PEO Solutions for Businesses in Florida

Florida has plenty to offer businesses, including the United States’ eighth-largest economy, a per capita income of $68,248 that ranks 17th, and a built-in workforce to choose from a population that ranks third.¹ The state also offers a low corporate income tax and no personal income tax, making it a prime destination for businesses. In fact, 99.8% of all employers in the state are categorized as small businesses, according to the Small Business Administration, employing 3.6 million – more than 40% of the state’s workforce.

Florida also has regulations and mandates that impact businesses, creating a need for employers to stay on top of their compliance requirements.

Trying to navigate this HR landscape can be time-consuming, and if not done correctly might result in penalties and fines. Nearly two-thirds of companies spend at least 11 hours per week – or 14 weeks a year – on HR administration. Time spent is up significantly from last year across all company sizes, with the estimated annual average time up 70%. For businesses, the cost of handling HR is as high as $350,000 annually.²

Let’s look at how a Professional Employer Organization (PEO) can help your business.

Why Work With a PEO in Florida?

A PEO supports HR administration, payroll, benefits, risk management, and compliance. This relationship is sometimes referred to as co-employment. In a co-employment relationship, a PEO and the business establish responsibilities. Employers remain responsible for managing the business and their workforce. A PEO also can add value by offering support in the absence of HR staff or providing additional help if you have an HR team.

Florida thrives on the leisure and hospitality and tourism industries that attract seasonal workers and often job-hoppers. The state’s recent 3.3% unemployment rate has resulted in a tight labor market, but businesses working with a PEO experience 20% less turnover, according to the National Association of Professional Employer Organizations (NAPEO). ^{3 4}

How Can Paychex Help Your Business Gain Efficiencies and Insights?

Paychex HR PEO* provides more than administrative support, including an all-in-one HR technology platform that helps streamline operations and improve productivity.

• HR administration: Get dedicated HR support for important and timely issues such as hiring, employee handbooks, onboarding, performance management, training, development, and much more.
• Payroll administration: Save money on printing and distribution of paychecks. Plus, the automated processing includes calculation and remittance of payroll taxes, giving you peace of mind about that compliance requirement.
• Employee benefits: Gain access to Fortune 500-level offerings such as retirement and health insurance that can help keep your business competitive. Plus, you save time when our PEO vets benefit packages directly with carriers and handles the administrative tasks, including enrollment.
• Risk management: Purchasing workers’ compensation insurance, which is mandatory for businesses with four or more employees in Florida, is more affordable because of the collective buying power of Paychex HR PEO. Plus, gain access to a safety specialist who provides training and other guidance that can help reduce risk for your employees.
• Compliance: Be kept up to date with information on compliance mandates such as Florida’s E-Verify law, with stipulations that went into effect July 1, 2024, as well as on OSHA workplace safety regulations. With our PEO, you also get a dedicated HR Professional who proactively identifies potential risks and can offer actionable HR advice.
• HR technology: You can simplify tasks, improve communication, and allow employees to update information regarding payroll, benefits, and personal data by granting easy access to a self-service platform.

There are so many other advantages to working with Paychex HR PEO, including potential growth, increased productivity, and peace of mind.