Small- and medium-sized businesses throughout New Mexico are taking advantage of the benefits that come with outsourcing fundamental HR services like payroll processing to qualified Professional Employer Organizations, or PEO’s. Additionally, if you’re responsible for providing your employees with benefits like health and dental insurance, then you know how important it is to offer the best coverage options without breaking the bank.
To determine which PEO is right for your business, a lot has to be considered. Many PEO’s have industry specializations that make them a great choice for some companies, whereas other PEO’s are distinguished by the selection of services they offer. To help you make the best choice when it comes to selecting a PEO to partner with, we’re looking at the top PEO companies that serve businesses based in New Mexico.
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To learn more about finding the best PEO fit for your New Mexico business, keep on reading below:
High-Level Overview of New Mexico PEO Services:
New Mexico businesses can benefit from PEOs in quite a few different ways, although you will want to look at a few main features. A good PEO service provider will be able to manage standard HR needs without trouble. Other major services provided include benefits procurement and administration, payroll management, handling workers comp on a cash flow basis, tax filings, and risk mitigation and compliance.
You will also be able to expect most PEOs to help your business with personnel recruiting, expense reporting, employee training, and even more services. And since the PEO service provider will be pooling your employees with others when negotiating benefit costs with providers, your business will be able to get lower prices on health insurance and workers comp coverage.
Factors for Evaluation of a New Mexico PEO Service:
New Mexico PEO services have a lot to look at. Nonetheless, every major service a provider is important to consider, and we’ve looked into each one to be certain that 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
You should know what you are looking for when shopping, especially given the number of providers on the market, so keep the list above in mind.
You almost certainly need to work with a full-service solution, and we want to be sure that you are. 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 New Mexico
Insurance Cost Savings – A PEO will lower your health insurance costs, saving your business money. This is due to a PEO’s better capability to negotiate to benefit providers.
Less Paperwork – Paperwork is terrible and you should avoid it. Fortunately, with a PEO, you can avoid quite a bit of it.
Compliance and Legal – The PEO’s professional staff can guide you through New Mexico regulations with ease and also work to manage with grace any issues that arise regarding your employees from a compliance or legal standpoint.
FAQ About PEO Companies in New Mexico:
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? – You get lower HR costs for your business, as well as the use of excellent tools and services to make your business more efficient. Additionally, you can expect better benefit options, making your workplace more attractive to top talent.
How Much Does it Cost To Use A PEO in New Mexico? – About $1000-$2000 per employee per year, but larger businesses will get better rates, as a general rule.
How Does a PEO Charge? – You will be billed a straight fee per employee per year or a percentage of your total payroll. We find that the fee per employee model is clearer and better for most businesses.
Does it Cost Money to Switch to a PEO? – There is a startup fee that can range from $1000 to $15000, depending on your business.
How Long Does it Take to Get Started Once I Choose a PEO? – The average time you can expect is about four weeks. You can expect to wait an average of four weeks, although depending on the PEO it could take anywhere from three to six weeks.
Can I Get Health Insurance for Myself and My Family as the Founder? – This will vary based on the PEO. Some do, but others do not.
As the Founder, Should I Pay Myself Using a PEO? – Most likely, but there are exceptions.
Is There Anything Special to Consider When Looking at New Mexico PEOs? – You will want to make sure that your business works with a PEO that can offer safety training in most circumstances. Additionally, should your business use migrant labor or something similar, you will want a PEO that can still support those needs so that everything remains above-board. Otherwise, you will want to review PEOs by the industries they best support and work from there.
What is the Best PEO in New Mexico? – New Mexico businesses are different, and so our recommendations vary by region, size, and industry. Check out our state-based PEO guide here.
Because we know how frustrating and overwhelming it can be to undergo the search for a New Mexico PEO on your own, we’re offering our assistance in the form of a free, five-PEO comparison report. You can obtain this free report after a brief, 15-minute consultation with one of our PEO experts. To arrange your consultation, just complete the form on this page. We look forward to hearing from you!