Colorado is an incredibly busy place, with a lot to see and do. People live in Colorado for the incredible lifestyle the city has to offer. The last thing you want to be thinking about and stressing over is if your staff is being paid on time with the benefits they need. You also don’t want to worry about labor laws.
The good news is there are Professional Employer Organizations, or PEO’s, who take care of all those headaches for you. You can just sit back, relax and enjoy everything Colorado has to offer. Before you get to do that though, you need to pick the right PEO for your company.
To learn more about Colorado PEOs, keep reading below:
High-Level Overview of Colorado PEO Companies:
Each PEO service provider can help improve your Colorado business in unique ways. They will be able to manage the normal HR needs and tasks, from the beginning to the end of an employee’s time with your company. The major services provided include benefits procurement and administration, payroll management, performing quarterly tax filings, managing workers comp on a cash flow basis, compliance management, and risk mitigation.
Most Colorado PEOs can also assist your business with recruitment, expense reporting, training and more, should your business have need of those services. Additionally, by transferring your HR tasks to a PEO service provider, you will put them in the hands of a large pool of similar employees that can bargain collectively, leading to discounted benefits and lower workers comp prices. Your HR department will be less burdened and cheaper to run.
Factors for Evaluation of a Colorado PEO Service:
PEO services vary by provider there are still many factors to take into account when making a decision. Everything is important, and we looked at every angle when looking for the best providers for the state of Colorado. We’ve reviewed the following features and services when looking at 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
There are plenty of PEO service providers to choose from, so it is important to know the key factors to look at when selecting your provider.
Regardless of which service you end up choosing, we will make sure your business works with a full solution that fits all of your needs. Therefore, if an otherwise standard service or benefit is not mentioned in the recommendations above, please consider it as available.
Benefits Of Using a PEO In Colorado:
Insurance Cost Savings – PEOs save companies money. These savings come heavily from lower health insurance costs. Using a PEO, you get to leverage a large pool of clients to get better rates for your business.
Less Paperwork – Paperwork is a waste of time if you can have it done for you. A PEO utilizes their technology platform to reduce paperwork.
Compliance and Legal – A PEO manages all compliance and legal issues regarding employees, including keeping on top of otherwise obscure state regulations. The PEO’s systems will easily and effectively handle all related checks and balances.
FAQ About PEO Companies in Colorado:
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 (most PEOs do this). They 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 a PEO are reduced HR costs and their time-saving tools, platforms, and services. Additionally, they manage HR compliance and allow your business to provide more value to employees (both current and potential), making it an attractive employer.
How Much Does it Cost To Use A PEO in Colorado? – It generally costs between $1,000 – $2,000 per year per employee to use a PEO. Businesses with additional employees will usually get lower rates per employee.
How Does a PEO charge? – PEO’s generally charge a percentage of overall payroll or an admin fee per employee. We prefer PEOs that charge the flat fee per employee, as those fees are almost always more transparent. We find that PEOs that charge a percent of payroll will have more hidden fees when it comes time to pay the bill.
Does it Cost Money to Switch to a PEO? – There is usually a startup fee which ranges from $1000 to $15,000, depending on the size and organization of the business.
How Long Does it Take to Get Started Once I Choose a PEO? – The time it takes to start up service can range from three to six weeks, depending on the PEO service. The average time to set things up is about four weeks.
Can I Get Health Insurance for Myself and My Family as the Founder? – Some PEO’s will offer this option and others will not.
As the Founder, Should I Pay Myself Using a PEO? – This can change depending on your company and its organizational makeup, but as a general rule, you should be using the PEO service to do your own payroll.
Should I Know Anything About Colorado PEOs in Particular? – PEOs operating in Colorado are for the most part like PEOs operating in most of the rest of the country, although you may wish to find a PEO that can help a business in a growing economic area or retain talent in a potentially competitive market, depending on your industry. If you are in an industry relatively unique to the state, consider making sure that the PEO supports your business and industry in particular.
What is the Best PEO in Colorado? – Colorado businesses are certainly not all the same, so the best PEO for one might not be the best for another. That being said, there are some standout selections that work great for most businesses. Check out our state-based PEO guide here.
Employing people for the right job really can be a legal, logistical and emotional nightmare. It certainly doesn’t have to be that way though if you choose the right PEO to aid you with it. Choosing the right PEO can give your Colorado company a real boost and save you a lot of stress.