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Understanding the benefits of co-employment

Co-employment models, or PEOs, free up a business owner's time and allow them to focus on the bigger picture.

By Brian Michaud | December 11, 2018 at 10:13 AM
Co-employment is a solution to help you handle everything you don’t want to do, therefore allowing you to focus on what you do want to be in charge of. As businesses across the country continue to evolve and change, business owners’ list of responsibility only continues to grow. They may find themselves thinking, “Am I doing everything I can for my employees? Have I been providing my employees with proper benefits, including health insurance, access to long- or short-term disability and correctly matching their 401(k)? Am I being fully compliant in properly protecting business? How can I operate smarter in order to make my business the best it can be? Am I allocating enough time for myself to focus on what really matters? And most importantly, am I being the best employer I can possibly be?”

While all of these components need to be met to properly run a business, they also can ultimately take complete control of a business owner’s focus, leaving their true passion—the company they started from the bottom up—falling behind as they are too wrapped up in the day-to-day concerns.

Related: Payroll, talent management fueling HR services market growth

This is where co-employment, or hiring a Professional Employer Organization (PEO), can make a significant impact. Co-employment allows businesses to have a single provider that takes care of human capital management (HCM) needs across the entirety of the HCM lifecycle, from attracting a new hire to retirement benefits. A PEO can take care of payroll processing, tax filing, employee benefits, workers’ compensation, attracting talent, regulatory compliance assistance, support with employee relations and employment issues, and access to technology to manage HR.

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