businesses would benefit hugely from PEO services, as they could cut costs by not having to maintain a HR department. By associating with a PEO, they will be able to offer a better benefits package and attract skilled workforce, as well as offer Workers’ Compensation insurance plans that come at extremely competitive rates largely due to the PEO’s long term association with the particular insurance provider. Overall, a PEO offers countless advantages for businesses, most significantly, enabling them to devote all their resources to streamlining business processes, and increasing productivity and profitability.

Comprehensive Outsourcing Services Offered by the PEO

PEO payroll services and administration is one of the most important HR responsibilities taken care of by professional employer organizations. Payroll administering involves more than handing paychecks on time. It includes filing unemployment claims, managing employee issues, maintaining records, and other time consuming responsibilities. All these are taken care of by the PEO, as it assumes liabilities for payroll taxes, reporting, and audits. The PEO also offers customized payroll reports, W-2, W-3 and 1099 forms, payroll deductions, garnishments and levies, job costing, audits, updated employee files, and more. PEO payroll services and administration services can be customized according to the needs, and short term and long term objectives of the client company.

Payroll Outsourcing Company in Oklahoma

A payroll outsourcing company in Oklahoma provides cost-effective and comprehensive payroll administration services to client companies of nearly all kinds. Be they Fortune 500 companies, medium-sized concerns or small organizations, the PEO which offers payroll outsourcingand other HR solutions makes its services flexible in order to meet the unique individual needs of each company it serves.

Payroll Responsibilities

Administering payroll consists of a number of responsibilities. It basically deals with calculating the salaries for employees, deducting the various tax amounts, adding bonuses and overtime, and administering the paychecks. It involves accounting for calculating the salaries, working with the benefits team to record the bonuses accrued and other incentives and allowances, legal understanding to ensure all norms are met which involves working with the legal compliance department, maintaining employee records including attendance, and keeping tabs on employee performance as well.

The PEO can also offer all the related HR management responsibilities to ensure total HR outsourcingof the company. These solutions, though comprehensive, are cost-effective and offered in line with the requirements of the client company, making them appropriate for your firm.

PEO Payroll Services

The services offered by a payroll outsourcing company in Oklahoma include:

• Administration of paychecks and stubs


• Direct deposit to multiple bank accounts


• Payroll delivery


• Section 125 pre-tax administration


• Payroll deductions, garnishments and levies


• Flexible spending accounts


• Federal and State payroll tax deposits and returns


• FICA, FIT & SIT tax withholdings


• Job cost accounting and cost allocation reports


• FICA, FUTA, SUTA filing


• New hire reporting


• Federal payroll summaries


• Production and delivery of W-2s


• Wage/hour law compliance


• Paid leave program management


• Vacation & sick time accruals


• Department summary


• Catering to multiple worksites

With these services in hand, your company can focus on its core tasks and leave payroll administration to the payroll outsourcing company in Oklahoma.

Human Resource Management Outsourcing

Human resource management outsourcing is the one thing that can make the difference between efficient and inefficient employment of resources for businesses, especially small and medium-sized concerns. Resources not utilized fully could lead a business towards higher operating costs and loss. Setting apart a substantially large chunk of the company’s resources and income for an HR department prevents the resources from benefiting the company’s productivity and capacity for greater income generation.

A PEO or professional employer organizationcan take over the HR responsibilities of businesses, thereby enabling them to focus on their core tasks. The PEO enters into a co-employment relationship with the client company enabling the former to assume employer responsibilities.HR management services include:

• Online HR software solutions


• Employee self service


• Screening and assessing of employees


• Employee performance reviews


• Benefit administration for employees


• Health and safety programs for employees


• Maintaining files of personnel


• Developing and managing HR forms


• Employee handbooks, workplace policies and procedures


• Unemployment claims management services


• Employee orientations


• Termination assistance


• Conflict resolution

Outsourcing these HR servicesenables the client company to utilize all its resources for its core responsibilities, the profit generating tasks. While employers assign tasks to their employees, the PEO takes care of staff management. All paperwork, claims processing, regulation compliance, and motivation programs are carried out by the PEO without interference with the functioning of the client company. The PEO also takes care of recruiting employees and is able to help the client company offer an attractive benefits package that would increase its influence in the job market.


Human resource management outsourcing is therefore a winning proposition, something that could set the client company on the right track towards satisfying customer expectations and increasing earnings.