Small businesses turning to PEOs for benefits and Human Resources (HR)
An excellent article out of Benefits Pro on PEO that came out the last day of NAPEO... Trying to catch up after Austin!"...which found that between 14 percent and 16 percent of those small businesses are reaching out to PEOs that provide payroll, benefits, regulatory compliance assistance and other HR services, rather than dealing with HR and benefits issues themselves."The statistics cited for the article provided by our friends at NAPEO in their fourth white paper that empirically backs up the value of the PEO model in growing your business, retaining your employees and offering a better employment experience to the American worker."...last year’s report figures indicating that PEOs generated between $136 and $156 billion in gross revenues, provided services to between 2.7 and 3.4 million workers, and offered HR, benefits and compliance assistance to between 156,000 and 180,000 small- to mid-size businesses."Wow, means ADP who payrolls 1 in 7 American workers now payrolls almost 1 in 5 coemployed workers.As evidenced by the highly attended annual conference in Austin, with many newcomers in attendance, there is another surge of momentum going into the all-important 1/1 selling season where anywhere from 30-50% of new business for a growth PEO is attained.The industry becomes more and more compelling as time goes by. Really nice to see.It was great to see and meet new faces, but always epic to see old friends of many years. Thanks for your friendship, love and loyalty.NAPEO is in our fair town of Orlando next year... see you there!-PRH
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The PEO Compass is a friendly convergence of professionals and friends in the PEO industry sharing insights, ideas and intelligence to make us all better.All writers specialize in Professional Employer Organization (PEO) business services such as Workers Compensation, Mergers & Acquisitions, Data Management, Employment Practices Liability (EPLI), Cyber Liability Insurance, Health Insurance, Occupational Accident Insurance, Business Insurance, Client Company, Casualty Insurance, Disability Insurance and more.To contact a PEO expert, please visit Libertate Insurance Services, LLC and RiskMD.