- US Department of Labor Statistics predicts that by the year 2020, more than half of American employees will be employed by Professional Employer Organizations (PEO)
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The Harvard Business Review recognized the PEO industry "the fastest growing business service in the United States during the 1990s." The PEO industry generates approximately $51 billion in gross revenues annually
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According to the Bureau of Labor Statistics the PEO industry provides access to employee benefits for 2-3 million working Americans.
- According to independent research conducted by the Society of Human Resource Management (SHRM) Foundation in May 2002, PEOs allow small to mid sized business clients to "reduce costs and free up time to devote to revenue generating activities, improvements that can be instrumental to gaining competitive advantage."
- National Association of Professional Employer Organizations' (NAPEO) members report an average of seventeen (17) work site employees per Client Company. Increasingly, larger businesses also are finding value in a PEO arrangement, because PEOs offer robust Web-based HR technologies and expertise in HR management
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PEOs can partner with companies that have 500 or more employees and work in conjunction with their existing human resources department.
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The US Small Business Administration (SBA) found the average annual cost of regulation, paperwork and tax compliance for companies with fewer than 500 employees is about $5,000 per employee. For companies with more than 500 employees, the cost is about $3,400 an employee.
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An SBA study estimated that the average small business owner spends between 7% and 25% of his or her time handling employee-related paperwork.
To find a Human Resources program that's the best fit with your company's requirements, contact EmployHR.com today or request a free no-obligation quote online.
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