How a PEO can provide more financial stability for your business

After an unpredictable year like 2020, making sure your business has a stable foundation is critical to adjusting to unforeseen circumstances and keeping a solid footing through hard times. 

PEO AND FINANCIAL STABILITY

Take a look at these stats from the National Association of Professional Employer Organizations (NAPEO). Businesses that work with a PEO: 

  • Are 50% less likely to go out of business 
  • Have 10% to 14% less turnover 
  • Grow 7% to 9% faster  
  • Were 119% more likely to receive COVID-related PPP loans
  • Were 60% less likely to permanently close during the COVID-19 pandemic

Partnering with a PEO like Nextep can help businesses gain access to Fortune-500-style benefits, dedicated HR experts, and a robust suite of technology, all in a one-stop-shop, adding to major cost savings for your business. According to NAPEO, average PEO clients can expect a return on their investment of partnering with a PEO based on cost savings alone — the cost savings from using a PEO is an average of $1,775 per year per employee! 

Rather than paying the big bucks to set up your own company medical plans, Nextep’s large group master medical plan helps provide top-tier benefits to help your company attract and retain talented employees. Instead of accessing multiple websites and vendor accounts to manage administrative tasks, Nextep’s tech experts have developed a powerful, all-in-one technology platform along with a one-of-a-kind mobile app to help you manage administrative needs and the entire employee lifecycle from anywhere, at any time, and on any device. 

Creating and implementing workplace policies from scratch is no small task; Nextep’s experienced HR pros have workplace policy handbooks ready to go that can be customized to fit your business’ needs! 

GUIDANCE THRU HARD TIMES

There are few better examples than the COVID-19 pandemic of how working with a PEO like Nextep can provide guidance when you need it most. As a flurry of legislative initiatives were passed, our experts were hard at work creating a COVID-19 resources page, hosting live webinars, and sending out legislative updates that would impact our clients. Besides keeping our clients up-to-date on new workplace requirements and guidelines, we also compiled reports and info needed to apply for Paycheck Protection Program (PPP) loans. 

TIME SAVED = MONEY SAVED

Often, entrepreneurs wear multiple hats, from owner and human resources to payroll expert and more — Nextep takes care of the administrative HR tasks so you can focus more time on moving your business forward. As your company grows, so do the demands on your time. Nextep can take the administrative burden off your shoulders such as running your payroll flawlessly, managing your benefit plans, bulking up your recruiting efforts, researching new HR legislation, and compiling W-2 info for you and your people. Nextep is your one-stop-shop for time savings! 

FINANCIAL TRANSPARENCY

Employers also have easy access to in-depth analytics in their Nextep account where they can see their company’s employment info at a glance. Quickly see the cost to run your payroll this pay period, or look at how many employees are enrolled in a specific benefit plan with your admin dashboard! 

And you can always count on Nextep’s no fee functionality promise and transparent billing — meaning we won’t sneakily charge you for services. Don’t just take our word for it, we’ve also racked up some industry certifications to top it all off! We’re an IRS Certified PEO* with a SOC 1, Type 2 designation, and an ESAC accreditation. From transparent billing and easy access to data, Nextep is here to help you navigate the challenges of running a business and provide a stable foundation for you to grow your business. 

At the end of the day, we’ve built our reputation on elevating the employment experience and enriching the lives of those we serve. To see how our powerful technology and friendly experts can help build a stable future for your business, take a look at this Nextep technology demo video!

*The IRS does not endorse any particular certified professional employer organization. For more information on certified professional employer organizations, please visit www.IRS.gov.

Also on Nextep

In the US, cyber-attacks happen as often as every 39 seconds. As technology becomes more integrated into our personal and professional lives, prioritizing cybersecurity measures is critical.  Unfortunately, PrismHR, one of Nextep’s technology partners, was recently targeted by one of these threat actors, leading to a disruption in service for portions of Nextep’s online account. One […]
Read more
On Thursday, March 11, President Biden signed a new stimulus relief package, known as the American Rescue Plan, into law. The $1.9 trillion stimulus package is geared to boost the economy and help provide wider access to COVID-19 vaccinations in an effort to curb the effects of the ongoing pandemic.  This is the third stimulus package […]
Read more
After months of stalemate, a second COVID-19 relief package has been passed. On Sunday, Dec. 27, 2020, the president signed a $900 billion COVID-19 relief bill to help Americans through the ongoing pandemic. It is part of a larger package to keep the federal government funded through the current fiscal year. Our teams are digesting the details […]
Read more
We recently reported that President Trump signed an executive order and three memoranda for COVID relief. With no interference thus far from Congress, those orders are scheduled to become active September 1.  One of the memoranda we are most frequently asked about is the “payroll tax holiday.” This provision gives employers the option to let employees […]
Read more
In an ever-changing world, we know it can be a challenge to keep up with what’s new, especially when it comes to your business.  That’s why we want to make sure you understand the recently passed proclamation that impacts work visas. On June 22, 2020, President Trump issued a proclamation that extends the restrictions from […]
Read more
Please visit our COVID-19 resources page with more information for business owners and employees. The U.S. Department of Treasury and Small Business Administration (SBA) updated the Paycheck Protection Program (PPP) Loan Forgiveness application. Not only did the Treasury and SBA simplify the full loan forgiveness application, they also released a new EZ Forgiveness Application for […]
Read more
Employers are now prohibited from discriminating against LGBTQ+ employees On June 15, 2020, the U.S. Supreme Court ruled employment discrimination on the basis of a worker’s sexual orientation or gender identity is illegal under Title VII of the Civil Rights Act of 1964.  It is already illegal for employers to discriminate on the basis of […]
Read more
Please visit our COVID-19 resources page with more information for business owners and employees. Updates from the U.S. Department of Treasury and SBA. On June 10, 2020, the U.S. Department of Treasury and Small Business Administration (SBA) released additional guidance to provide clarity on the recently passed Paycheck Protection Program Flexibility Act (PPPFA). Here are […]
Read more
Recent events have brought discussions of diversity and inclusion, particularly around race, to the forefront. While we don’t have all of the answers, we do have some that may be useful to you within your own companies.  Q: What is the difference between diversity and inclusion? A: Diversity can include race, ethnicity, gender identity, age, […]
Read more
Listening, learning, and hoping you are too. Blackout Tuesday highlighted, especially for those with privilege, the importance of listening. At Nextep, we stand against injustice and do not tolerate racism in any form. At the same time, we’re learning and have work to do.  We recognize that in the U.S. today, no one is naturally […]
Read more
On June 5, 2020, the president signed H.R. 7010, the Paycheck Protection Program Flexibility Act, into law. This law clarifies terms of the PPP loan, eligibility, and loan forgiveness. Highlights include: Expanded repayment period There is now an expanded, five-year repayment period for the PPP loan for those who did not receive loan forgiveness, an […]
Read more
Please visit our COVID-19 resources page with more information for business owners and employees. Updates from the SBA and Department of Treasury On May 22, the Small Business Administration (SBA) and Department of Treasury released two interim final rules for loan forgiveness under the Paycheck Protection Program (PPP). While they clarified parts of the loan forgiveness application, […]
Read more

Download Our App