A Professional Employer Organisation (PEO) acts as something of a co-employer to any engaging companies. It provides relevant HR-Related functions for both employee engagement and welfare. This includes payroll and tax administration, onboarding and insurance. While a PEO can be extremely beneficial to some companies, many are still on the fence about whether or not one is suitable for their company. The reasons range from company size, to budget worries. Whichever it may be, a PEO has the potential to add some serious value to your company. With that being said, here are some signs that indicate that looking into a PEO might be the best decision for your organisation.
You Experience Compliance-Related Issues
Every country has its own laws and regulations on tax contributions and work hours. Needless to say, these laws need to be strictly adhered to by all companies. An important component of HR-related tasks would be to stay updated and compliant to any and all laws. These laws are constantly evolving. As such, proper time and attention has to be paid to these, and staying up-to-date can be a chore. Furthermore, accidentally overlooking a law or two can result in hefty fines and lawsuits for your company. Not only will this put a serious dent in your finances, but it can also be detrimental to a company’s image.
A good PEO stays updated on all laws and regulations in any country they are operating in. This means that the hassle of looking up updates on local laws will be taken off your hands. If your company has experienced compliance-related issues or has trouble staying updated on laws, engaging a PEO could greatly benefit your business. With a solid PEO, you no longer have to run the risk of being non-compliant with any state laws.
You Want to Test Out New Markets Overseas
Are you looking to expand your business internationally? Looking to test out new markets overseas without having to make any form of long-term commitment from the get-go? Engaging a PEO can be a simple, cost-effective way to do so without the need for any local entity in your desired location. Engaging an international PEO means that you can then hire workers abroad legally and without any risk. You also need not worry about having to carry out any HR-Related tasks, as the PEO takes care of this for you.
A PEO helps you experiment with new markets both quickly and compliantly without the burden of having to first establish a corporate entity. Engaging a PEO takes the hassle, cost and trouble out of this process. If you have been looking to expand your business, but are unsure about where to start, a PEO can definitely help you get off on the right foot.
Engaging a PEO comes with a world of benefits. Its cost-effective and takes plenty of the compliance and human-resource related issues. A PEO can also be your gateway into new markets overseas, especially if you are looking into expanding your business overseas. Above all, if you’re looking for swift, cost-effective and compliant overseas market entry, then it is definitely time to engage a PEO.
Looking for a PEO? Give Us a Call
At AYP Group, we pride ourselves in being seasoned and experienced PEO experts. We give you the best advice based on your needs and budget, so you can get the maximum benefits out of our PEO Services. We have helped clients reach their business goals of expanding overseas, and helped them stay compliant to the laws regardless of their location. If you are considering engaging a PEO, don’t hesitate to get in touch, we’ll be more than happy to assist you.