Working with a PEO provides businesses with many benefits. Alongside saving cost and time, a PEO helps iron out any challenges, keeps employees compliant and advises businesses on any legal complexities.
What is a PEO?
In short, a PEO works with an employer to manage their HR related functions including payroll and taxes. Alongside this, they can provide access to competitive benefits and workers compensation. This enables businesses to set up in country quickly and cost effectively, due to not having to set up an entity. This is particularly helpful if businesses want to test a market, or if they only require a small number of employees in a particular country.
There are many benefits of working with a PEO, but we’ve summed up five we believe are key for businesses.
Improved employee acquisition and retention
If a business isn’t offering competitive benefits, they can lose talent to larger corporations who are able to provide more competitive schemes. For smaller to mid-sized businesses, affording competitive benefits can be difficult. A PEO is able to gain benefits at a discount due to their large number of ‘employees’. Therefore, they can provide these for businesses at a lower cost.
Some benefits PEOs can offer businesses include competitive:
- Dental care
- Retirement plans
Paying your employees and doing taxes for your business is incredibly time consuming. With a PEO, you can be safe in the knowledge this is handled for you, so you can spend time on activities that will help grow your business. Plus, rules and regulations of payroll and taxes can change frequently. A PEO will ensure your business is always a step ahead with these changes.
When you’ve got more time not spent on legal tasks, the relationship and communication between you and in-country employees can be strengthened. This can help lead to greater employee satisfaction and increased productivity.
Different countries have a different range of complex legal requirements and regulations. Keeping up with these rapid changes can be time consuming and resource heavy. Not remaining compliant can result in a hefty fine and a reputational cost.
That's why we provide a comprehensive range of insurance coverage (including worker’s compensation) and legal strategies to ensure the safety and compliance of all your in-country employees. Although a PEO doesn’t implement health and safety measures, they can inform businesses on steps to take to improve these.
Procorre’s legal experts will become an extension to your organization, and they take pride in the prevention of any legal challenges that you could incur when expanding globally.
No need to set up an entity
When there’s no need to set up an entity in another country, getting employees mobilised abroad can be done in a matter of days. This means greater flexibility for businesses, and it allows them to get full time employees (rather than contractors) risk free. In comparison to having to navigate the legal complexities of each country’s rules regarding contractors.
This also helps improve stability and saves on cost. Hiring temporary employees can mean frequently having to retrain, recruit and onboard. This is a costly and resource heavily process.
Peace of mind
We understand how important people are to your business. When you work with a PEO like Procorre Global, we guarantee clarity for both you and your employees through every step of the global mobilization journey. Whatever the size of your company, our global expansion offering encompasses a single point of contact for your employees to ensure not only the best outcome, but the best process.
We take care of the HR, global payroll and legal functions, while you maintain control of your employees, their tasks, and align it into your strategic objectives. Whilst we do this, you can help grow your business.
If you would like to find out more about our PEO service, request a call back from a member of our team today.