Alexandria, Virginia (September 15, 2017)—Nine member companies of the National Association of Professional Employer Organizations (NAPEO) have been named to Inc. magazine’s 2017 list of the 5,000 fastest growing business in the U.S. The companies are professional employer organizations (PEOs) which 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.
Einstein HR (Duluth, GA), Emplicity (Irvine, CA), Engage PEO (Hollywood, FL), Lever1 (Kansas City, MO), Optimum Employer Solutions (Santa Ana, CA), Prestige Employee Administrators (Melville, NY), Staff One HR (Dallas, TX), SourcePointe (Birmingham, AL), and Syndeo Outsourcing (Wichita, KS) 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 annual median revenue growth for PEO users was twice that of comparable non-PEO firms. The study also indicates that PEO client firms were 16 percent more likely to report an increase in profitability than non-PEO client firms.
“PEOs allow employers to focus on growing their businesses,” said Pat Cleary, NAPEO’s president and CEO. “That’s probably why our latest study shows 98% of PEO clients would recommend a PEO to their small business colleagues, and why annual revenue grows twice as fast for PEO clients.”
“The increased PEO presence on this year’s list shows a sustained trend of businesses rapidly turning to PEOs for all their HR needs. A PEO is the perfect option for businesses looking to grow,” said Cleary.
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.