In any business, surrounding yourself with the right people is key. Regardless of what you’re doing, you need a trusted group of advisors capable of supporting you towards your goals and dreams to ensure you maximise your potential and take advantage of every opportunity.
Some of those supporters will be inhouse – people you’ve hired and trained to care as much about your business as you do. While others will be based outside – trusted organisations capable of taking pressure off your shoulders and giving you the time and mental space necessary to take on every challenge that presents itself.
Whoever you have supporting you, it’s important you have the best of the best. You need people who care, who you can trust, who have your back in the toughest of moments.
This includes the Professional Employer Organization (PEO) you choose.
Getting the right PEO will take laborious and repetitive tasks off your plate, allowing you to focus on whatever is most important to you.
Getting the wrong PEO will keep you stuck in a frustrating pattern of wasted hours while opportunity after opportunity goes to waste.
Best PEO in Colorado
Choosing the best PEO in Colorado isn’t as simple as giving you one name and sending you on your way. The best PEO for your business depends on a number of factors, including:
- Your budget
- How many employees you have
- The tasks you need help with (payroll, hr compliance, risk management, hr solutions, etc…)
- The employee benefits you want to offer (such as health insurance and workers compensation insurance)
To make sure you get the best PEO for your company, we provide a free business needs analysis with our trained agents to help you determine which PEO is the best fit for your company. We’ll analyse your current business situation, your vision moving forward, and your potential obstacles to work out which PEO is going to be able to support you the best.
If you’re ready to move on from the monotony of HR compliance, paperwork, insurances, and payroll, complete the form below.
Free business needs analysis
Why you should trust us
The reason you should trust us with your PEO recommendations is that we have more experience than just about anyone on earth 🙂
I’ve been through the process of finding the right PEO for my company with two different businesses. I’ve read through the online reviews, I’ve spoken to existing customers, I’ve created spreadsheets and tables comparing risk management and human resources assistance and workers compensation insurance and employee benefits and payroll support, and I’ve sat through more than 30 sales calls challenging all their sales staff with all the negatives and drawbacks I’ve found before weeding out the weak from the strong.
I’ve also helped more than 1,200 small to medium business across a few hundreds different industries find the right PEO to support their growth and expansion. I’ve listened to their challenges and needs, their vision for the future, their concerns and doubts, and I’ve helped them find the support they need to become the company they want.
Put simply: I’ve done this more than anyone else and so I’m the best person to help you do it now.
Who Should Use A PEO?
A PEO isn’t for everyone in Colorado. They’re specifically designed to help companies with employees (not just run by partners or owners) who aren’t large enough to make it worthwhile to create an inhouse HR/Payroll/Compliance team (companies with over 250 employees) who are struggling under the weight of HR-related tasks and want assistance.
These tasks can include:
- Employee Benefits
- Tax Rates
- 401 k
- Health Insurance
- Dental Insurance
- Administrative Services
- Workers Compensation Insurance
- Risk Management
- Human Resources Paperwork
- Employee Benefits Administration
- HR Support
- Tax Withholding
- Employee Contracts
- Compliance Assistance
- Risk Management
If you’re struggling with any of the above tasks and want the all benefits of having an inhouse HR/Payroll/compliance team without the overheads and training, then a PEO is for you.
Benefits of using a PEO
There are many individual benefits to using a PEO, but they can all be broken down into the following 4 categories:
Benefit 1: Reduced insurance costs
Insurance costs in the can be crazy – especially if you’re a small business. You have no bargaining power as insurance companies really don’t care if they get your business and so they’re comfortable charging sky-high prices.
When you sign up with a PEO, the PEO becomes a co-employer of record. This means according to the government, they are the employer of record for all your employees.
This means that when they go to large insurers, they hold MASSIVE bargaining power and can drive down insurance costs because they have so many employees on their books. This saving is either passed on to you or to your employees – a benefit you can’t get without a PEO.
Benefit 2: Less paperwork
Completing all the necessary human resources and employee benefits paperwork is a drain for any small-to-medium business. It occupies a frustrating space – it takes enough of your time that it’s frustrating, but not enough that it’s worth investing in automation or employing someone specifically to do it
The narrow focus and large market size of PEOs means that they can afford to pour resources into reducing routine tasks. They can build automated systems to reduce, if not eliminate, lots of repetitive tasks, and for those they can’t, they can take care of them inhouse.
This reduction in the frustrating large amount of paperwork is the second major benefit you get from a PEO.
Benefit 3: Simplified compliance
Meeting the compliance requirements for any small-to-medium business falls into the same category as HR paperwork – enough to annoy you but not an expensive enough problem to hire someone to complete for you.
Once again, due to the narrow focus of PEOs and their large size, they can do this for you.
They have automated systems that take risk management and other related compliance tasks off your shoulders.
Benefit 4: More free time
At the end of the day, all these benefits lead to one simple thing – more free time. Time is the most valuable commodity in anyone’s life (as you can never get more of it) and signing up with a PEO will allow you to take workers compensation and employee benefits and HR solutions off your shoulders and put you back in control of your time to do whatever you want.
That might be more business activities, such as sales or product development or customer relationships or it might be personal time outside the business, with friends or family or exploring the world.
However you want to live your life, a PEO will give you the time you need to be able to do it.
How We Selected The Best PEO Colorado
Our process for selecting the best PEO in colorado is a four-stage process.
Stage 1: Reviews
The first step we take in assessing PEOs is to comb through the thousands of PEO reviews posted by previous customers to discover what is good, bad, and confusing about the various PEO providers.
We take what is written with a grain of salt – as anything written online should be – but it serves as a great foundation to understand what common concerns and compliments are raised by existing and past customers.
