2020 is finally over! A year filled with nothing, but stress, frustration and unpredictability is finally coming to an end. As business owners prepare for a new year, it is the perfect time to reconsider operational processes and organizational inefficiencies. Preparing for the new business environment in 2021 may feel different from other years as the COVID-19 situation continues to unfold and evolve.
Adaptability is imperative for any business to survive and thrive. A flexible business can promptly adjust to unforeseen crises or events, like COVID. Many businesses had to shut down and stay away from the office. This was a massive shift as many employees had to adjust to remote working and business owners had to adjust to managing a virtual team. The way small businesses operate since the pandemic is completely different now.
Small businesses can continue to grow after the pandemic but not without their challenges. Business owners clearly see the advantages of having a remote workforce. With workers online, business owners can save money on office space and hire better talent from all over the world. However, small businesses may find it difficult to manage remote employees. Since remote employees can work from anywhere, each worker could have varying tax rates or labor laws. This can be very tedious for a business owner to deal with since it includes keeping up to date with state and local tax rates, as well as differing labor laws from state to state.
A growing trend of many small to medium sized business owners are moving to PEOs to help stay compliant and manage their payroll. This gives business owners the luxury of not worrying about payroll, taxes, and compliance. Not only that, but PEOs also save business owners thousands to millions of dollars in insurance and benefits. Business owners can take a more hands-on approach at growing and tending to their business knowing their back-office needs are taken care of.
Not only do PEOs make the business owners life easier, but it can also improve employee morale. PEOs can offer employees different payment options like direct deposit or same day payment. Your employees also have the peace of mind that HR professionals are behind the scenes, ensuring that there is a safe and productive work environment for everybody.
To help make 2021 the best year yet, partnering with a PEO like CornerstonePEO may be in your best interest. CornerstonePEO covers everything to HR and employee benefits to payroll and workers comp. Our industry leading PEO services offer innovative, cost effective, easy to understand business solutions for companies of any size and industry. Contact us to learn more.