Of all of the great things that come with operating a business in Rhode Island, one of the best is having access to Professional Employer Organizations, or PEO’s. PEO’s help to lower costs and improve efficiencies for companies that need to attend to the needs of their employees, but who may not have the time or resources to do it themselves.
Outsourcing fundamental HR services like payroll and benefits administration may seem scary at first, but it doesn’t have to be. In fact, PEO’s have become one of the first places that growing businesses look to as they grow beyond their capacities, and the cost savings benefits can start almost immediately. To determine which PEO is best for you, we’ve compiled this quick comparison of the top PEO companies that currently serve the Rhode Island market.
To learn more about finding the best PEO company for your Rhode Island business, keep reading below:
High-Level Overview of Rhode Island PEO Services:
Rhode Island businesses can benefit from PEOs in many different ways, although you will want to look at a few primary features. A good PEO service provider will be able to manage standard HR needs starting with onboarding all the way to offboarding. Other major services provided include benefits procurement and administration, payroll management, handling workers comp on a cash flow basis, quarterly tax filings, and compliance and risk mitigation.
You will also be able to expect most PEOs to help your business with recruiting, expense reporting, training, and even more. And since the PEO service provider will be pooling your employees with others when negotiating costs with benefits providers, your business will be able to get better deals on health insurance and workers comp coverage.
Factors for Evaluation of a Rhode Island PEO Service:
There are plenty factors to consider when evaluating a Rhode Island PEO service. Nonetheless, every major consideration is important, and we’ve looked into everything to make sure that you get the correct 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
Rhode Island providers are numerous, so you’ll want to know exactly how to narrow down the field.
We also want to be certain that you’re using a full solution to your HR an payroll problems, so you should consider available any standard service or benefit that is not mentioned in the recommendations above.
Benefits Of Using a PEO In Rhode Island
Insurance Cost Savings – Your Rhode Island business can save money on health insurance by using a PEO, as PEOs can easily get a better rate from benefits providers via experienced negotiation.
Less Paperwork – A PEO will help by reducing the amount of annoying paperwork you have to deal with.
Compliance and Legal – A PEO can help you navigate Rhode Island regulations and deal with any issues that might come up, compliance or legal-related, regarding your employees.
FAQ About PEO Companies in Rhode Island:
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? – Reduced HR costs and the use of time-saving tools and services. PEOs will also manage HR compliance and risk-aversion for your business. They usually allow your business to provide better benefits to employees, making your business more attractive to current and prospective employees.
How Much Does it Cost To Use A PEO in Rhode Island? – Between $1,000 – $2,000 per year per employee, with larger businesses getting better rates.
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 to us, as they are usually more transparent.
Does it Cost Money to Switch to a PEO? – There is usually a startup fee that can range from $1000 to $15,000.
How Long Does it Take to Get Started Once I Choose a PEO? – You can expect a waiting time of about four weeks on average, but the time can range from three to six weeks.
Can I Get Health Insurance for Myself and My Family as the Founder? – Some PEOs will offer this, and others won’t. It depends entirely on the provider.
As the Founder, Should I Pay Myself Using a PEO? – Yes, but there might be a few rare exceptions to this based on the structure of your business.
Is There Anything Special to Consider When Looking at Rhode Island PEOs? – If your business is maritime-related in any way, you will want to work with a PEO that can help you and has specialists in that regard. Otherwise, we recommend simply looking into finding a PEO that can help businesses in your industry. If you’re concerned about it, you might also want to look for a PEO that can help with recruitment.
What is the Best PEO in Rhode Island? – Businesses are different, so the best all-around PEO for Rhode Island will quite likely not be the best one for your particular business. Check out our state-based PEO guide here.
To help you make sense of all the options available to you and your Rhode Island business, you could spend hours and hours pouring over multiple search results until you find the information you need. Instead, consider the above information and feel free to reach out to us for more information.