Employee leasing, also known as a professional employer organization, has been around for almost thirty years. But if you’re new to this exploding industry, you may want to know why people use these services, why employee leasing may be right for your business and how it works in Iceland. In this article, we are going to answer your questions.
What Is Employee Leasing?
Employee leasing is a bundled service to manage workers without administrative complexity. PEO services can help you with an array of different types of solutions:
- Tax and payroll administration
- HR administration
- Talent management and recruitment
- Time and labor management
- Employee and employer benefits
- Compliance solutions
- Online services, including online reports
How PEO Employee Leasing Works
Establishing a PEO relationship, you share certain employment responsibilities with the PEO. It will handle payroll, tax reporting, benefits, and other administrative functions, while you maintain control of your business, including managing the work performed by employees.
If you’re looking for employee leasing, answer the next question to save some money: Will I use all the services I get?
Why Use Employee Leasing Services in Iceland
There are a lot of reasons to deal with an employee leasing company in Iceland. Let’s dive into findings.
You’ll Save Money
Let’s say you’re a small business with 20 employees. Like you can imagine, you don’t have some of the same advantages as a large company with 200 employees. Your employee-related costs for workers’ compensation and health insurance are much higher along with the administrative costs of running your business placing you at a competitive disadvantage.
When you along with other business owners connect with an employee leasing provider, you become part of a group with thousands of employees to leverage buying power reducing these costs and increasing your profitability. And with the PEOs, you’ll avoid the upfront deposits and fees the traditional insurance companies charge allowing you to keep more cash in your business.
Access to Better Employee Benefits
A PEO provider gives you access to the same benefits as a Fortune 500 company, like a host of group health insurance plans, vision and dental insurance, even savings programs at reduced rates.
Time Savings and Focus
You started your business to sell a product or provide a service and generate income doing what you’re trained to do and what you love to do. But what kills the excitement and prevents growth is the time and money wasted on work that doesn’t produce a dime for your business.
Dealing with payroll administrative work, governmental compliance issues, workers’ compensation, and health insurance management is a small portion of what costs employers roughly a few thousand euros a year per employee in time and paperwork.
Imagine the relief of unloading the responsibilities of annual payroll management, reporting accurate deposits, quarterly reports, and dozens of other tedious tasks.
An employee leasing provider has a fully staffed team of payroll and human resource experts dealing with these issues daily for hundreds of employers. This means you can outsource the administrative headaches and the liability for less than you could do on your own.
An employee leasing service gives you the time to focus on the things that matter by outsourcing the things that don’t.
No Entity Needed
If you are going to hire in Iceland, your business needs an entity. That means an account with a local bank, a local office with an address registered as a subsidiary. All of this, including HR laws, tax, payroll, can take a lot of months. An Employer or Record is a great solution, it will provide you with all the services.
Swapp Agency will automate benefits, tax documents, payroll, and more. We also let you hire employees in Iceland compliantly, quickly, and easily. With Employer or Record, it’s easy to expand your company into Iceland even without an entity.
What Is a PEO Offer Based On and How Will You See the Savings
So, how will you see the savings and compare a PEO service against your current costs?
Whether you have four employees or four hundred, as an employer you have the same cost factors. These costs can make or break your business, and a PEO service will help you cut them and improve the way your business performs.
The administrative costs associated with having employees are a huge expense for employers. Someone has to manage payroll, make sure you’re in compliance with all employment laws, run safety training meetings, respond to unemployment and workers’ compensation claims, and about a hundred other issues that do nothing to help your business grow. Outsourcing these headaches will not only save your money each year but will give you the freedom to work on the areas of your business that will actually produce income.
Employee leasing swappagency.com will give you competing offers based on the employee-related costs in Iceland. It also offers specific services based on your needs. Whether it’s saving money on workers’ comp, group health insurance, or outsourcing all the administrative hassles, you’ll receive all the services you need.
Just imagine, if your employee-related costs were reduced by 10, 20, or even 30 percent, you gain more opportunities, win more bids, and keep more of the income you’ve earned.
So, how an employee leasing service will improve the way you do business? You will receive reducing costs, access to better benefits, and more time to get back to what really matters. Stop working the old outdated way and let employee leasing Swapp Agency impact your business today.
It can be overwhelming to run a small or midsized business today. Having a global Employee leasing partner for all your employee relations, HR, and payroll matters simplifies the administrative flow of business, leading to reducing costs, increasing productivity and turnover.
Higher engagement starts here with Swapp Agency. Minimizing risk and cost, our Employer of Record solution allows you to handle payroll, governmental compliance issues, administrative work, workers’ compensation, and tax reporting.