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A PEO is an outsourcing firm that assists businesses with tasks related to the employee management, such as human resources, payroll processing, tax filings, employee benefits, safety and risk mitigation.
When a company gets a PEO on board, it establishes a co-employment relationship - they help companies with their staffing needs, but the responsibility is divided. The company takes care of employee’s day-to-day management, while PEO manages HR and payroll. Both, the PEO and company are legally responsible.
Partnering with a Global PEO can help tech companies in payroll processing, insurance coverage, local compliance, taxation, benefits and more. The client-company can avail all services or customize a solution based on their needs. Working with a PEO helps spend fewer resources - time, money and personnel.
The PEO will essentially be hiring the staff and leasing them to the client-company. This employee leasing method allows companies to avoid the tedious administrative processes and get right to working with global talent - training them and assigning them tasks.
The roles of a PEO and an EOR may appear very similar, but it is important that to understand the difference between the two to make the right choice. The basic difference between the two is – a PEO shares a co-employment relationship with the company, whereas, an EOR as your partner in a specific geography, is the legal employer of your employees.