Do you want to maximize your revenue and minimize your expenses? Do you want to get access to specialized skills and services? Do you want to concentrate more on your core business? Do you want to save on money, time and infrastructure?
If your answer is yes to any or all of the above questions, you might be interested in outsourcing.
Outsourcing — the practice of using outside firms to handle work normally performed within a company — is a familiar concept to many entrepreneurs. Small companies routinely outsource their payroll processing, accounting, distribution, and many other important functions — often because they have no other choice. Many large companies turn to outsourcing to cut costs.
But not many businesses thoroughly understand the benefits of outsourcing. It’s true that outsourcing can save money, but that’s not the only (or even the most important) reason to do it.
There are a number of options for outsourcing various elements of HR, but the professional employer organization is a sort of one-stop shop to which small and medium-size businesses are increasingly turning.
A PEO is a company that specializes in handling all the responsibilities that come with employing people. By hiring a PEO, you give yourself more time to focus on your business.
PEOs started in the 1980s and have grown quickly in the past several years. There are about 700 PEOs in the United States, providing approximately 2.5 million employees with benefits, according to the National Association of Professional Employer Organizations, the trade association for the PEO industry.
PEOs in Canada are starting to make strides in the market place. Could this work for you?
For further information please see the attached article is from Benefits Canada: