Wyoming employers who are looking for outsourced HR services have a huge stable of Professional Employer Organizations, or PEO’s, to choose from. With the advent of outsourced HR, small- and medium-sized businesses throughout Wyoming are realizing they can cut costs, save time, and reduce liabilities by working with a PEO that suits them. So, which PEO is best for your Wyoming company?
Answering that question is easier said than done. But, the right PEO is out there, and determining which one it is can be a difficult task. To help you on your search, we’re providing a quick guide to top Professional Employer Organizations (also called Employee Leasing Companies), so you can make your decision faster, and with better information.
You can learn more about Wyoming PEOs by continuing to read below:
High-Level Overview of Wyoming PEO Services:
Wyoming businesses can gain an advantage from PEOs in many different ways, but a few things they provide stand out. A great PEO service can take on HR and payroll tasks for your business so you barely even need to think about them. You can also except services such as benefits procurement and administration, payroll management, handling workers comp on a cash flow basis, tax filings, and risk mitigation and compliance support.
Most PEOs can additionally help your business with personnel recruiting, expense reporting, employee training, and more. PEO service providers pool their clients’ employees to get leverage in negotiations, so your business will get better rates on workers comp coverage and health insurance.
Factors for Evaluation of a Wyoming PEO Service:
There are almost too many factors to consider when evaluating a Wyoming PEO service, but not too many for our experts. 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
Wyoming has its fair share of providers, so you’ll want to know what to look for when whittling down selections.
We also want you to be certain that you’ll be working with a full solution. 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 Wyoming
Insurance Cost Savings – Your Wyoming business can save money by using a PEO, mostly through lower health insurance costs. Your Wyoming business can reduce costs, mostly health insurance costs, by using a PEO. PEOs can more effectively negotiate with benefits providers considering their greater bargaining power.
Less Paperwork – Paperwork is just the worst, but a PEO can keep that threat away for you.
Compliance and Legal – A PEO will manage legal and compliance issues that might arise regarding employees, and also help with Wyoming regulations. Your PEO service will professionally answer questions you might have.
FAQ About PEO Companies in Wyoming:
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 features of using PEOs are reduced HR costs and the use of great time-saving tools and services. They also manage HR compliance and risk-aversion. They usually allow your business to provide better benefits to employees, making your business a better place to work for your employees.
How Much Does it Cost To Use A PEO in Wyoming? – It costs between $1,000 – $2,000 per year per employee to use a PEO, but businesses with more employees get 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, as those fees are much easier to understand. We find that PEOs that charge based on payroll have more hidden fees and are more obtuse to work with.
Does it Cost Money to Switch to a PEO? – There is usually a startup fee that will range from $1000 to $15000.
How Long Does it Take to Get Started Once I Choose a PEO? – The time it takes to start your services can range from three to six weeks. You can expect about four weeks as an average.
Can I Get Health Insurance for Myself and My Family as the Founder? – Some PEO’s will offer this option. Others will not.
As the Founder, Should I Pay Myself Using a PEO? – This will depend on your company, but you probably should be using your PEO service to do your own payroll.
Is There Anything Special to Consider When Looking at Wyoming PEOs? – You will want to make sure to work with a PEO that knows Wyoming state laws and doesn’t write the state off as not deserving of its full attention. Additionally, you might want to look into a PEO that can work very well with helping you recruit new talent.
What is the Best PEO in Wyoming? – Each Wyoming business might have a different answer for the best PEO. Check out our state-based PEO guide here.
Choosing the best PEO for your organization is a complicated task that requires a lot of due diligence. The good news is that you don’t have to do it alone, and there are resources available to you to help make the process easier. One of those resources is our free, 7-PEO comparative report, which gives you quick, at-a-glance information on the best PEO’s for your Wyoming business, so you can make the most informed decision possible.