Understanding your PEO quotes
The StaffMarket Request for Proposals (RFP) process delivers competitive quotes for PEO and HR Outsourcing solutions from our broad membership of providers. At StaffMarket our goal is to help your company understand the value using a Professional Employer Organization can provide for your company.
2) Obtain multiple PEO quotes and narrow the field to the “top” PEO companies.
3) Evaluate the value being offered in each PEO proposal in direct financial terms for your company.
After obtaining proposals for PEO and HR Outsourcing services, evaluating the value of each proposal for your company is the final step to making a decision. When evaluating your PEO quotes there are four major financial areas to consider.
|PEO Value Analysis Components||Your Current Cost Data||PEO Proposal #1||PEO Proposal # 2|
|1) HR and Administrative Costs||Estimated by StaffMarket||From PEO Proposal||From PEO Proposal|
|2) Workers’ Compensation Insurance Costs||From your Insurance DEC page||From PEO Proposal||From PEO Proposal|
|3) State Unemployment Taxes (SUTA) Costs||From your 941 or state regulatory agency||From PEO Proposal||From PEO Proposal|
|4) Health and Supplemental Benefits Costs||From your current insurance carrier||From PEO Proposal||From PEO Proposal|
|Estimated PEO Value||Total Current Costs||Proposal #1 Value / Cost Savings||Proposal #2 Value/ Cost Savings|
StaffMarket can provide your company with a customized financial analysis that demonstrates the value of engaging each quoting PEO. For CFOs and Controllers this financial analysis is critical.
The following examples are PEO Value Analysis we have recently prepared for some of our client companies. The names of the client companies and PEOs have been removed but it will give you an idea of how we can help evaluate your options.
Business Type: Private Country Club
Major Driver: Work Comp Administration
Amount Saved$15,000 - $65,000
Business Type: Multistate Electrical Contractor
Major Driver: Administrative relief and health insurance
Amount Saved$235,000 - $289,000
Whether your PEO quotes are delivered with bundled pricing or unbundled, our analysis can help you understand the right answers for your company. We have assisted hundreds of clients evaluate PEO solutions and will be glad to assist you.