Tuesday, December 5, 2023
Home Furniture Does my business need a PEO Service Provider?

Does my business need a PEO Service Provider?

PEO or Professional Employer Organizations have proved to be a boon for many small and medium-sized businesses. The HR domain in an organization may be working behind the scenes, but it is one of the most dynamic verticals in your organization working day and night to ensure that the human resources of the company are well-equipped and well-utilized. The entire workflow involves lots and lots of time, energy, and resources – things that small businesses and start-ups could be challenging to afford. The silver lining is that it is a PEO service provider that can handle a lot of your HR tasks and admin-related functions, freeing up the time of your internal resources. They are involved from hiring to the firing process of employees, ensuring that your business objectives are well met, getting the right people for the job on the ground.

PEOs offer all-inclusive HR outsourcing services and therefore are a viable option for businesses that struggle with their HR tasks and employer compliances and liabilities.

What do statistics speak about the role of PEO service providers?

  • Businesses that hire PEOs have shown a faster growth rate by at least 7% to 9%.
  • Such businesses have also proved that the turnover rates have decreased dramatically between 10% and 14%.
  • Another valid statistic that has come to the forefront is about the likelihood of businesses closing down. It shows that the chances of closing down are decreased by almost 50% for businesses that forge alliances with a leading PEO service provider.

Why hire PEO service providers in India?

There are many reasons why new businesses, start-ups, and small firms hire PEO services in India. One aspect is that the Labour Laws in the country are quite complex. Some of the laws have recently been updated, some are still in the process of getting official approval from the central government, and a few are still quite age-old. Traversing through such a complex domain needs lots of grit and thorough knowledge of the country’s labor laws.

With the help of an established PEO, it is possible to start leveraging the immense talent of the country. How? The PEO service provider gets on board to handle all the HR needs and requirements of your business. They will help with onboarding new employees, handle the entire payroll and tax compliance, ensure timely tax filing and employees’ healthcare insurance. Alongside, there are other statutory requirements that the PEO will fulfill on your behalf. It is end-to-end HR services – like an internal HR department located outside the office.

PEOs in India offer professional assistance with other business functionalities or support services like helping with office space, arranging visas for travel, managing employee assets, and more. The crucial bottom line is to get on board a trusted and reputed PEO service provider in India. It is critical to ensure that the service provider has a proven track record in the Indian terrain – a closer look at the experience in your specific industry is a big help.

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