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PEO Services

Our PEO Service helps your businesses to run your HR function without a presence in Hong Kong

PEO services provide a wide range of employee management tasks, like payroll and employee benefits, on behalf of fast growing and expanding businesses, in particular, from overseas. This option is an attractive choice for those who are hindered by HR challenges hence with PEO services, you would be able to focus less on HR to-dos and more on growing your business. 

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PEO services provide a wide range of employee management tasks, like payroll and employee benefits, on behalf of fast growing and expanding businesses, in particular, from overseas. This option is an attractive choice for those who are hindered by HR challenges hence with PEO services, you would be able to focus less on HR to-dos and more on growing your business. 

What are PEO services?

A Professional Employer Organization (PEO) is a business-services company that administers employee management services to businesses. A PEO consulting services act as an external functional team supported by an external professional HR solution provider under a service agreement that covers all elements of employee management, payroll processing, work visa, worker compensation insurance, and benefits administration.

What can PEO services do?

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Payroll & Benefits

Paying salary and handling tax obligations. While offering benefits to the employer’s employees such as medical and dental insurance, paid time off, retirement planning, help with enrollment, claims, onboarding of new employees, and more

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HR Management

Hiring, training, and retaining employees, including  creating onboarding materials, completing any required background checks, employee retention, training programs and helping with employee issues

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Compliances

PEO offers risk assessments like monitoring changing tax law and reporting requirements, filing of tax forms, unemployment insurance, workers’ compensation and other important government forms the employer may be required to provide

What are the key benefits of using PEO services?

The main benefits of hiring PEO services provider include:

  • Ensure local compliances on employment law and tax obligations

There are many rules and regulations involved with HR duties and the employment process, which may frequently change, hence this may cause new and small or growing businesses to be frustrated or unsure about how to proceed with the changes. PEO services are updated with the regulations the employer may not understand and ensure that the company meets the country’s compliances for HR rules and regulations.

  • Save your time on HR and admin tasks

Rather than focusing time on HR and admin tasks and HR strategies for the company, PEO services can help do that for the employer and support them so they stay focused on the essential stuff such as the business growth, revenue making opportunities and business activities.

  • Provide smoother HR experience

Not only does HR PEO services provider help the employer out with HR tasks and needs, it allows them to set up in a new industry or oversea market in a few days. Entering a new market abroad can be very risky due to various reasons, such as time, local laws, language barriers, staff or resources. PEO services can help the employer test out the specific market without setting up a company hence helping them hire staff and starting operating activities much faster.

  • Offer Competitive Global Employee Options

Since PEO services are able to help the employer set up in another country whether they have a presence there or not, they are able to offer the employer a wider range of scope on candidates and recruit and onboard the best talent the market has available both locally and internationally, which will help make their business more globally competitive.

FastLane PEO services will include:

 

  • Flexible Arrangement

PEO services allow an employee to work from anywhere provided that it’s stated in the employment contract and now that working from home is a normal arrangement, the services would strongly support this arrangement too.

 

  • Experienced PEO and Payroll Administrator

Businesses engaging in PEO services would expect the PEO to accurately process payroll and compliances so engaging in the services would give you an experienced PEO and payroll administrator that becomes responsible for managing your payroll administration and making sure all payroll-related tasks, such as paying salaries and managing employment taxes, are done with no issues. 

 

PEO services provider can help businesses get more favorable benefits for their employees since they work with many different companies and are connected with insurers, who they can bargain with to get more advantageous benefits.

 

  • Full Services – Company Formation and Work Visa Application Assistance

PEO services can help form a company business onshore or offshore, which will then become a separate legal company with its own set of rights and obligations and help the employer’s employees with the work visa application without the employer being physically present.

Why FastLane?

 

Fastlane is a professional company that’s experienced in providing a wide range of corporate and HR PEO services for businesses. Our broad extent of connections in a wide range of countries can help you break in the chosen country’s market easily rather than going through the lengthy procedure of the legal process before you can start your business’ activities. We take the stress off the HR team from spending time on administrative tasks and focus more on improving the growth of the business.

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FAQs


1. Who is the employer in a PEO scenario?

The PEO service provider would be the employer legally however the company will have the full discretionary of the employee’s job duty.

 

 

2. How will the employee know that they are working for me if Fastlane’s name is used as the employer legally?

The employer and the PEO become co-employers of the employee so the owner would be known as the Executive and the PEO is known as the Employer of Record.

 

 

3. What is the difference between PEO and HR outsourcing companies?

The services are similar since they all focus on HR however there are differences as well.

 

The main difference between PEO services and HR outsourcing is that HR outsourcing companies handle specific HR functions but don’t assume co-employer responsibilities or offer any additional HR support whereas PEO offers the employer both of the services.

 

 

4. How long does it take to get started once I choose a PEO?

It takes about 5-30 days to implement the PEO service due to the multiple steps required that need to be completed such as collecting and verifying forms for each employee, onboarding and enrollment meetings and finally selecting the benefits for each employee.

 

 

5. What happens if I fire an employee or if they quit?

Both scenarios will depend on what the employment contract consists of so if an employee quits then typically there is an agreed-upon notice period whereas if an employee is fired then the PEO will handle the termination and compliances.

 

 

6. How do I know that I will have authority over the worksite, brand, quality, etc if Fastlane’s name is used as the employer’s name legally?

The employer will still retain ownership of the company and control over its operations hence the PEO and the employer will share or allocate employer responsibilities and liabilities. 

 

The employer will be responsible for the business, such as the worksite, brand and quality, etc, aka actual business operations whereas the PEO will be responsible for purposes of administration, payroll, taxes, benefits, and improving safety and compliance at the worksite since they offer workers’ compensation coverage aka employment-related issues. 

 

The PEO can help the employer make more informed decisions and come up with strategies to help share the business.

 

 

7. Why do I need a PEO if I already have an HR manager?

The aim of the PEO HR services isn’t to replace your HR team but it is to work hand in hand with them. PEOs can focus on nuanced aspects of the HR function and free up your internal team for matters related to their specialized skills. PEOs can handle payroll, taxes and compliance while leaving your people with the time and space they need to develop your company. 

 

Your HR team will still be in charge and have the ultimate control while the PEO can be there just like an assistant to provide your team with the support they need, help assist you in making a benefits package for your employees and make sure that your outsourced HR functions meet full regulatory compliance.

 

PEOs can also help your company reduce costs through their competitive packages of employee benefits, especially on healthcare and workers’ compensation so this helps attract better talent and growth for the business and minimize employee turnover.

 

 

8. Why use PEO instead of paying a worker as a contractor?

PEO employment services helps the company to make sure they are following legal compliances properly and not fall into legal risks. PEO is especially attractive for your case if you are looking to hire foreign talent in another country but have no business set up there or only looking to hire a foreign employee for a specific project-based work where the worker controls when, where, and how the work is done.  PEO arrangement can promote better staff loyalty as it means a longer-term employment arrangement than a contractor which is usually a one-off or temporary setup.

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