If you’re responsible for the core Human Resources functions of your business in Maine, then you’ve probably heard about the benefits that can be realized through a partnership with a Professional Employer Organization, or PEO. PEO’s can be vital resources for companies in Maine that are experiencing growth and need to reduce costs as they expand.
By partnering with a Professional Employer Organization, you can free up valuable resources within your company – resources that can be used elsewhere to streamline operations. Due to the vast variety of PEO providers that currently serve companies in Maine, it’s not always easy to locate the one that is right for any one business. That’s why we’ve looked into some of the most popular PEO companies in Maine.
To learn more about Maine PEOs, keep reading the article below:
High-Level Overview of Maine PEO Companies:
Maine businesses benefit from PEOs in various ways, although you will want to look at a few main points. A good PEO service provider will be able to manage standard HR needs for all of your employees. Other major services provided include benefits procurement and administration, payroll management, managing workers comp on a cash flow basis, performing quarterly tax filings, and risk mitigation and compliance.
You will also be able to expect most PEOs to help your business with recruiting, expense reporting, training, and more. Since the PEO service provider will be pooling your employees with those of their other clients when negotiating benefit costs with providers, your business will get better benefit rates.
Factors for Evaluation of a Maine PEO Service:
There are many factors to consider when evaluating Maine PEO services. Nonetheless, every major aspect and provided service of a PEO is important, and we’ve reviewed everything in detail to make sure you get the right information. We considered each of the following features and services when reviewing each PEO:
- – Tax processing
- – Payroll processing
- – Health insurance options and support
- – HR regulation compliance assistance or management
- – HR management and consulting support
- – Recruiting and onboarding support
- – Safety compliance and risk management
- – Time, attendance, and productivity tracking tools
- – Customer service and feedback
- – Additional features and specializations
Maine businesses have many PEOs to choose from, so it’s vital to know what you should be looking for.
We want to make sure you will work with a full solution no matter which PEO you pick. As such, you should consider available any standard service or benefit that is not mentioned in the recommendations above.
Benefits Of Using a PEO In Maine
Insurance Cost Savings – Maine businesses can reduce costs, primarily health insurance costs, by using the services of a PEO. PEOs have better bargaining power when it comes time to negotiate with benefit providers.
Less Paperwork – Paperwork is monotonous and at best a chore, but a PEO will keep paperwork at a minimum.
Compliance and Legal – A PEO can manage all compliance and legal issues involving your employees, and also work with potentially confusing regulations. The PEOs professional staff and systems will take care of anything that would give an owner difficulty.
FAQ About PEO Companies in Maine:
What is a PEO? – A PEO (Professional Employer Organization) allows a business to outsource its employee management, have other HR tasks handled for them, and gives personnel management support when needed. They will manage your payroll, tax forms and payments, insurance (health care benefits and workers compensation) and other benefits such as retirement plans, life insurance, long-term disability insurance, vision insurance, dental insurance, employee wellness programs, and on-boarding new employees.
What Are the Benefits of Using a PEO? – The main benefits of using PEOs are reduced HR costs and the use of their tools and services (which will save your business time and money). They also usually manage HR compliance and risk-aversion. They usually allow your business to provide better benefits to employees, making it a better place to work.
How Much Does it Cost To Use A PEO in Maine? – It usually costs between $1,000 – $2,000 per year per employee to employ a PEO. Businesses with a greater number of employees will get a better rate.
How Does a PEO charge? – PEO’s generally charge a percentage of overall payroll or a straight admin fee per employee. PEOs that charge the admin fee are preferable, as those fees are much easier to understand. PEOs that charge based on payroll often have more hidden fees and are more difficult to work with.
Does it Cost Money to Switch to a PEO? – There is usually a fee upon startup. This ranges from $1000 to $15,000, depending on the size and structure of your business.
How Long Does it Take to Get Started Once I Choose a PEO? – The time it takes to start up with your PEO can range from three to six weeks. The average time you can expect is four weeks.
Can I Get Health Insurance for Myself and My Family as the Founder? – Some PEO’s will offer this option. Others will require you to find coverage elsewhere.
As the Founder, Should I Pay Myself Using a PEO? – While this might be different depending on your business, you most likely should be utilizing the PEO service to do your own payroll.
Is There Anything Special to Consider When Looking at Maine PEOs? – If your business interacts with Canada regularly due to being near the border, you will want to make sure that the PEO you select has the appropriate resources to assist you. Outside of this, you will want to make sure that you find a PEO that knows its way around Maine regulations and can help the industry you’re in specifically.
What is the Best PEO in Maine? – There are some all-around great PEOs on the market, but the best will likely depend on your business. Check out our state-based PEO guide here.
There’s never been a better time to start saving money and improving efficiency through the strategic outsourcing of your core HR functions like payroll processing and benefits management. For your Maine company to truly prosper, a PEO partnership can be a crucial element. To obtain your free report of the five PEO’s that best suit your organization, complete the form on this page.