A PEO provides comprehensive HR solutions for small and mid-size businesses. Payroll, benefits, HR, tax administration, and regulatory compliance assistance are some of the many services PEOs provide to growing businesses across the country.
Through a PEO, the employees of small businesses gain access to big-business employee benefits such as: 401(k) plans; health, dental, life, and other insurance; dependent care; workers compensation insurance with no deposit and audit, and other benefits they might not typically receive as employees of a small company.
PEOs combine hundreds of companies together making up thousands of employees and use their volume to buy-down labor costs. PEOs give small business the competitive buying power of their big business competitors.
Professional Employer Organization (PEO) services save time and keep companies focused on their core business while increasing profitability by lowering labor costs. Mammon is a PEO broker able to procure multiple PEO providers at once and then offer an executive comparison summary of their rates and health plans along with an unbiased opinion of your options.
In fact, we are able to lower most employer’s labor costs by more than 10-15 percent of their gross payroll by utilizing our group of PEO providers. We will help our clients negotiate PEO rates, lower or waive their setup fee, and help with contract terms.
According to a recent study by noted economists Laurie Bassi and Dan McMurrer, small businesses that use PEOs grow 7-9 percent faster, have 10-14 percent lower employee turnover, and are 50 percent less likely to go out of business. PEOs work with between 156,000 to 180,000 businesses employing between 2.7 and 3.4 million people and the industry generates between $136 and $156 billion in gross revenues annually.