Searching for ways to cut costs without reducing services? In today’s tough market, a trucking PEO (or Professional Employer Organization), also known as an Employee Leasing company, can give your transportation business a huge advantage over your competition by decreasing your labor burden costs dramatically!
PEO providers offer you four core services; payroll administration, workers’ compensation insurance, group employee benefit plans and human resource management. Most PEOs offer you the opportunity to choose which service(s) you feel would impact your business the most- and many times the addition of just one or two of these services will reduce your employment related costs, minimize your liabilities and risk, and give you the freedom to work on profit producing ideas.
An employee leasing company provides huge discounts on trucking workers’ comp insurance (up to 40%), with no money down policies, on a pay as you go plan, helping you keep more cash in your business. You’ll also gain access to reduced employee benefit health care options, visions and dental insurance, even 401K and other savings plans.
With one in three businesses paying fines and penalties, each and every year for late or inaccurate payroll tax reporting, the PEO assumes responsibility for preparing and distributing payroll checks, offers free direct deposit, mails out year-end W2s and W3s, along with many other tasks associated with payroll.
According to the Small Business Administration, over the last thirty years, the number of labor laws and regulations have increased by over sixty-seven percent! Most business owners have never had formal training on hiring and firing procedures, how to perform annual wage reviews or construct an employee handbook. A PEO company can assist you with these tasks and provide the human resource help that you need for a fraction of the costs of hiring an in-house professional.