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What is a PEO? Greg Den Boef Joins to Make Sense of Professional Employer Organizations.
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My guest this week is Greg Den Boef. Greg has worked for Paychex for over 21 years. They are one of the nation's leaders in providing human resources, payroll, and employee benefits outsourcing services for small- to medium-sized businesses.
A Professional Employer Organization (PEO), sometimes referred to as an employee leasing company, is a human resources company that small businesses contract to handle certain administrative functions. Here are the key points about PEOs:
- Co-Employment: A PEO acts as a co-employer alongside your business. It provides services for both your company and its employees. By partnering with a PEO, you can outsource important HR functions, such as payroll, benefits administration, and training.
- Compliance and Efficiency: PEOs ensure compliance with federal and state employment laws. They handle tasks like tax reporting, employee benefits, and risk management. This allows you to focus on your core business activities while the PEO manages HR-related complexities.
- Services Offered by PEOs:
- Payroll: PEOs handle payroll processing, tax withholding, and direct deposits.
- Benefits Administration: They manage employee benefits, including health insurance, retirement plans, and other perks.
- Training and Development: PEOs may provide training programs and resources for employees.
- Risk Management: They assist with workplace safety, workers’ compensation, and compliance.
- Employee Onboarding: Some PEOs offer onboarding services to streamline the hiring process.
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