|Sep 26 2018||
PEO Great For Small Business & a Growing Force
By: Rob Lynn
Professional employer organizations (PEOs) provide comprehensive HR solutions for small and mid-sized businesses. Payroll, employee benefits, HR, workers’ compensation, and risk management are some of the many services PEOs provide to businesses across the country. As the research in McBassi & Co previous white papers have shown, those businesses enjoy a better chance of survival, higher growth rates, lower employee turnover, and higher employee satisfaction.
PEOs, such as Total Team Solutions (TTS) produce these benefits for their clients by providing a broad array of cost-effective HR offerings. This enables clients to concentrate on growing their businesses, while offering superior benefits and HR practices to their employees. As a result, TTS clients are able to provide their employees with a better value proposition, and employees respond in kind by helping their employers grow their businesses.
Total Team Solution’s clients who utilize our HR outsourcing solution have received medical premium increases that are well below trend. While some plan designs increased a little more and some a little less, on average the TTS medical plan offerings have increased on average less than 2% per year since 2012. In fact, the 2019 renewal has just come in with no plan changes and with zero percent increase!
The PEO industry as of 2017 had 175,000 clients; 3.7 million worksite employees; annual compounded growth rate of 8.3% in worksite employees with $176,000,000,000.00 in annual wages paid. The PEO annual growth rate of worksite employees is 14 times higher than the compounded annual growth rate of employment overall during the same period.
Given the win-win proposition that PEOs create for employers and their employees, it is no surprise that PEOs, like Total Team Solutions are becoming a growing force.
For additional information, please contact Rob Lynn via email firstname.lastname@example.org or call 800-836-9678 ext. 6
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