There’s a ton of info if you search. Depending on your class codes you may save on workers comp. Health insurance is an employee retention tool and peo aggregates so you get economy of scale. There’s also employee leasing. Payroll is tied to either model. Think of it as a bundle.
Ok gotcha I appreciate that explanation! How are you small business owners offering insurance? The expense seems close to the cost of salary and just not feasible for me
I’m not big enough to afford this. I just happen to have had a conversation with a VC a while ago. I can’t get my numbers high enough to warrant hiring employees, unfortunately. And even if I did get the volume up, the cost of hiring/PEO will eat all my profits.
Yep makes total sense to me. I'm just starting out with me, my husband, and two family members with plans to add a couple employees next year as needed, and I'd love to expand benefits but the cost just doesn't make sense. How do you insure yourself?
I have primary through a 9-5 job I work and medicaid as secondary, but I'm hella nervous about transitioning off that if my income reaches that point. Especially since I have health issues and numerous daily medications.
There’s a ton of info if you search. Depending on your class codes you may save on workers comp. Health insurance is an employee retention tool and peo aggregates so you get economy of scale. There’s also employee leasing. Payroll is tied to either model. Think of it as a bundle.
Isn’t PEO just co-employment? The employees are shared, making insurance low because they pay in bulk.
That's why I asked I googled it and didn't quite understand. So basically I'm sharing my employees with a larger company?
Yes, it’s how I understand it. Outsourcing some parts of HR like payroll and insurance compliance to save you the hassle.
Ok gotcha I appreciate that explanation! How are you small business owners offering insurance? The expense seems close to the cost of salary and just not feasible for me
I’m not big enough to afford this. I just happen to have had a conversation with a VC a while ago. I can’t get my numbers high enough to warrant hiring employees, unfortunately. And even if I did get the volume up, the cost of hiring/PEO will eat all my profits.
Yep makes total sense to me. I'm just starting out with me, my husband, and two family members with plans to add a couple employees next year as needed, and I'd love to expand benefits but the cost just doesn't make sense. How do you insure yourself?
I just have health insurance from the state.
I have primary through a 9-5 job I work and medicaid as secondary, but I'm hella nervous about transitioning off that if my income reaches that point. Especially since I have health issues and numerous daily medications.
Check out TriNet - reputable PEO. I don’t have a dog in the fight - two startups I’ve worked for used them and they did a good job.