According to the OECD Employment Outlook Report, COVID-19 has caused one of the worst job crises across the world. In the United States, the report shows unemployment rates at an all-time high. Employees’ hours across many enterprises have also been greatly reduced.
And self-employment trends are on a downturn. So, it is no surprise that many workers are considering other employment options.
Do you know about coemployment? Coemployment is all about support and shared responsibilities. This way of working can help reduce any employment concerns as a result of the pandemic.
But, beyond COVID-19, coemployment can provide the resources and support you need. This working style can also help grow your organization and maintain profitability.
Interested and have more coemployment questions? Read on to discover the complete guide and learn more.
What Is Coemployment?
First, let’s answer what is coemployment? Coemployment is a relationship where two parties enter a contract. A Professional Employer Organization (PEO) and a business join to share employment responsibilities. Coemployment should not be mistaken with contractors or joint employment.
What Is a Coemployer and How Are the Responsibilities Shared?
You may be wondering how this arrangement works. What is a coemployer? And how are business responsibilities shared?
Coemployment’s main differentiator lies in the separation and management of business operations. With a coemployer, the business manages certain business responsibilities. These include making the hiring decisions and managing teams.
On the other hand, the PEO handles other human-resource tasks. These can include things like managing employment handbooks and regulations, payroll, and more.
Delegation Is Key
These shared responsibilities can prove the benefits of delegation. By delegating tasks between a business and the PEO, each entity can focus on its own strengths.
Why Consider Coemployment?
Coemployment helps your organization to cast a wider net of resources. Here are some benefits:
Access to Trained Human Resources Professionals
Many smaller organizations may lack the resources to hire a human resources team. With coemplyoment you can have access to professionals who can provide strategic support. They manage issues like attendance policy coemployment and more. These professionals know important regulations and compliance best practices. This knowledge helps protect your team and business.
Insurance Coverage
Having employees requires insurance. Do you feel overwhelmed reading worker’s compensation insurance options? Coemployment PEOs handle insurance coverage and manage claims.
Access to Business Solutions
Payroll, accounting, and tax planning are some solutions your business may need. Are you a small business or don’t have access to these solutions? Coemployment PEOs can provide and manage on your behalf. If you are looking for these business solutions, learn more.
Coemployment Can Help Your Business Thrive
Have you suffered to recover your business post-pandemic? Or, are just looking for ways to share responsibilities? Coemployment can help. Coemployment is a type of contract that can support your business.
By delegating tasks between the business and a PEO, you can have more time. This will allow you extra resources to devote to other areas of your enterprise. And the benefits such as insurance and business solutions are attractive. If you found this information helpful, check out our other business stories.