Market Overview:
A Professional Employer Organisation (PEO) is an HR service that operates through a co-employment model, which enters into a joint-employment relationship with an employer by leasing employees to the employer. PEO share and handle many employee-related responsibilities and liabilities. This allows employers to outsource their human resource functions, such as compensation, employee benefits, payroll administration, workers' compensation, and employment taxes. PEO is helped for the client's company for reporting its wages under the PEO's federal employer identification number (FEIN), and employee liability shifts to the PEO. It gives benefits such as gaining more economies of scale at lower rates. Additionally, some companies that are not interested in co-employment but want some of the outsourcing benefits have provided ASO agreements.
Influencing Trend:
The increasing demand for technological solutions to risk management, manage HR, payroll processing
Market Growth Drivers:
Rising demand for recruitment and employee management
Challenges:
Mitigating compliance risk
The key Players profiled in the report are GMS (United States), Alcott HR (United States), FrankCrum (United States), PASSIOPEO (United States), XcelHR (United States), Abel HR (United States), ADP, Inc. (United States), Insperity (United States), TriNet Group, Inc. (United States), Paychex Inc. (United States) and Total Leasing Company, Inc. (United States). Additionally, other players that are of this comprehensive study are OneSource Business Solutions (United States), Pinnacle PEO (United States), Synergy HR Solutions (United States) and Acadia HR (United States).