Your Total number of Employees
Your Payroll Frequency / Method
Your Workplace Safety Risk Factor
Your Employee Benefits Products Offering Level
Your Turnover Rate Per Year
Frequency of Employment "Issues / Problems"
What will you do with the Saved Time?
Potential hourly VALUE of the Recovered Time?
Potential Financial Advantage:
Potential Value of 0 redirected hours
If refocused on driving Cashflow, Revenue, Margin
Replace Payroll materials costs
Plus other possible employment related Service Fees
Employee Benefits savings
Savings will vary by client. This will just be an estimate.
like EPLI and other fines and lawsuit avoidance costs and actual costs
~0 Hours Per Year
HR Compliance Risk Reduction
Savings will vary by client. This is just an estimate.
Workers Comp insurance savings
Disclaimer: This tool's sole purpose is to illustrate reasonable potential value that might be available from a relationship with [our PEO/HRO], based on the general business model of recovering time from outsourcing, joining a larger group for its better buying power, and getting access to better employment expertise. The numbers illustrated are not guaranteed in any way and may be different based on variables not contemplated in this simple model. This model does not constitute a proposal nor a quote for PEO services.
If this Time is currently that of an administrative support person, leverage its value by having that person take administrative tasks away from Revenue Driver and Margin Impactor employees, thus “giving” the freed up admin hours to those high value people.
If this Time is currently that of upper management who drive the business, then its value is immediately obvious.
If these hours can be eliminated, ensure you enter the TOTAL cost of wages, taxes, and benefits.
Included in PEO services is the handling of payroll through a very advantageous co-
Additional costs replaced may include 125 plan fees, retirement plan fees, employment related legal costs, etc. And other costs that may be reduced include drug testing fees, background checks and more.
In addition to saving money on Employee Benefits through a PEO's larger group, many clients use this method to significantly enhance their benefits offering, at a fraction of the cost of doing so themselves. This gives them a competitive edge in attracting and retaining the best employees. Be sure to include your total costs (not just employer portions) of Medical, Dental, Life, Disability, etc.
A PEO's larger group may allow a client to receive lower WC costs. Plus enhanced safety initiatives further reduce risk, and improve productivity.
Many businesses now carry Employment Practices Liability Insurance (EPLI) and spend additional monies to protect themselves from the highly regulated and highly litigious employment environment.
A PEO client may be covered by ELPI insurance the PEO, and the PEO legal relationship further protects the client against employment risks.