What makes Nova HR different from other PEOs?
To keep it simple: a personal and customized experience. The trend in the PEO industry is focused on a hands-off efficiency model. Nova HR believes that most clients are looking for a more personal and customized experience. We use a hands-on approach to all our client interactions. While we have the technology to assist our clients efficiently, we feel some things just can’t be replaced by people talking with one another. To that end, we encourage our clients to determine their own experience inside the Nova HR platform.
What is a PEO?
A professional employer organization (PEO) provides comprehensive HR solutions for small and mid-size businesses. Payroll, benefits, HR, tax administration, and regulatory compliance assistance are some of the many services PEOs provide to growing businesses across the country.
How does a PEO arrangement work?
Once you contract with Nova HR we become the co-employer of your employees. You continue to be solely responsible for your day to day business operations and employee management while we assume the responsibility and liability for business employment such as human resource management, payroll services, tax compliance, labor law compliance and risk management. We will also provide expansive employee benefits and advanced technology to streamline solutions.
What types of companies benefit from a PEO partnership?
ANY company, ANY industry and ANY business owner who wants relief from the burden of employee administration including human resources, compliance, payroll and all related taxes while enjoying an affordable rate for robust employee benefits.
Will I still maintain control of my business?
Yes! You are the primary employer and will keep complete control over your employees’ day to day work as well as any management and organizational structure, sales, marketing and business services along with product development and production. YOU give us the authority to handle some of your crucial administrative obligations like payroll, tax withholding and providing employee benefits. We will also act as an agent on your behalf in employee disputes and unemployment and workers’ comp claims.
How will my business benefit from a partnership with NOVA HR?
We offer an economic solution to managing your non-revenue generating administrative tasks allowing you to focus on what you do best: business growth. By partnering with Nova HR, you will have access to EXPERTS who specialize in labor intensive industry burdens such as compliance, human resources, employee management, safety, payroll services and so much more thus avoiding the costly need to hire additional employees for these tasks. Additionally, you will attract and retain top notch employees through the offering of robust and comprehensive employee benefits at an affordable cost to you. It’s a win win for your business and staff!
How will my employees benefit from a partnership with Nova?
Your employees will have access to big corporation employee benefits such as 401(k), life insurance, disability insurance, dependent care, Telemed services as well as major medical, dental and vision insurance not typically available to employees of small businesses. Additionally your employees are provided with the benefits of expert human resource services including improved communication, safety services, training, as well as access to an employee portal where they can view and print important documents, request time off, review pay stubs and much more!
Who is responsible for employment taxes?
While you, the client, are responsible for providing the funds to cover all payroll and related taxes, Nova HR will assume the responsibility and liability for payment of wages, as well as compliance with all rules and regulations governing the reporting and payment of federal and state taxes on wages paid to your employees.
Will Nova help me stay in compliance with the ever-evolving employee laws and regulations?
Absolutely! We will provide you with all the necessary guidance and education to properly comply with labor laws.
Who is responsible for workers' compensation?
We are generally recognized by the state as the employer for purposes of providing workers’ compensation coverage.
What are the PEO Industry Statistics?
Small businesses that partner with a PEO:
Grow 7% to 9% faster than small businesses overall
Enjoy 10% to 14% lower employee turnover
Save 35% on HR administrative cost
Save around $450 on administrative cost per employee
50% less likely to go out of business
Report a 70% increase in revenue after partnership
Report a 66% increase in profitability
There are 907 PEOs in the United States providing services to 175,000 small to mid sized businesses, employing 3.7 million work-site employees (WSE).
These 3.7 million WSE earned a total of $176 billion.
The PEO industry’s 175,000 clients represent 15 percent of all employers with 10 to 99 employees.
Between 2008 and 2017, the number of work-site employees employed in the PEO industry grew at a compounded annual rate of 8.3 percent. This is roughly 14 times higher than the compounded annual growth rate of employment in the economy overall during the same period.
98% of business owners who are a PEO client would recommend a PEO to a small business colleague.