Stage 2: Offering Analysis
Once we have an overview of the good and bad points for each PEO, we then dive deeper into what they offer. We look at their products and services to assess what they offer to make sure that you get the PEO that ticks all the boxes you need.
Signing up with a PEO takes time, effort, and money and if you need to do it twice because the first one you chose doesn’t provide everything you need, it’s just a waste.
Stage 3: Speaking With Real Customers
Looking at online reviews is a great place to start any analysis, but it is a limited strategy. Most people will only leave a review when they have an overwhelmingly positive or negative experience and so the picture that online reviews paint will always only be incomplete.
To get a complete picture of how well a company serves its clients, you need to speak to them. You need to get them on the phone, ask them about what they like and don’t like, and take more notes than you thought possible.
This is why the third stage in our PEO analysis is to get speak to real customers. We talk to the companies who we’ve recommended a PEO as well as reaching out to other visitors to our website to learn about their experiences. The 5,000+ conversations we’ve had with real customers of different PEOs have given us a comprehensive overview of how these companies operate.
Stage 4: Speak With Their Sales Team
Reading reviews and speaking to the entire spectrum of satisfied and dissatisfied customers will give you a great foundation to understand what it’s like to work with a company, but the one thing it doesn’t tell you is how well a company responds to pressure and negative feedback.
This is critical because while every single service you will ever use will have positive and negatives, the companies that continually strive to overcome their limitations are the ones who will provide long-term benefit to your company.
To test just how well a company can take on negative feedback and grow to create a more enjoyable experience, we get on the phone with their sales team and grill them on the negatives we’ve found both in the online reviews and the customer interviews. We push them on all the limitations mentioned in these conversations to get an understanding of both how well they handle negative feedback and how quickly they address concerns and challenges related that feedback.
This gives us a really strong understanding of the long-term viability and potential of the PEO.
When working through the four stages mentioned above, we’re constantly assessing each PEO based on the following five factors:
Factor 1: Products and Services
A PEO needs to provide the services you want for it to be a good fit for your company. If you need risk management support and they don’t provide risk management support than you’re just wasting your time and money. If you need human resources assistance and they don’t provide human resources assistance then you may as well just keep going it alone.
The right PEO for MUST provide the products and services you need and so we’re constantly assessing each PEO to confirm what they’re able to offer.
Factor 2: Price
As well as providing the products and services you need, the right PEO for your company MUST fall under your budget. There’s no point in finding a PEO that provides the HR outsourcing, payroll support, and workers compensation you need if it’s 60% over your budget.
If the extra financial loading is simply going to put more stress on your business then it’s completely counter-productive.
This is why we’re always assessing the total cost and pricing structure of every PEO and ensuring it fits your budget.
Factor 3: Ease of Signup
One of the primary reasons why people sign up to a PEO is to take the time-pressure off their shoulders. Choosing a PEO that provides the products and services you need and comes in under you budget is great, but if it takes a full working week to compile the paperwork and fill out the forms, it’s just going to put extra stress on your business.
Once again, this isn’t what you sign up to a PEO for.
So, in our analysis process, we assess how simple and easy it is to get started with a PEO to make sure you don’t end up with one that adds more time to your work week than it takes away.
Factor 4: Ease of Use
Getting a PEO that provides everything you need and is easy to start with is great, but if you just end up spending as much time (if not more) working through all your HR related tasks due to the clunky and cumbersome system, then you may as well not use them.
This is why we’re always looking at how a PEO operates – how automated are their systems, how efficient are their processes, how much work do they take off your hands – when trying to determine the right PEO for you.
Factor 5: Customer Service
Regardless of how well designed or how well automated a system is, at some point in time, you’re going to run into a challenge simply due to experience differences between users. And when you do, good customer service can be the difference between quickly getting on with your life, and getting stuck in a 4-hour holding pattern while you smash your keyboard against the desk.
This is why the final factor we look at when finding the right PEO for you is their level of customer service. As companies that provide better customer service typically charge more, we look at your skills and experience with online platforms and find the best middle ground of cost and service for you.
Colorado PEO Assessment Results
As you can tell from the information above, the right PEO for your company depends on a myriad of differnt factors and it’s simply not possible to just recommend one PEO and send you on your way.
To provide an accurate and useful PEO recommendation, we first need to know more about your company position, needs, and vision. If you’d like a PEO recommendation based on your exact company needs, please complete the form below.
One of our experience agents will reach out for your free company needs assessment within 24 hours.
Free Business Needs Assessment
Frequently Asked Questions
How much does it cost to use a PEO in Colorado?
The cost of partnering with a PEO varies based on the products and services you use and the size of your company, but typically runs between $1,000 and $2,000/month.
How does a PEO charge?
There are two different charging structures employed by PEOs.
The first changing structure is where they simply charge you a flat fee per employee. This is a simple method for all involved as they don’t need to develop complex systems to track expenditure and you know how much your PEO costs will be, every month.
The second charging structure is where they charge you a percentage of your payroll each month. This is a little more complex for the PEO to implement and it adds a degree of uncertainty to your month budget, but it can be beneficial for companies in lower paying industries.
How long does it take to get set up with a PEO?
The typical setup process for most PEOs is between 3 and 6 weeks. This all depends on how their current work load, your responsiveness and organisation with paperwork, and how overloaded the various government agencies are who need to process your paperwork.
Most setups are completed in 4 weeks with most PEOs.
Does it cost to change PEOs?
While it’s not difficult to change PEOs, it does cost money. Each PEO charges a setup fee and when you move from one to another, you have to pay that fee.
This is why we strongly recommend you request a free business needs assessment below to ensure you get the right PEO for your company, first time.