It’s a great time to be growing a business in the state of Oklahoma. There are huge opportunities to scale your small business into the next level of success, but not without making smart decisions about how you manage your human resources functions. Business necessities like payroll processing and benefits administration are being outsourced by companies throughout Oklahoma in the name of cost savings. So, how can your business benefit?
The first step is to determine which PEO is right for you by considering a variety of factors. Some of these factors include cost, area of operation, and industry specializations, if any. If you’re in the market for a PEO for your growing company in Oklahoma, use this guide to Oklahoma PEOs as a primer to help you arrive at the choice that’s most suitable for your business.
If you want to learn more about Oklahoma PEOs, keep reading below:
High-Level Overview of Oklahoma PEO Services:
Oklahoma businesses can benefit from PEOs in several different ways, but a few key factors take point when selecting one. They should be able to handle your basic HR and payroll needs as an absolute minimum. They will also help with benefits procurement and administration, payroll management, managing workers comp on a cash flow basis, regular tax filings, and risk mitigation and compliance.
Most PEOs will also help your business with looking for the best talent, expense reporting, training of various kinds, and additional services as needed. You will also be able to get cheaper rates on benefits by using a PEO to get them for your employees.
Factors for Evaluation of an Oklahoma PEO Service:
There are plenty of factors to consider, but there’s also quite a bit that is important. Fortunately, we looked into the matter to make sure you can make an informed decision. 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
Service providers are plentiful in Oklahoma, so hopefully you now have the tools necessary to separate the good from the bad.
Speaking of that, we want you to know you are working with a full solution to your HR needs. 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 Oklahoma
Insurance Cost Savings – Your Oklahoma business can reduce costs by using a PEO, primarily health insurance costs. PEOs have more negotiation experience and leverage, and those benefits are put to work for you.
Less Paperwork – Paperwork is the worst of chores. A PEO can help you keep that chore a rare exercise.
Compliance and Legal – PEOs can help you manage compliance and legal issues regarding your employees and lead you through the maze of local regulations. PEO staffs are experienced and will make sure you can keep a clear eye on the future of your business.
FAQ About PEO Companies in Oklahoma:
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? – Time-saving tools and services are the big draws alongside HR compliance and risk-management support. Your business will also be able to provide better or cheaper benefits to employees.
How Much Does it Cost To Use A PEO in Oklahoma? – It usually costs between $1,000 – $2,000 per year per employee to hire a PEO, but businesses that have more employees will get better rates.
How Does a PEO Charge? – They will charge either a fee per employee or they will charge a percentage of your total payroll. Since they are easier to work with and less prone to hidden fees, we recommend working with a PEO that does the fee per employee model.
Does it Cost Money to Switch to a PEO? – There is usually a startup fee that ranges from $1000 to $15,000.
How Long Does it Take to Get Started Once I Choose a PEO? – About four weeks on average. It can be as low as three and as high as six.
Can I Get Health Insurance for Myself and My Family as the Founder? – Some PEO’s offer this options. Others won’t.
As the Founder, Should I Pay Myself Using a PEO? – Yes, with a few exceptions made depending on your business’ organization.
Is There Anything Special to Consider When Looking at Oklahoma PEOs? – Oklahoma businesses, depending on their location, might want to look into PEOs that have experience with local tribal law, should any conflicts or problems appear relating to that. Otherwise, you might want to look into a service that can help with recruitment. After these considerations, you will want to simply work to find a PEO that will work well with your business.
What is the Best PEO in Oklahoma? – Oklahoma businesses can differ from each other greatly, and so the best PEO for each one can vary. Check out our state-based PEO guide here.
There’s too much to risk to choose a PEO without doing adequate research. The wrong PEO can spell serious trouble for your business down the line, so be sure you’re doing all you can to evaluate every PEO that seems like a good fit for your Oklahoma business.