Over the past three decades,Professional employer organizations (PEOs)have grown from a handful of small startups to the flourishing multi-million dollar industry that it is today, catering to a broad range of businesses. One of the biggest trends in the post-pandemic world is the use of cloud-based storage solutions by PEOs, which offers an economical way to keep business data secure and accessible without maintaining servers on-site. As PEOs switch from servers to the cloud, they can often provide better analytics, higher-quality support, and increased data safety measures.
Increasingly, PEOs are also seen to offer Fortune 500-level benefits to small businesses and their employees. These benefit packages include components the business might not be able to offer otherwise, including retirement plans, vision and dental plans, 529 plans, disability insurance, and flexible spending accounts.
To put the spotlight on such key developments in the industry, Manage HR features thought leadership articles by Deborah Mcfarlane, Chief People Officer of EmployBridge and Tracey Power, Chief People Officer of Vaco, who shed light on the importance of diversity, equity, and inclusion initiatives in a company and how listening is at the core of culture building and creating meaningful business outcomes.
In this edition of Manage HR magazine, we also bring to you the story of some of the top PEO service providers that deliver the best outcomes for their clients. In the list, the stories of PrestigePEO, PEO Advisors, Access Health Services, and ThePEOPeople.com stand out for their ability to become an extension of clients’ organizations or teams to offercomprehensive HR functions, including employee benefits administration, payroll and tax management, retirement plan services, and workers’ compensation management.
Through the following pages, we aim to shine a light on the innovative trends and latest developments in the PEO industry. We would like to know your thoughts.