| 9/27/2016
Sept. 27, 2016, Alexandria, VA—Six member companies of the National Association of Professional Employer Organizations (NAPEO) have been named to Inc. magazine’s list of the 5,000 fastest growing business in 2016. The companies are professional employer organizations (PEOs) who provide outsourced HR services to small and mid-sized businesses. Inc. magazine’s September issue, in addition to announcing this year’s list, features a special section on PEOs which can be found here.
Engage PEO (Hollywood, FL), Optimum Employer Solutions (Santa Ana, CA), Prestige Employee Administrators (Melville, NY), Staff One HR (Dallas, TX), SourcePointe (Birmingham, AL), and Tandem HR (Westchester, IL) all appeared on the list.
As PEOs, these companies provide comprehensive HR solutions for small and mid-size businesses. Payroll, benefits, HR, tax administration, and regulatory compliance assistance are some of the many services PEOs provide to growing businesses across the country. Studies indicate that businesses who partner with a PEO grow 7% to 9% faster, experience up to 14% lower employee turnover, and are 50% less likely to go out of business.
Further, a new study released earlier this month shows that 14% to 16% of businesses (with 10-99 employees) partner with a PEO for their HR needs and services. The study also shows that such companies are able to offer a wider array of HR services and benefits at lower administrative costs than business who do not partner with a PEO.
“The PEO business model allows employers to focus on what’s most important: growing their businesses,” said Pat Cleary, NAPEO’s president and CEO. “By partnering with a PEO, executives hand off all the headaches related to HR administration, compliance and paperwork.”
“The PEO presence on this year’s list shows just how rapidly businesses are turning to PEOs for all their HR needs. A PEO is the perfect solution to the growth and complexity of regulations,” said Cleary.
About NAPEO:
The National Association of Professional Employer Organizations (NAPEO) is the Voice of the PEO Industry, with a membership of 300 PEOs of all sizes and 250 industry service partners. PEOs provide payroll, benefits, regulatory compliance assistance, and other HR services to small and mid-sized companies. Through PEOs, the employees of small businesses gain access to employee benefits such as 401(k) plans; health, dental, life, and other insurance; dependent care; and other benefits typically provided by large companies. PEOs provide services to between 156,000 to 180,000 businesses employing between 2.7 and 3.4 million people and generate between $136 and $156 billion in gross revenues annually. For more information about the PEO industry and NAPEO, please visit www.napeo.org.