The COVID-19 Pandemic has had some significant impacts on businesses all over the world. For many, their main priorities are to cut back on costs and maximise resource efficiency. As such, many businesses have dialled back on plans to expand overseas. Contrary to popular belief, PEO Services go way beyond just expansion. It is a quick and efficient way to take care of your employees, no matter where they are located. Read on to find out more about how engaging a PEO can be beneficial during a pandemic, delivering significant value to your business even during a crisis.
What is a PEO?
A PEO is a Professional Employer Organisation. In layman terms, a PEO is an organisation which takes care of Human Resources (HR) responsibilities on behalf of an employer. PEOs cover a variety of responsibilities such as payroll, employee benefits and tax administration. A PEO is also generally responsible for ensuring that your business stays fully compliant to the employment and contribution laws of its given country. A PEO takes responsibility for all your HR-Related functions, so that your business can carry on focusing on its core aspects.
- You gain access to experienced HR Professionals
As a PEO generally takes care of all a business’s HR needs, they are generally run by experienced and knowledgeable HR Professionals. The COVID-19 Pandemic has greatly altered the demands of the workforce. Now more than ever, businesses need solid HR practices within their business to attract and retain talent, and who better to advise you than a trained HR Professional? Engaging a PEO gives you access to HR Professionals, who can give you solid advice on how to best implement HR functions within your business. Reputable PEOs have all-in-one HR Platforms and are updated on the latest in HR Technology. They are also well-equipped to deal with any unexpected turns the pandemic has brought around. Given the current situation, it is so important to hit the ground running, and who better to help you do this than skilled, knowledgeable HR Professionals?
- Lower HR-Related Expenses
These days, it is a priority for many businesses to tighten up their budgets and maximise their resources. Saving cost wherever possible is a top priority for most businesses. A PEO can help businesses make long-term, effective cost-saving decisions. A study done by NAPEO.org showed that businesses that engaged a PEO grew 7-9% faster and had a significantly lower turnover rate as compared to businesses without a PEO. This is because a good PEO provides you cost-effective and comprehensive solutions and implementations for anything HR-Related. Furthermore, having many aspects of HR Tasks covered means that a business has more time to focus on their core business and work which boosts overall productivity. On average, it was also found that businesses that engaged PEOs had a Return-on-Investment (ROI) of 27.2% per year based on cost savings alone. Engaging a PEO is a good solution for all your HR Needs, boosts productivity and saves costs for your business.
- Managing Remote Workers
While some employees have returned to the workplace, many do so on a rotational basis. At any one given time, most businesses still have a number of employees working from home. A remote workforce comes with its own set of obstacles and many may not be adjusted or ready for that. Luckily, a PEO can help employers with this new range of issues. From team dynamics to productivity, engaging a PEO can ensure that your team is well-prepared and connected, no matter where they are.
The usefulness of a PEO transcends way beyond just managing overseas entities. A good PEO can help businesses make informed, solid decisions and choices during an unforeseen crisis such as the COVID-19 pandemic. All in all, engaging a PEO during a time of crisis can boost communication and productivity among your team. At AYP Group, we specialise in PEO Services and have a group of skilled and experienced professionals who can help you with your HR Needs. We provide you with all necessary HR Resources to ensure the wellbeing of your employees, stability of your business and compliance with any and all given legislations regarding employment and payroll. As a PEO, we go above and beyond just managing your business’s HR needs but also sets your business up for long-term success and sustainability, no matter the economic climate.